Market Size of Offshore Contract Drilling Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.00 % |
| Fastest Growing Market | South America |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Offshore Contract Drilling Market Analysis
The global offshore contract drilling market is expected to grow at a CAGR of more than 6% over the forecast period of 2020-2025. Factors such as the increasing offshore oil and gas exploration activities, couple with the increasing offshore discoveries and drilling activities, globally, has been driving the demand for the offshore contract drilling market over the study period. However, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics, and several other factors have been restraining the growth in the demand for offshore contract drilling.
- The deep and ultra-deep water is expected to grow at a higher rate share in the offshore contract drilling market, in 2019, owing to the upcoming exploration and production projects in countries such as Brazil, Nigeria, and others.
- Factors, such as technological improvements and increasing viability of offshore oil & gas projects, several new markets, such as Gabon, Senegal, Guyana, Trinidad & Tobago, Egypt, and the Mexican side of the Gulf of Mexico are actively promoting the development of offshore reserves, especially the deepwater and ultra-deepwater reserves. This, in turn, is expected to create significant opportunities to the operating companies in the near future.
- The increasing oil and gas discoveries coupled with the liberalization in the industry globally, has been leading to creation of new opportunities for the players to invest in Europe, hence making it the largest market for offshore contract drilling market during the forecast market.
