Market Size of Asia-Pacific Drilling Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Drilling Market Analysis
The Asia-Pacific Drilling market is expected to grow at a CAGR of greater than 3.5% during the forecast period.
The market was heavily affected by the COVID-19 pandemic, as due to a massive fall in energy demand across the region, many oil and gas projects were canceled or delayed due to uncertainty in the market resulting in a lack of economic feasibility for most major projects.
- Due to dwindling onshore reserves, the Offshore segment is expected to be the fastest growing market segment during the forecast period.
- However, dwindling domestic reserves across most of the region, coupled with ecological concerns over the environmental impact of major hydrocarbon projects is expected to restrain the market during the forecast period.
- The development of smaller, complex offshore gas fields remains a significant opportunity for the market during the forecast period.
- Due to significant reserves and domestic demand, China is expected to be the largest geographical segment in the region during the forecast period.
