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Global Offshore Drilling Market 2019-2023

Global Offshore Drilling Market 2019-2023

About this market

As the demand for oil and gas is increasing there is a need to explore and produce from new oil and gas reservoirs. Existing reservoirs have started to mature or have depleted. This has resulted in the Milling of new wells. Therefore, new oil and gas wells are being drilled in countries that have not been major producers. Also, as offshore oil and gas reservoirs are larger than onshore reservoirs and the production life of offshore wells are higher than that of onshore wells companies are shifting towards offshore E&P activities. The rise in fuel consumption from developing economies such as China and India, the demand for natural gas is expected to propel diming the forecast period. The increasing demand for oil and natural gas will drive the growth of E&P activities of oil and gas. Thus, the rise in demand for oil and gas will increase drilling activities in offshore locations. thereby driving the global offshore drilling market Technavio’s analysts have predicted that the offshore drilling market will register a CAGR of almost 9% by 2023.

Market Overview

Rise in deepwater and ultra- deepwater E&P activities

Oil and gas upstream companies have been extracting oil and gas from onshore locations for decades. Offshore locations have also been the popular sources of oil and gas E&P. The rise in investments in offshore projects will propel E&P activities in deepwater and ultra-deepwater locations. Hence. the rise in E&P activities in deepwater and ultra-deepwater resources will drive the global offshore drilling market during the forecast period.

Fluctuations in the price of crude oil

Crude oil price fluctuations have an impact on the profitability and performance of upstream oil and gas companies. The uncertainty in crude oil prices will adversely affect the investments in E&P projects and have a negative impact on the growth of the E&P industry. This will limit the drilling activities in offshore locations which will be a challenge to the growth of the global offshore drilling market during the forecast period

For the detailed list of factors that will drive and challenge the growth of the offshore drilling market during the 2019-2023, view our report.

Competitive Landscape

The market appears to be moderately fragmented and with the presence of few vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.


PRESS RELEASE

Technavio Announces the Publication of its Research Report – Global Offshore Drilling Market 2019-2023

Technavio recognizes the following companies as the key players in the global offshore drilling market: Baker Hughes, Halliburton, National Oilwell Varco, Schlumberger, TRANSOCEAN, Weatherford.

Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the seizing of funding for E&P activities by world bank.”

According to the report, one of the major drivers for this market is the rise in demand for oil and gas will increase drilling activities in offshore locations, thereby driving the global offshore drilling market

Further, the report states that one of the major factors hindering the growth of this market is the environmental concerns are impeding the growth of offshore E&P activities and affecting the market.

Companies Mentioned

Baker Hughes

Halliburton

National Oilwell Varco

Schlumberger

TRANSOCEAN

and Weatherford

  • Executive summary
  • Scope of the report
    • Preface
    • Currency conversion rates for US$
  • Market landscape
    • Market ecosystem
      • Table Global oilfield equipment and services market
      • Table Segments of global oilfield equipment and services market
    • Market characteristics
      • Table Market characteristics
    • Market segmentation analysis
      • Table Market segments
  • Market sizing
    • Market definition
      • Table Market definition - Inclusions and exclusions checklist
    • Market sizing 2018
      • Table Market size 2018
    • Market size and forecast 2018-2023
      • Table Global market: Size and forecast 2018-2023 ($ billions)
      • Table Global market: Year-over-year growth 2019-2023 (%)
  • Five forces analysis
    • Table Five forces analysis 2018
    • Table Five forces analysis 2023
    • Bargaining power of buyers
      • Table Bargaining power of buyers
    • Bargaining power of suppliers
      • Table Bargaining power of suppliers
    • Threat of new entrants
      • Table Threat of new entrants
    • Threat of substitutes
      • Table Threat of substitutes
    • Threat of rivalry
      • Table Threat of rivalry
    • Market condition
      • Table Market condition - Five forces 2018
  • Market segmentation by application
    • Table Application - Market share 2018-2023 (%)
    • Comparison by application
      • Table Comparison by application
    • Shallow water - Market size and forecast 2018-2023
      • Table Shallow water - Market size and forecast 2018-2023 ($ billions)
      • Table Shallow water - Year-over-year growth 2019-2023 (%)
    • Deepwater - Market size and forecast 2018-2023
      • Table Deepwater - Market size and forecast 2018-2023 ($ billions)
      • Table Deepwater - Year-over-year growth 2019-2023 (%)
    • Ultra-deepwater - Market size and forecast 2018-2023
      • Table Ultra-deepwater - Market size and forecast 2018-2023 ($ billions)
      • Table Ultra-deepwater - Year-over-year growth 2019-2023 (%)
    • Market opportunity by application
      • Table Market opportunity by application
  • Customer landscape
    • Table Customer landscape
  • Geographic landscape
    • Geographic segmentation
      • Table Market share by geography 2018-2023 (%)
    • Geographic comparison
      • Table Geographic comparison
    • APAC - Market size and forecast 2018-2023
      • Table APAC - Market size and forecast 2018-2023 ($ billions)
      • Table APAC - Year-over-year growth 2019-2023 (%)
    • MEA - Market size and forecast 2018-2023
      • Table MEA - Market size and forecast 2018-2023 ($ billions)
      • Table MEA - Year-over-year growth 2019-2023 (%)
    • Europe - Market size and forecast 2018-2023
      • Table Europe - Market size and forecast 2018-2023 ($ billions)
      • Table Europe - Year-over-year growth 2019-2023 (%)
    • North America - Market size and forecast 2018-2023
      • Table North America - Market size and forecast 2018-2023 ($ billions)
      • Table North America - Year-over-year growth 2019-2023 (%)
    • South America - Market size and forecast 2018-2023
      • Table South America - Market size and forecast 2018-2023 ($ billions)
      • Table South America - Year-over-year growth 2019-2023 (%)
    • Key leading countries
      • Table Key leading countries
    • Market opportunity
      • Table Market opportunity
  • Decision framework
  • Drivers and challenges
    • Market drivers
    • Market challenges
      • Table Impact of drivers and challenges
  • Market trends
    • Seizing of funding for E&P activities by World Bank
    • Declining costs of offshore projects
    • Emergence of next-generation automated drilling rigs
  • Vendor landscape
    • Overview
      • Table Vendor landscape
    • Landscape disruption
      • Table Landscape disruption
    • Competitive scenario
  • Vendor analysis
    • Vendors covered
      • Table Vendors covered
    • Vendor classification
      • Table Vendor classification
    • Market positioning of vendors
      • Table Market positioning of vendors
    • Baker Hughes
      • Table Baker Hughes - Vendor overview
      • Table Baker Hughes - Product segments
      • Table Baker Hughes - Organizational developments
      • Table Baker Hughes - Geographic focus
      • Table Baker Hughes - Segment focus
      • Table Baker Hughes - Key offerings
    • Halliburton
      • Table Halliburton - Vendor overview
      • Table Halliburton - Business segments
      • Table Halliburton - Organizational developments
      • Table Halliburton - Geographic focus
      • Table Halliburton - Segment focus
      • Table Halliburton - Key offerings
    • National Oilwell Varco
      • Table National Oilwell Varco - Vendor overview
      • Table National Oilwell Varco - Business segments
      • Table National Oilwell Varco - Organizational developments
      • Table National Oilwell Varco - Geographic focus
      • Table National Oilwell Varco - Segment focus
      • Table National Oilwell Varco - Key offerings
    • Schlumberger
      • Table Schlumberger - Vendor overview
      • Table Schlumberger - Business segments
      • Table Schlumberger - Organizational developments
      • Table Schlumberger - Geographic focus
      • Table Schlumberger - Segment focus
      • Table Schlumberger - Key offerings
    • TRANSOCEAN
      • Table TRANSOCEAN - Vendor overview
      • Table TRANSOCEAN - Organizational developments
      • Table TRANSOCEAN - Geographic focus
      • Table TRANSOCEAN - Key offerings
    • Weatherford
      • Table Weatherford - Vendor overview
      • Table Weatherford - Business segments
      • Table Weatherford - Organizational developments
      • Table Weatherford - Segment focus
      • Table Weatherford - Key offerings
  • Appendix
    • Research methodology
      • Table Validation techniques employed for market sizing
    • List of abbreviations
  • Explore Technavio

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