Offshore Drilling Market Worth $121.1 Billion by 2018
The Report "Offshore Drilling Market By Services (Contract Drilling, Directional Drilling, Logging While Drilling), Applications (Shallow Water, Deepwater, Ultra deepwater) & Geography - Global Trends & Forecasts to 2018", defines and segments the global offshore drilling services market with an analysis and forecast of the global revenue. Offshore drilling services market will grow from an estimated $73.1 billion in 2013 to $121.1 billion by 2018, growing at a CAGR of 10.6% from 2013 to 2018.
The offshore drilling services market is driven by increasing offshore discoveries and exponentially increasing demand for energy across the globe. The major existing areas of offshore activities such as the golden triangle which includes Brazil, US Gulf of Mexico, and West Africa are the key markets where offshore operators and service providers have their focus. Asia-Pacific is the emerging market in terms of demand for energy and offshore drilling activities.
The re-development of current fields and exploring deep to ultra-deep water reserve potentials is the only way to satisfy the demand for hydrocarbons. Hence offshore oilfield drilling service and operators continue to try and assimilate their existing technologies, and develop new technologies extensively through research and development, so as to decrease high risk and associated cost.
In the current Offshore Drilling Global Market, shallow water activities dominate offshore spending and are projected to grow at a significant rate in the near future. On the other hand, deepwater and ultra-deepwater activities are also projected to increase, escalating the requirement for semisubmersibles and drill ships in offshore applications.
The Offshore Drilling Market is on its growth path after the downturn of the 2010 oil spill in the US Gulf of Mexico; the investments are made by the services as well as by operator companies to scrutinize greater exposure for the crude. This market is highly competitive, and hence secures long term contract agreements. Increasing the working fleet is a key strategy for the offshore drilling service providers.