03 November 2021
Visiongain has published a new report entitled the Offshore Drilling Market Report 2021-2031: Forecasts by Survey Technique (Measuring Techniques, Transmission Techniques), by Drill Bits (Roller Cone Bits, Fixed Cutter Bits, Hybrid Bits), by Directional Tools (Deflection Tools, Down-Hole Motor, Rotary Steerable Drilling System, Vertical Drilling System), by Automotive Systems (Central Control System, Central Monitoring System, Real Time Measuring System, Mud Control System, Pipe Handling System, Barge Control System), by Drilling Fluids (Gas-based Drilling Fluids, Water-based Drilling Fluids, Oil-based Drilling Fluids) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
The global offshore drilling market was valued at US$xx million in 2020 and is projected to grow at a CAGR of xx% during the forecast period 2021-2031.
Drilling Technology Has Advanced To The Point That Offshore Drilling
Technological and physical limits are being pushed to their limits. Meanwhile, technical advancements have resurrected the Gulf's offshore economy and sparked interest in other ocean basins. Deep underground drilling challenges were solved, and well prices were lowered, led to advances well designs and well logging techniques. Drilling tests in extreme water depths, such as the National Science Foundation-funded Project "Mohole," have paved the way for significant advancements in future oil exploration.
How has COVID-19 had a significant negative impact on the Offshore Drilling Market?
The combination of the Coronavirus (COVID-19) and the oil price shock is particularly damaging to oil-exporting developing countries at a time when the fossil fuel industry is experiencing structural collapse. Although some countries may be able to weather the current crisis thanks to sovereign wealth funds or relatively low levels of public debt, this will not be the case for the majority of fragile oil-exporting countries, many of which are resource dependent and were already dealing with high levels of debt and multifaceted economic and social fragility prior to the current crisis. As a result of the current turmoil, some countries may find themselves in a spiral of unsustainable borrowing, as oil-exporting developing countries have increased their reliance on short-term and expensive non-concessional private borrowing in recent years, a significant portion of which is backed by oil collateral. To create fiscal space in oil-exporting developing countries, reduce the risks of unsustainable debt, corruption, and illicit financial flows (IFFs), and catalyze a transition to a cleaner and more sustainable future, a timely and coherent response involving both concessional lenders and private financiers is required.
How this Report Will Benefit you?
Visiongain’s 530+ page report provides 375 tables and 368 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global offshore drilling market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Offshore Drilling. Get the financial analysis of the overall market and different segments including survey techniques, drill bits, Directional Tools and capture higher market share. We believe that high opportunity remains in this fast-growing offshore drilling market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
The Development of Green and Renewable Alternatives as Well as The Rising Demand for Oil
Offshore drilling is one of the primary forms of oil extraction to supply the rising demand for petroleum in Asia, Europe, and the Middle East. The global use of oil is approximately 35 billion barrels per year, which equates to nearly 100 million barrels per day. Saudi Arabia, the United States, Iran, and China are the primary oil producing countries, as well as the world's top oil exporters. Although the development of green and renewable alternatives, rising demand for oil is likely to continue during the forecast period. Although site is still a major consideration when it comes to offshore drilling, advances in drilling technology have contributed to the rising demand for onshore oil production.
Infrastructure That Is Ageing Is A Major Motivator Of Study In This Field
Infrastructure that is ageing is a major motivator of study in this field. Because there is a scarcity of data on the existing state of infrastructure, more research is required. Without major reinvestment or shut-in, such a study should look into the extent to which longer life can be achieved by mitigation and maintenance techniques. In addition, spills caused by outdated pipelines and umbilicals are becoming more common.
Where are the market opportunities?
Modification Of Technology And Changing Structure Of Industry Beyond Rules
As the technology of boiling advanced, several components of boiling lacked appropriate safety restrictions. The rules lagged more and more behind industry and what happened on the ground. When industry maintained that blow-ups were more dependable than accepted by the requirements to maintain the essential final line of defence, MMS allowed the required frequency of testing to be decreased. Soon after, a number of technical studies conducted by third parties raised the possibility of high failure rates for control systems, ring rams and blind-shear rams for blowout prevention under certain deepwater conditions and because of changes to the configuration of and strength of the drilling tube used by the industry. Two research studies commissioned by MMS indicated that many rig operators based their view that "the tool would work on information that would not necessarily comply with the equipment in use, by not testing blow-out preventers. Nevertheless, in light of this new insights, MMS has never amended its blowout-preventer requirements or introduced an autonomous inspection item.
Research And Development In Offshore Drilling
Offshore drilling and completions operations research and development highlights the requirement for capabilities such as sending downhole information to the surface at fast speed and with wide bandwidth to enable adequate information transfer from many downhole sensor systems. Furthermore, improved overall well control and integrity could be achieved through cost-effective assessment of important hydrologic indicators along the drill pipe, allowing for continuous evaluation of the mud well-control system throughout the wellbore. Finally, the issue focuses on the human-machine interface and the creation of effective countermeasures to harmful human-factor-based occurrences.
The major players operating in the offshore drilling market are Baker Hughes Company, Halliburton Company, Schlumderger N.V, Transocean Ltd., Saipem S.p.A., China National Offshore Oil Corporation (CNOOC), Exxon Mobil Corporation., Maersk Drilling A/S, Weatherford International Plc., Aban Offshore Limited, Valaris Ltd, Diamond Offshore, KCA Deutag, Nabors Industries Ltd., Noble, Seadrill Limited, Vantage Drilling Business, Odfjell Driling, Shelf Driling Ltd., Borr Driling Ltd., These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Notes for Editors
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