Global Offshore Drilling Market Report and Forecast 2024-2032

Global Offshore Drilling Market Outlook

The global offshore drilling market size is expected to grow at a CAGR of 7.40% between 2024 and 2032, aided by the increasing effort from key players and governments to increase the production of conventional fuels.

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Global Offshore Drilling Market Trends

Offshore drilling is a mechanical method of extracting petroleum and natural gas from the seabed using a fixed or mobile platform positioned off the coast is known as offshore drilling. This technique can dramatically increase oil production as companies can now explore the ocean for oil and gas and meet the rising global demand for energy.

• The continuously rising demand for heat and electricity has propelled key market players to increasingly invest in offshore drilling activities. With strict regulations for onshore drilling and depleting reserves, it is likely to provide enhanced offshore drilling market growth opportunities.
   
• Key players in the oil and gas company are actively competing to increase production capacity. Many countries have mandatory production targets set for the National Oil Companies, which in turn promotes competition among production companies and propels market value.
   
• Increasing investments by key players and governments to discover and secure untapped hydrocarbon reserves due to the exponential demand for conventional fuels can propel the market growth.

Global Offshore Drilling Market Analysis

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Based on product type, the market can be segmented into jackups, semisubmersible, and drill ships, among others. Based on the depth, it can be bifurcated into shallow water, deep water and ultra-deepwater, among others. The regional markets can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following offshore drilling companies, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.

• Baker Hughes Company
   
• Exxon Mobil Corporation
   
• Halliburton Energy Services, Inc.
   
• Maersk Drilling A/S
   
• Saipem S.p.A.
   
• Schlumberger Limited
   
• Others

Different Product Types in the Market 

Based on product type, the bifurcations include jackups, semisubmersible, and drillships, among others.

The drillships are expected to account for a significant share owing to its rising utilisation in deep water and ultra-deepwater oil and gas reserve exploration activities. In addition, drill ships are much more mobile compared to semi-submersibles and jackups. They can be used to move from one oilfield to another quickly. Although the construction of drill ships can be much higher than a submersible.

Different Depths for Offshore Drilling Activities

Based on depth, the market divisions include shallow water, deep water and ultra-deepwater, among others. The deep water and ultra-deepwater segments are likely to hold the largest market share owing to increasing exploration activities by multiple market players to secure untapped reserves.

With recent technological advancements and cost reductions in exploration and production activities, numerous oil and gas production companies are increasingly investing in developing deepwater drilling facilities. Thus, it is probable that the increased exploration activities and production may lead to the offshore drilling market expansion.

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Competitive Landscape

Baker Hughes Company. is one of the most widely known oil industry companies that is engaged in providing solutions for energy and industrial customers from all over the world. The company has been active since 1987 and has been providing products and services related to oil drilling, formation evaluation, completion, production, and reservoir consulting.

The company specialises in various fields, including energy technology, oilfield services and equipment, liquified natural gas (LNG), turbomachinery and process solutions, industrial asset management, decarbonization solutions, remote operations, and measurement and sensing, among many others.

Exxon Mobil Corporation is among the leading and one of the largest oil and gas corporations in the world. The company has been operating in the industry since 1999 and has focused on three primary business divisions, including upstream, product solutions and low-carbon solutions. The company intends to provide products, such as energy, chemicals, lubricants, and lower emissions technologies that drive modern life.

Exxon Mobil markets their products around the world under four brands, that are, Esso, Exxon, Mobil, and ExxonMobil.

Halliburton Energy Services, Inc., is a multinational corporation that operates in the oil and gas industry. The company provides services and solutions for the majority of the world’s hydraulic fracturing operations. It has also established itself as one of the leading companies developing products and services for the energy industry.

The company was founded in 1919 with the aim of creating innovative technologies, products and services for various industries.

Other market players include Maersk Drilling A/S, Saipem S.p.A., and Schlumberger Limited, among others.

Key Highlights of the Report