Offshore Drilling Market to Reach USD 56.97 Billion by 2026; Heavy Investment in Offshore E&P Activities by National Governments to Bolster Sales:…

Key Companies Covered are Archer Well Company, Borr Drilling, Odfjell Drilling, Pacific Drilling, Noble Drilling, Valaris plc, Transocean, Shelf Drilling, Maersk Drilling, KCA Deutag, COSL - China Oilfield Services Limited, Diamond Offshore Drilling, Inc., Saipem, Nabors Industries

PUNE, India, April 16, 2020 /PRNewswire/ -- The global offshore drilling market size is slated to reach USD 56.97 billion by 2026, exhibiting a CAGR of 7.9% during the forecast period. Surging demand for electricity worldwide is expected to drive the growth of this market, states Fortune Business Insights in its new report, titled "Offshore Drilling Market Size, Share and Industry Analysis, By Rig Type (Drill-ships, Semi-submersibles, and Jackups), By Water Depth (Shallow Water, Deepwater, and Ultra-Deepwater), and Regional Forecast, 2019-2026". According to the International Energy Agency (IEA), the global demand for electricity is projected to rise by 2.1% annually till 2040, representing an increase from 19% in 2018 to 24% in 2040 in terms of share of electricity in total energy consumption. Moreover, presently, non-renewable sources account for 36% of the total electricity generation around the world. Fossil fuel-powered plants require oil and gas to function smoothly and generate a stable amount of electricity. With the accelerating pace of urbanization and industrialization in emerging economies, the demand for electricity will necessitate higher production of oil and gas, which will drive the offshore drilling market trends.

Offshore Drilling Market Analysis (USD Billion)

As per the report, the value of this market stood at USD 31.26 billion in 2018. Additionally, the report contains the following:

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An Overview of the Impact of COVID-19 on this Market:

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Market Restraint

Devastating Environmental Impacts of Offshore Drilling to Dampen Prospects

The offshore drilling market outlook is likely to get dampened owing to the grave threats that offshore drilling activities pose on the environment. One of the biggest risks is that oil spills that can inflict long-term harm on ocean ecosystems. For instance, the 1989 Exxon Valdez oil spill in Alaska continues to affect marine ecosystems after 30 years of the event, according to the National Academy of Sciences. Another threat posed by drilling activities is that of marine pollution. For example, the US-based Natural Resources Defense Council observes that waste drilling muds, an essential part of drills, house large amounts of toxic metals such as mercury and lead. These toxic materials can bio-accumulate and bio-magnify, causing irreparable damage to marine organisms. Thus, these ill-effects on marine ecology may inhibit the growth of the market in the near future.

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Regional Analysis

Asia-Pacific to Occupy Commanding Position; Middle East & Africa to Show Promising Growth

Asia-Pacific, which boasted a market size of USD 11.23 billion in 2018, is anticipated to command the offshore drilling market share during the forecast period on account of potential presence of undiscovered oil & gas reserves. The Middle East is well-known for its vast hydrocarbon reserves and countries such as Saudi Arabia and Qatar are further ramping up their exploration & production (E&P) capabilities through extensive fleet expansion activities. Africa is fast emerging as a major hotbed of hydrocarbon sources, prompting huge investments by companies and governments in the continent. European energy majors, namely Norway, UK, Germany, and Russia, are making significant investments in increasing their offshore E&P activities, especially in the North Sea and the Norwegian continental shelf.

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Competitive Landscape

Geographic Expansion to be the Central Focus of Key Players

The offshore drilling market forecast suggests that key players in this market such as Maersk and Archer will focus on expanding their operations in unchartered territories in the coming years. This expansion will enable them to broaden their business horizons and exploit early-bird advantage in regions with untapped sources.

Industry Developments:

List of Key Players Covered in the Offshore Drilling Market Report are:

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Detailed Table of Content

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Offshore Drilling Market to Reach USD 56.97 Billion by 2026; Heavy Investment in Offshore E&P Activities by National Governments to Bolster Sales:...