Market Size of Offshore Drilling Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.02 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Offshore Drilling Market Analysis
The Offshore Drilling Market size is expected to grow from USD 28.12 billion in 2023 to USD 35.92 billion by 2028, registering a CAGR of 5.02% during the forecast period (2023-2028).
- Over the long term, the deepwater and ultra-deepwater segment is expected to develop significantly due to the increasing technological innovation and the rising viability of such operations.
- On the other hand, the volatility in crude oil is expected to restrain the growth of the offshore drilling market in the coming years.
- Nevertheless, advances in offshore drilling technologies and equipment have expanded the capabilities of offshore drilling, aiding the market in the forecast period.
- Middle-East and Africa are expected to be one of the potential markets for offshore drilling, with most of the demand coming from Nigeria, Angola, and Egypt.
