Rising demand for oil and gas has boosted the offshore drilling market. The report lists all the major growth drivers and restraints acting on the offshore drilling market. Forecasting the growth trajectory of the offshore drilling market, the report projects the size and valuation of the market during the period between 2014 and 2020. Mentioning the current trends in the market along with future opportunities expected to develop, the report provides detailed market analysis to existing as well as new players in the offshore drilling market.
With the help of the latest research techniques and analytical tools, the report analyses the various factors affecting the offshore drilling market. Prominent offshore drilling companies have been profiled and vital information about each of the key vendors has been mentioned in the report.
Increase in demand for oil and gas as well as other petroleum products accompanied with high oil prices across the globe has compelled market players to make huge investments and search for new offshore reserves of oil and gas. The report indicates that this will boost the growth of the offshore drilling market. New technologies related to offshore drilling will create significant opportunities for the offshore drilling market. However, offshore drilling affects the surrounding environment and various environmental regulations concerning the same could restrain the growth of the offshore drilling market. The report mentions the Environmental Protection Agency (EPA) in the U.S., which has put stringent regulations on certain types of offshore drilling such as hydraulic fracturing, which is done to extract shale hydrocarbons from rocks below the seabed.
Depending on the application, the report categorizes the global offshore drilling market into deepwater drilling, ultra deepwater drilling, and shallow drilling. Depending on the services, the offshore drilling market has been segmented into offshore contract drilling, directional drilling, logging while drilling, and subsea production and processing. The report forecasts that the subsea drilling and directional drilling segments would grow during the forecast period. Besides drilling, allied services such as construction, safety and geographical survey, and personnel and equipment transport play an important role in offshore drilling activities.
The report segments the global offshore drilling market into five key regions: Asia Pacific, North America, Europe, the Middle East, and Rest of the World. Middle Eastern nations have been the hub for offshore drilling activities. However, the report suggests that the focus has shifted to the golden triangle, consisting of the Gulf of Mexico, Brazil, and West Africa.
Describing the competitive landscape of the global offshore drilling market, the report profiles the key market participants. China Oil Field Services Ltd, Transocean Limited, Shelf Drilling, Seadrill Limited, Archer Limited, and Hercules Offshore are some of the major players of the offshore drilling market.