Offshore Drilling Market Estimated To Grow Due to Increase in Energy Demand

Research Nester’s recent market research analysis on the offshore drilling market delivers a detailed competitors analysis and a detailed overview of the global offshore drilling market during 2024-2036. The global offshore drilling market is estimated to grow on account of the rise in urban population. In urban areas, the energy demand has skyrocketed. As a result, there is a growing need for offshore drilling.

Rise in Urban Population to Boost Global Offshore Drilling Market

Compared to rural populations, urban people have significantly higher energy needs. This can be attributed to the greater standard of living and higher energy needs of urban dwellers’ lifestyles.

The oil and gas industry suffered a decrease as a result of high production costs and low oil prices during the petroleum exploration phase. However, as a result of increased oil prices and considerable investment initiatives, there has been a noticeable growth in recent years. This expansion of the offshore drilling market was brought on by a rise in drilling and well intervention activities in the oil and gas industry. Artificial neural networks, machine learning, and other industry 4.0 technologies have improved the productivity of drilling operators and advanced the supply chain view on drilling sites, which is anticipated to lead to an increase in drilling operations.

Some of the major growth factors and challenges that are associated with the growth of the global offshore drilling market are:

Growth Drivers:

• Rise in Investment by the Government
• Surge in Demand for Vehicles

Challenges:

Many governments throughout the world have introduced various restrictions and strategies to minimize petrol and diesel car emissions in response to growing environmental concerns. With plans to phase out internal combustion engine (ICE) vehicles, China, the United States, Germany, France, Norway, and the United Kingdom have all set particular goals for the adoption of electric vehicles. Thus, it is anticipated that the market will suffer as a result of the rising use of electric vehicles. In consequence, this would have a negative impact on the market’s growth over the predicted period.

By type, the market for offshore drilling is segmented into jackups, semisubmersible, and drillships. Amongst these, the jackups segment is expected to garner the highest revenue. However, the drillships are also estimated to grow after jackups. Drillships have been employed in deep and ultra-deepwater lately; they have grown significantly in size and no longer have a mooring system. Instead, they are outfitted with cutting-edge data processing equipment. By managing their thrusters to fight wind, wave, and current forces, these DP systems keep a drillship’s position within a narrow set of tolerance.

By region, the North American market for offshore drilling is set to grow by the end of 2036. In this market growth in the region, the petrochemical industry plays a significant driving role. Since more petrochemical products are being used in end-use industries, the petrochemical sector has grown. As a result of political and economic issues, the price of oil and gas in North America also affects market expansion. Furthermore, there has been a surge in the adoption of automobiles which is demanding more oil further influencing market growth. Moreover, there has been growing exploration of offshore resources in this region which would further boost the demand for offshore drilling in this region.

This report also provides the existing competitive scenario of some of the key players of the global offshore drilling market which includes company profiling of Transocean, Ltd., Nabors Industries, Ltd., Seadrill Limited, Saipem S.p.A., Valaris Limited, Diamond Offshore Drilling, Inc., Noble Corporation, China Oilfield Services Limited, Pacific Drilling Co., KCA Deutag, and others.

Source: Research Nester