Technavio has been monitoring the offshore drilling market and it is poised to grow by USD 11.34 billion during 2020-2024, progressing at a CAGR of almost 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Offshore Drilling Market 2020-2024 (Graphic: Business Wire)
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This Report Addresses:
The market size from 2020-2024
Expected market growth until 2024
Forecast of how market drivers, restraints, and future opportunities will affect the market dynamics
Segments and regions that will drive or lead market growth and why
Comprehensive mapping of the competitive landscape
In-depth analysis of key sustainability strategies adopted by market players
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Frequently Asked Questions-
What are the major trends in the market?
Seizing of funding for E&P activities by World Bank is one of the major trends in the market.
At what rate is the market projected to grow?
Growing at a CAGR of almost 6%, the incremental growth of the market is anticipated to be USD 11.34 billion.
Who are the top players in the market?
Baker Hughes Co., China Oilfield Services Ltd., Halliburton Co., KCA Deutag Alpha Ltd., National Oilwell Varco Inc., Schlumberger Ltd., The Drilling Co. of 1972 AS, Transocean Ltd., Valaris Plc, and Weatherford International Plc. are some of the major market participants.
What are the key market drivers and challenges?
Growth in demand for oil and natural gas is one of the major factors driving the market. However, environmental concerns associated with offshore E&P activities will restrain market growth.
How big is the North America market?
The North America region will contribute 42% of market growth.
The market is moderately fragmented, and the degree of fragmentation will accelerate during the forecast period. Baker Hughes Co., China Oilfield Services Ltd., Halliburton Co., KCA Deutag Alpha Ltd., National Oilwell Varco Inc., Schlumberger Ltd., The Drilling Co. of 1972 AS, Transocean Ltd., Valaris Plc, and Weatherford International Plc are some of the major market participants. The growth in demand for oil and natural gas will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Offshore Drilling Market 2020-2024: Segmentation
Offshore Drilling Market is segmented as below:
Offshore Drilling Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The offshore drilling market report covers the following areas:
Offshore Drilling Market Size
Offshore Drilling Market Trends
Offshore Drilling Market Analysis
This study identifies seizing of funding for E&P activities by World Bank as one of the prime reasons driving the offshore drilling market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Offshore Drilling Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist offshore drilling market growth during the next five years
Estimation of the offshore drilling market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the offshore drilling market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of offshore drilling market vendors
Table of Contents:
Value chain analysis
Market segment analysis
Market size 2019
Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
Five forces summary
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market Segmentation by Application
Comparison by Application
Shallow water - Market size and forecast 2019-2024
Deepwater - Market size and forecast 2019-2024
Ultra-deepwater - Market size and forecast 2019-2024
Market opportunity by Application
North America - Market size and forecast 2019-2024
APAC - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Market positioning of vendors
Baker Hughes Co.
China Oilfield Services Ltd.
KCA Deutag Alpha Ltd.
National Oilwell Varco Inc.
The Drilling Co. of 1972 AS
Weatherford International Plc
Scope of the report
Currency conversion rates for US$
List of abbreviations
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201002005030/en/