- Contract Drilling
- Directional Drilling
- Logging While Drilling
- Measurement While Drilling
Offshore Drilling Market size was valued at USD 33.4 billion in 2023 and is poised to grow at a CAGR of 8.3% over 2024-2030. Offshore drilling rigs are a vital share of drilling below the sea floor. This drilling technique is used to excerpt natural sources of oil and gas from the earth's surface. Offshore drilling rigs are divided into three types that is semi-submersible rigs, jack-up rigs, and drill ships. These drilling rings are utilized in ultra-deep water, deep water, and shallow water. Jack-up rigs are used in shallow water, in ultra-deepwater, deep water semi-submersible rigs are used, and drillships are utilized in the offshore zone. Offshore drilling rigs deliver amenities to extract, stock, and process natural gas and petroleum. The increasing demand for crude oil can lead to the offshore drilling market growth. Moreover, the growth of onshore gas and oil wells, and findings related to offshore are some primary factors that can boost the global offshore drilling market. Apart from these, for ultradeep-water and deep-water activities, the investment from the operative is growing and can also accelerate the market in the future. However, some factors such as the volatility in crude oil, and the high cost of operations can restrain the growth of the market. the detrimental environmental effects, the requirement for special machinery and equipment for operations, and the absence of skilled professionals can hinder market growth. Additionally, the companies must follow the rules and regulations to avoid oil spillage and intimidation to the ecosystem of the ocean which can restrain the offshore drilling market growth. Companies should focus on recovering untouched hydrocarbons can create an opportunity for the global offshore drilling market growth.
Offshore Drilling Market Key Developments:
- In March 2020, Esso Australia announced that it has triumphed the total depth in its current project in the West Barracouta gas field growth in the Bass Strait.
- In March 2021, Noble acquired competing offshore drilling contractor Pacific Drilling.
Offshore Drilling Market Summary
Study Period
2024-2030
Base Year
2023
CAGR
8.3%
Largest Market
North America
Fastest Growing Market
MEA
Offshore Drilling Market Dynamics
One of the major reasons for the global offshore drilling market growth is the rising investment to determine untapped hydrocarbon assets. For many years, hydrocarbons have been enormously used in transportation, power generation, manufacturing goods, and several other necessities. However, the demand for conventional fuel on expenses of urbanization, globalization, and enormous economic development is set to reduce the ratio of demand and supply. Moreover, many countries are growing their capital expenditure (CAPEX) to protect energy needs for the future. Offshore hydrocarbons are established to be one of the most dependable energy sources that appeal to many investors and are expected to propel the growth of the market in the forecast period.
Asia Pacific Got Significant Share
Offshore Drilling Market Regional Analysis
The Asia Pacific is one of the profitable regions for the offshore drilling market growth and is generating new prospects for global players. These regions own a high probability of determining unexploited hydrocarbon reserves which have the potential to increase the demand for offshore drilling in these regions. Apart from this, an increase in merger and acquisition activity in these regions has created a demand for the use of offshore drilling. Moreover, National Oil Companies (NOC) are participating in offshore exploration and production events to rise domestic production which can drive market growth.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
- The report covers in-detail insights about the competitors overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments, and start-up details that are actively working in the market
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Offshore Drilling Market Segmentation
By Service Type
By Application
- Shallow Water
- Deep Water
- Ultra-Deep Water
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Frequently Asked Questions
The offshore drilling market is projected to expand at a CAGR of 8.3% during the forecast period
Halliburton (U.S.), Schlumberger (U.S.), Weatherford International Inc (U.S.), Seadrill (Bermuda), Aban Offshore Limited (India), China Oilfield Services Ltd. (China), Ensco plc (UK), Diamond Offshore Drilling Inc. (U.S.), Vantage Drilling Co. (U.S.), Pacific Drilling (U.S.)
MEA is the fastest-growing region for offshore drilling market
| 1. Executive Summary |
| 2. Global Offshore Drilling Market Introduction |
| 2.1. Global Offshore Drilling Market - Taxonomy |
| 2.2. Global Offshore Drilling Market -Definitions |
| 2.2.1. Service Type |
| 2.2.2. Application |
| 2.2.3. By Region |
| 3. Global Offshore Drilling Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Global Offshore Drilling Market Dynamic Factors - Impact Analysis |
| 3.6. Global Offshore Drilling Market - Competition Landscape |
| 3.7. Epidemiology |
| 4. Global Offshore Drilling Market Analysis, 2019-2023 and Forecast, 2024-2030 |
| 4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5. Global Offshore Drilling Market, By Service Type, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 5.1. Contract Drilling |
| 5.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Directional Drilling |
| 5.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Logging While Drilling |
| 5.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 5.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Measurement While Drilling |
| 5.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 5.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 6. Global Offshore Drilling Market, By Application, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 6.1. Shallow Water |
| 6.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Deep Water |
| 6.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Ultra-Deep Water |
| 6.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7. Global Offshore Drilling Market Forecast, By Region, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Asia-Pacific |
| 7.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Latin America |
| 7.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. Middle East and Africa |
| 7.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Global Offshore Drilling Market - Opportunity Analysis Index, By Service Type, By Application, and Region, 2024-2030 |
| 8. North America Offshore Drilling Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 8.1. Service Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1. Contract Drilling |
| 8.1.2. Directional Drilling |
| 8.1.3. Logging While Drilling |
| 8.1.4. Measurement While Drilling |
| 8.2. Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1. Shallow Water |
| 8.2.2. Deep Water |
| 8.2.3. Ultra-Deep Water |
| 8.3. Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 8.3.1. USA |
| 8.3.2. Canada |
| 8.4. North America Offshore Drilling Market - Opportunity Analysis Index, By Service Type, By Application, and Country, 2024-2030 |
| 8.5. North America Offshore Drilling Market Dynamics - Trends |
| 9. Europe Offshore Drilling Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 9.1. Service Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1. Contract Drilling |
| 9.1.2. Directional Drilling |
| 9.1.3. Logging While Drilling |
| 9.1.4. Measurement While Drilling |
| 9.2. Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1. Shallow Water |
| 9.2.2. Deep Water |
| 9.2.3. Ultra-Deep Water |
| 9.3. Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 9.3.1. Germany |
| 9.3.2. UK |
| 9.3.3. France |
| 9.3.4. Spain |
| 9.3.5. Italy |
| 9.3.6. Rest of Europe |
| 9.4. Europe Offshore Drilling Market - Opportunity Analysis Index, By Service Type, By Application, and Country, 2024-2030 |
| 9.5. Europe Offshore Drilling Market Dynamics - Trends |
| 10. Asia-Pacific Offshore Drilling Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 10.1. Service Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1. Contract Drilling |
| 10.1.2. Directional Drilling |
| 10.1.3. Logging While Drilling |
| 10.1.4. Measurement While Drilling |
| 10.2. Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1. Shallow Water |
| 10.2.2. Deep Water |
| 10.2.3. Ultra-Deep Water |
| 10.3. Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 10.3.1. China |
| 10.3.2. India |
| 10.3.3. Japan |
| 10.3.4. ASEAN |
| 10.3.5. Australia & New Zealand |
| 10.3.6. Rest of Asia-Pacific |
| 10.4. Asia-Pacific Offshore Drilling Market - Opportunity Analysis Index, By Service Type, By Application, and Country, 2024-2030 |
| 10.5. Asia-Pacific Offshore Drilling Market Dynamics - Trends |
| 11. Latin America Offshore Drilling Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 11.1. Service Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1. Contract Drilling |
| 11.1.2. Directional Drilling |
| 11.1.3. Logging While Drilling |
| 11.1.4. Measurement While Drilling |
| 11.2. Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1. Shallow Water |
| 11.2.2. Deep Water |
| 11.2.3. Ultra-Deep Water |
| 11.3. Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 11.3.1. Brazil |
| 11.3.2. Mexico |
| 11.3.3. Rest of Latin America |
| 11.4. Latin America Offshore Drilling Market - Opportunity Analysis Index, By Service Type, By Application, and Country, 2024-2030 |
| 11.5. Latin America Offshore Drilling Market Dynamics - Trends |
| 12. Middle East and Africa Offshore Drilling Market Analysis, 2019-2023 and Forecast, 2024-2030 (Revenue, USD Mn) |
| 12.1. Service Type Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1. Contract Drilling |
| 12.1.2. Directional Drilling |
| 12.1.3. Logging While Drilling |
| 12.1.4. Measurement While Drilling |
| 12.2. Application Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1. Shallow Water |
| 12.2.2. Deep Water |
| 12.2.3. Ultra-Deep Water |
| 12.3. Country Analysis 2019-2023 and Forecast 2024-2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) |
| 12.3.1. Gulf Cooperation Council (GCC) Countries |
| 12.3.2. South Africa |
| 12.3.3. Rest of MEA |
| 12.4. MEA Offshore Drilling Market- Opportunity Analysis Index, By Service Type, By Application, and Country, 2024-2030 |
| 12.5. MEA Offshore Drilling Market Dynamics - Trends |
| 13. Competition Landscape |
| 13.1. Strategic Dashboard of Top Market Players |
| 13.2. Company Profiles (Introduction, Financial Analysis, Key Service Types, Key Developments, Strategies, and SWOT Analysis) |
| 13.2.1. Halliburton (U.S.) |
| 13.2.2. Schlumberger (U.S.) |
| 13.2.3. Weatherford International Inc (U.S.) |
| 13.2.4. Seadrill (Bermuda) |
| 13.2.5. Aban Offshore Limited (India) |
| 13.2.6. China Oilfield Services Ltd. (China) |
| 13.2.7. Ensco plc (UK) |
| 13.2.8. Diamond Offshore Drilling Inc. (U.S.) |
| 13.2.9. Vantage Drilling Co. (U.S.) |
| 13.2.10. Pacific Drilling (U.S.) |
| 14. Research Methodology |
| 15. Key Assumptions and Acronyms |
- Halliburton
- Schlumberger
- Weatherford International Inc
- Seadrill
- Aban Offshore Limited
- China Oilfield Services Ltd.
- Ensco plc
- Diamond Offshore Drilling Inc.
- Vantage Drilling Co.
- Pacific Drilling