Offshore Drilling Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Offshore Drilling Market
The global offshore drilling market size was valued at USD 36.52 billion in 2023 and is projected to grow from USD 40.04 billion in 2024 to USD 74.94 billion by 2032, exhibiting a CAGR of 8.2% during the forecast period of 2024-2032.
The COVID-19 pandemic has particularly affected the downstream sector of oil and gas, with a lot of players experiencing noticeable disruptions to their operations. In today`s world, pandemics can affect worldwide supply chains, labor availability, and power tightly. This has the same consequences for new offshore drilling activities, affecting offshore drilling market growth.
The offshore drilling market is susceptible to many factors, including the fact that the energy need is increasing worldwide while the onshore reserves are being exhausted, and there is a will to discover new energy assets. The growing need for oil and gasoline generated in emerging markets, predominantly Asian regions, is the leading cause of the increase in the offshore drilling market.
The offshore drilling market is an outfit consisting of quotation and desire, with rigs deactivating thanks to less of their operation and boosting the need to increase the prices producers to get more profit than using just one rig. The oil and gas firms opt for efficiency by pulling the maximum economic value out of each assignment, which may contradict a global increase in offshore drilling market share. Hence, do not be surprised if there is a shift towards measures emphasizing cost-cutting to strike off expenses. The cost squeeze is the first consideration when the entity draws up its plans to reply to the existing delivery-demand mismatch as the businesses seek to achieve the highest possible drilling efficiency.
Comprehensive Analysis of Offshore Drilling Market
The offshore drilling marketplace is segmented into rig type, water intensity, and drilling type. By rig kind, drill ships keep the best percentage, usually utilized in deepwater and extremely deepwater tasks because of their superior statistics processing systems. By water intensity, the market is divided into shallow water, deepwater, and ultra-deepwater, with deepwater predicted to dominate because of its enormous hydrocarbon ability. The deepwater phase is gaining a reputation as operators focus on producing untapped hydrocarbon reserves, making it a profitable region for investment.
The Asia Pacific region led the medical devices market by benefitting a size of USD 15.34 billion in 2023 due to the speedy monetary increase and urbanization in many countries; power demand is witnessing a surge in those regions.
The leading players in the offshore drilling market significantly influence its growth trajectory and set industry standards—these key players, including Saipem S.p.A (Italy), Maersk Drilling (Denmark), Nabors Industries Ltd (U.S.), KCA Deutag (U.K.), Transocean (Switzerland), Seadrill (Bermuda), Valaris plc (U.K.), Odfjell Drilling (U.K.), Pacific Drilling (U.S.), Borr Drilling (Bermuda), Diamond Offshore Drilling, Inc. (U.S.), Noble Drilling (U.K.), COSL – China Oilfield Services Limited (China), Shelf Drilling (UAE), and Archer Well Company (Bermuda), contribute to a competitive landscape, driving innovation and market advancement in the offshore drilling industry.
In July 2022, IIT Madras designed and implanted an in-residence lifestyle control system for ONGC to minimize the cost of saving and rehabilitation of offshore oil structures, which increased operational efficiency.
Segmentation Table
Attribute Details
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 8.2% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Rig Type
Drillships
Semisubmersibles
Jackups
By Water Depth
Shallow Water
Deepwater
Ultra-deepwater
By Geography
North America (By Rig Type, By Water Depth, By Country)
- U.S.
- Canada
Europe (By Rig Type, By Water Depth, By Country)
- U.K.
- Norway
- Rest of Europe
Asia Pacific (By Rig Type, By Water Depth, By Country)
- China
- India
- Australia
- Malaysia
- Indonesia
- Rest of Asia Pacific
Latin America (By Rig Type, By Water Depth, By Country)
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa (By Rig Type, By Water Depth, By Country)
- Saudi Arabia
- UAE
- Nigeria
- Angola
Rest of Middle East & Africa
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on the Offshore Drilling Market
- 5. Global Offshore Drilling Market Analysis (USD Billion), Insights, and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights, and Forecast – By Rig Type
- 5.2.1. Drillships
- 5.2.2. Semisubmersibles
- 5.2.3. Jackups
- 5.3. Market Analysis, Insights, and Forecast – By Water Depth
- 5.3.1. Shallow Water
- 5.3.2. Deepwater
- 5.3.3. Ultra-Deepwater
- 5.4. Market Analysis, Insights, and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Offshore Drilling Market Analysis (USD Billion), Insights, and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights, and Forecast – By Rig Type
- 6.2.1. Drillships
- 6.2.2. Semisubmersibles
- 6.2.3. Jackups
- 6.3. Market Analysis, Insights, and Forecast – By Water Depth
- 6.3.1. Shallow Water
- 6.3.2. Deepwater
- 6.3.3. Ultra-Deepwater
- 6.4. Market Analysis, Insights, and Forecast – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
- 7. Europe Offshore Drilling Market Analysis (USD Billion), Insights, and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights, and Forecast – By Rig Type
- 7.2.1. Drillships
- 7.2.2. Semisubmersibles
- 7.2.3. Jackups
- 7.3. Market Analysis, Insights, and Forecast – By Water Depth
- 7.3.1. Shallow Water
- 7.3.2. Deepwater
- 7.3.3. Ultra-Deepwater
- 7.4. Market Analysis, Insights, and Forecast – By Country
- 7.4.1. U.K.
- 7.4.2. Norway
- 7.4.3. Rest of Europe
- 8. Asia Pacific Offshore Drilling Market Analysis (USD Billion), Insights, and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights, and Forecast – By Rig Type
- 8.2.1. Drillships
- 8.2.2. Semisubmersibles
- 8.2.3. Jackups
- 8.3. Market Analysis, Insights, and Forecast – By Water Depth
- 8.3.1. Shallow Water
- 8.3.2. Deepwater
- 8.3.3. Ultra-Deepwater
- 8.4. Market Analysis, Insights, and Forecast – By Country
- 8.4.1. China
- 8.4.2. India
- 8.4.3. Australia
- 8.4.4. Malaysia
- 8.4.5. Indonesia
- 8.4.6. Rest of Asia-Pacific
- 9. Latin America Offshore Drilling Market Analysis (USD Billion), Insights, and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights, and Forecast – By Rig Type
- 9.2.1. Drillships
- 9.2.2. Semisubmersibles
- 9.2.3. Jackups
- 9.3. Market Analysis, Insights, and Forecast – By Water Depth
- 9.3.1. Shallow Water
- 9.3.2. Deepwater
- 9.3.3. Ultra-Deepwater
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
- 10. Middle East & Africa Offshore Drilling Market Analysis (USD Billion), Insights, and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights, and Forecast – By Rig Type
- 10.2.1. Drillships
- 10.2.2. Semisubmersibles
- 10.2.3. Jackups
- 10.3. Market Analysis, Insights, and Forecast – By Water Depth
- 10.3.1. Shallow Water
- 10.3.2. Deepwater
- 10.3.3. Ultra-Deepwater
- 10.4. Market Analysis, Insights, and Forecast – By Country
- 10.4.1. Saudi Arabia
- 10.4.2. UAE
- 10.4.3. Nigeria
- 10.4.4. Angola
- 10.4.5. Rest of Middle East and Africa
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2023
- 11.2. Company Profile
- 11.2.1. Transocean
- 11.2.1.1. Business Overview
- 11.2.1.2. Product & Service Offering
- 11.2.1.3. Financials
- 11.2.1.4. Recent Development
- 11.2.2. Nabors Industries
- 11.2.2.1. Business Overview
- 11.2.2.2. Product & Service Offering
- 11.2.2.3. Financials
- 11.2.2.4. Recent Development
- 11.2.3. Seadrill
- 11.2.3.1. Business Overview
- 11.2.3.2. Product & Service Offering
- 11.2.3.3. Financials
- 11.2.3.4. Recent Development
- 11.2.4. Saipem
- 11.2.4.1. Business Overview
- 11.2.4.2. Product & Service Offering
- 11.2.4.3. Financials
- 11.2.4.4. Recent Development
- 11.2.5. Valaris Plc
- 11.2.5.1. Business Overview
- 11.2.5.2. Product & Service Offering
- 11.2.5.3. Financials
- 11.2.5.4. Recent Development
- 11.2.6. Diamond Offshore Drilling Inc.
- 11.2.6.1. Business Overview
- 11.2.6.2. Product & Service Offering
- 11.2.6.3. Financials
- 11.2.6.4. Recent Development
- 11.2.7. Noble Drilling
- 11.2.7.1. Business Overview
- 11.2.7.2. Product & Service Offering
- 11.2.7.3. Financials
- 11.2.7.4. Recent Development
- 11.2.8. COSL – China Oilfield Services Limited
- 11.2.8.1. Business Overview
- 11.2.8.2. Product & Service Offering
- 11.2.8.3. Financials
- 11.2.8.4. Recent Development
- 11.2.9. Pacific Limited
- 11.2.9.1. Business Overview
- 11.2.9.2. Product & Service Offering
- 11.2.9.3. Financials
- 11.2.9.4. Recent Development
- 11.2.10. KCA Deutag
- 11.2.10.1. Business Overview
- 11.2.10.2. Product & Service Offering
- 11.2.10.3. Financials
- 11.2.10.4. Recent Development
- 11.2.11. Odfjell Drilling
- 11.2.11.1. Business Overview
- 11.2.11.2. Product & Service Offering
- 11.2.11.3. Financials
- 11.2.11.4. Recent Development
- 11.2.12. Maersk Drilling
- 11.2.12.1. Business Overview
- 11.2.12.2. Product & Service Offering
- 11.2.12.3. Financials
- 11.2.12.4. Recent Development
- 11.2.13. Borr Drilling
- 11.2.13.1. Business Overview
- 11.2.13.2. Product & Service Offering
- 11.2.13.3. Financials
- 11.2.13.4. Recent Development
- 11.2.14. Shelf Drilling
- 11.2.14.1. Business Overview
- 11.2.14.2. Product & Service Offering
- 11.2.14.3. Financials
- 11.2.14.4. Recent Development
- 11.2.15. Archer Well Company
- 11.2.15.1. Business Overview
- 11.2.15.2. Product & Service Offering
- 11.2.15.3. Financials
- 11.2.15.4. Recent Development
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