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Global Offshore Drilling Market to reach USD 166.9 billion by 2027.

Global Offshore Drilling Market Size study, by Service Type (Contract Drilling, Directional Drilling, Logging While Drilling, Measurement While Drilling), by Application (Shallow Water, Deep Water, Ultra-Deep Water) and Regional Forecasts 2021-2027

Product Code: EPBF F-77430273
Publish Date: 20-01-2023
Page: 200

Global Offshore Drilling Market is valued at approximately USD 102.59 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 7.2 % over the forecast period 2021-2027. Offshore drilling is a mechanical process that is performed to discover the extracted petroleum that is found in the form of rock beneath the seabed. In general, it is the drilling activities on the continental shelf, or drilling in lakes, inshore waters, and inland seas. The growing reach to deep water and ultra-deep water, rising investments in offshore discoveries, rapid technological developmnets, as well as the execution of stringent onshore drilling projects by the regulatory bodies, is amplifying the demand for offshore drilling activities. For instance, in January 2020, Transocean received a large number of offshore drilling contracts worth USD 352.9 million subsequent to the company’s October 2019 report. As per the company statement, the demand for offshore drilling in ultra-deep water exhibits a huge growth prospect in the near future. However, the capital intensive, and collision of oil price impede the growth of the market over the forecast period of 2021-2027. Also, the rising focus on artic discoveries tied with the growing investments in exploration & production (E&P) activities are likely to increase the market growth during the forecast period.

The regional analysis of the global Offshore Drilling market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-Pacific is the leading region across the world in terms of market share owing to the increasing number of offshore activities majorly in regions like China, Thailand, India, Indonesia and Australia. Whereas, Middle East and Africa are also anticipated to exhibit a considerable growth rate over the forecast period 2021-2027. Factors such as the presence of the world’s largest gas reserve and the discoveries of oil and gas reserves across the Eastern Mediterranean Sea would create lucrative growth prospects for the Offshore Drilling market across the MEA region.
Major market players included in this report are:
China Oilfield Services Ltd.
Pacific Drilling
Nabors Industries Ltd
Aban Offshore Limited
Weatherford International Inc
Ensco plc
Diamond Offshore Drilling Inc.
Vantage Drilling Co.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Service Type:
Contract Drilling
Directional Drilling
Logging While Drilling
Measurement While Drilling
By Application:
Shallow Water
Deep Water
Ultra-Deep Water
By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027

Target Audience of the Global Offshore Drilling Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Global Offshore Drilling Market, by Region, 2019-2027 (USD Billion)
1.2.2. Global Offshore Drilling Market, by Service Type, 2019-2027 (USD Billion)
1.2.3. Global Offshore Drilling Market, by Application, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Offshore Drilling Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Offshore Drilling Market Dynamics
3.1. Offshore Drilling Market Impact Analysis (2019-2027)
3.1.1. Market Drivers Increasing investments in offshore discoveries Rapid technological developments
3.1.2. Market Challenges Capital Intensive Collision of Oil Price
3.1.3. Market Opportunities Rising focus on the artic discoveries
Chapter 4. Global Offshore Drilling Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
4.5. Top investment opportunity
4.6. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1.1. Assessment of the overall impact of COVID-19 on the industry
5.1.2. Pre COVID-19 and post COVID-19 market scenario
Chapter 6. Global Offshore Drilling Market, by Service Type
6.1. Market Snapshot
6.2. Global Offshore Drilling Market by Service Type, Performance – Potential Analysis
6.3. Global Offshore Drilling Market Estimates & Forecasts by Service Type, 2018-2027 (USD Billion)
6.4. Offshore Drilling Market, Sub Segment Analysis
6.4.1. Contract Drilling
6.4.2. Directional Drilling
6.4.3. Logging While Drilling
6.4.4. Measurement While Drilling
Chapter 7. Global Offshore Drilling Market, by Application
7.1. Market Snapshot
7.2. Global Offshore Drilling Market by Application, Performance – Potential Analysis
7.3. Global Offshore Drilling Market Estimates & Forecasts by Application, 2018-2027 (USD Billion)
7.4. Offshore Drilling Market, Sub Segment Analysis
7.4.1. Shallow Water
7.4.2. Deep Water
7.4.3. Ultra-Deep Water
Chapter 8. Global Offshore Drilling Market, Regional Analysis
8.1. Offshore Drilling Market, Regional Market Snapshot
8.2. North America Offshore Drilling Market
8.2.1. U.S. Offshore Drilling Market Service Type breakdown estimates & forecasts, 2018-2027 Application breakdown estimates & forecasts, 2018-2027
8.2.2. Canada Offshore Drilling Market
8.3. Europe Offshore Drilling Market Snapshot
8.3.1. U.K. Offshore Drilling Market
8.3.2. Germany Offshore Drilling Market
8.3.3. France Offshore Drilling Market
8.3.4. Spain Offshore Drilling Market
8.3.5. Italy Offshore Drilling Market
8.3.6. Rest of Europe Offshore Drilling Market
8.4. Asia-Pacific Offshore Drilling Market Snapshot
8.4.1. China Offshore Drilling Market
8.4.2. India Offshore Drilling Market
8.4.3. Japan Offshore Drilling Market
8.4.4. Australia Offshore Drilling Market
8.4.5. South Korea Offshore Drilling Market
8.4.6. Rest of Asia Pacific Offshore Drilling Market
8.5. Latin America Offshore Drilling Market Snapshot
8.5.1. Brazil Offshore Drilling Market
8.5.2. Mexico Offshore Drilling Market
8.6. Rest of The World Offshore Drilling Market

Chapter 9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
9.2.1. Halliburton Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.2.2. China Oilfield Services Ltd.
9.2.3. Pacific Drilling
9.2.4. Schlumberger
9.2.5. Nabors Industries Ltd
9.2.6. Aban Offshore Limited
9.2.7. Weatherford International Inc
9.2.8. Ensco plc
9.2.9. Diamond Offshore Drilling Inc.
9.2.10. Vantage Drilling Co.
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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