Offshore Contract Drilling Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032

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Market Snapshot

CAGR:8.77
2023
2032

Source: Market Expertz

RND-Favicon
Study Period 2019-2032
Base Year 2023
Forcast Year 2023-2032
CAGR 8.77
Energy & Power-companies
Energy & Power-Snapshot

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Report Overview

Offshore Contract Drilling Market Analysis By Application (Oil & Gas Exploration, Offshore Wind, Geothermal Exploration), By Rig Type (Jackup Rigs, Drillships, Semisubmersible Rigs), and By Region Forecast to 2032:

The Offshore Contract Drilling Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 5.72% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 12,345.67 million in market size. The expansion of this market is influenced by several key factors, including the global demand for oil and gas exploration, the rise of offshore wind energy projects, and increased geothermal exploration activities. Offshore contract drilling plays a pivotal role in facilitating these offshore operations.

Offshore Contract Drilling Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Offshore Contract Drilling Market is the ongoing global demand for oil and gas exploration. As the world's energy needs continue to grow, the oil and gas industry seeks new reserves in offshore locations. Offshore contract drilling companies provide drilling services and equipment to explore and extract hydrocarbons in deepwater and ultra-deepwater regions.

Furthermore, the growth of offshore wind energy projects is contributing to market expansion. Offshore wind farms require specialized drilling services for the installation of foundations and turbines. This sector relies on drillships and semisubmersible rigs for efficient drilling operations.

Trends:

An emerging trend shaping the Offshore Contract Drilling Market is the adoption of advanced drilling technologies. Companies are investing in state-of-the-art drilling equipment, such as high-specification drillships and rigs, to enhance drilling efficiency and safety. Automation and remote monitoring technologies are also being integrated into drilling operations.

Additionally, the integration of geothermal exploration as an application of offshore contract drilling is positively impacting market growth. Geothermal energy is considered a clean and renewable energy source, and offshore drilling is used to explore and harness geothermal reservoirs beneath the ocean floor.

Restraints:

One of the key challenges hindering the growth of the Offshore Contract Drilling Market is the volatility in oil prices. Fluctuations in oil prices can impact the profitability and investment decisions of oil and gas companies, affecting their demand for drilling services.

Moreover, the high capital costs associated with offshore drilling equipment and the need for ongoing maintenance pose financial challenges for drilling contractors. This can limit the entry of new players into the market.

Offshore Contract Drilling Market Segmentation By Application:

  • Oil & Gas Exploration: Offshore contract drilling services are essential for exploring and extracting oil and gas reserves in deepwater and ultra-deepwater areas.
  • Offshore Wind: The growing offshore wind energy sector relies on contract drilling for the installation of foundations and turbines in seabeds.
  • Geothermal Exploration: Offshore drilling is employed in geothermal exploration to access and harness renewable geothermal energy sources beneath the ocean floor.

Offshore Contract Drilling Market Segmentation By Rig Type:

  • Jackup Rigs: Jackup rigs are mobile drilling platforms that rest on the ocean floor and are commonly used for shallow to intermediate water depths.
  • Drillships: Drillships are vessels equipped with drilling equipment and are capable of deepwater and ultra-deepwater drilling operations.
  • Semisubmersible Rigs: Semisubmersible rigs are floating drilling platforms that can operate in deepwater and are known for their stability and versatility.

Regional Overview:


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  • North America: North America's Offshore Contract Drilling Market benefits from extensive offshore oil and gas exploration in the Gulf of Mexico. Additionally, the region is witnessing the growth of offshore wind energy projects along the East Coast.
  • Europe: Europe is a significant market for offshore contract drilling, with active exploration in the North Sea and the development of offshore wind farms.
  • Asia-Pacific: The Asia-Pacific region experiences substantial market growth due to offshore drilling activities in Southeast Asia and the expansion of offshore wind projects, especially in countries like China and Japan.

Offshore Contract Drilling Market Customer Landscape:

The Offshore Contract Drilling Market caters to a diverse customer base, including oil and gas exploration companies, renewable energy developers, geothermal energy firms, and government agencies involved in energy resource development. Customers rely on contract drilling services to access and harness energy resources beneath the ocean floor.

Major Offshore Contract Drilling Companies:

Companies in the offshore contract drilling market play a pivotal role in providing drilling services and equipment to the global energy industry.

Example companies include:

  1. Transocean Ltd.: Transocean is one of the world's largest offshore drilling contractors, offering a wide range of drilling rigs for various offshore applications.
  2. Ensco Rowan plc (Valaris plc): Valaris provides offshore drilling services with a fleet of modern drilling rigs suitable for deepwater and shallow water operations.
  3. Noble Corporation: Noble Corporation operates a fleet of drilling units, including jackup rigs and semisubmersibles, catering to offshore exploration and production.
  4. Seadrill Limited: Seadrill offers a range of drilling services, focusing on deepwater and harsh environment drilling.

The competitive landscape analysis in the report provides insights into key market players, including:

  • Transocean Ltd.
  • Valaris plc
  • Noble Corporation
  • Seadrill Limited
  • Diamond Offshore Drilling, Inc.
  • Pacific Drilling S.A.
  • Shelf Drilling, Ltd.
  • Rowan Companies, Inc.
  • Borr Drilling Limited
  • Vantage Drilling International

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on their specialization, market share, and technological capabilities.

Segment Overview:

The Offshore Contract Drilling Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

  • Application Outlook (USD Million, 2019 - 2032):
    • Oil & Gas Exploration
    • Offshore Wind
    • Geothermal Exploration
  • Rig Type Outlook (USD Million, 2019 - 2032):
    • Jackup Rigs
    • Drillships
    • Semisubmersible Rigs
  • Geography Outlook (USD Million, 2019 - 2032):
    • North America
      • United States
      • Canada
    • Europe
      • United Kingdom
      • Norway
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • Australia
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa
      • Saudi Arabia
      • United Arab Emirates
      • Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL Offshore contract drilling MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition   

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. Offshore contract drilling MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Offshore contract drilling Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

    4.5.1. Offshore contract drilling Of Suppliers

    4.5.2. Offshore contract drilling Of Buyers

    4.5.3. Threat Of Substitutes

    4.5.4. Threat Of New Entrants

    4.5.5. Competitive Rivalry

Chapter 5. Offshore contract drilling MARKET BY type landscape

SIGHTS & TRENDS                                                               

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2 Jackups

    5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3 Semisubmersibles

    5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.4 Drill Ships

    5.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. Offshore contract drilling MARKET BY Water depth INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2 Shallow Water

    6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3 Deep and Ultra-deepwater

    6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. Offshore contract drilling MARKET REGIONAL OUTLOOK

7.1. Offshore contract drilling Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

    7.2.1. North America Offshore contract drilling Market Estimates And Forecast, 2016 – 2027 (USD Million)

    7.2.2. North America Offshore contract drilling Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.3. North America Offshore contract drilling Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.4. North America Offshore contract drilling Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

    7.2.5.1. U.S. Offshore contract drilling Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.5.2. U.S. Offshore contract drilling Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.5.3. U.S. Offshore contract drilling Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.5.4. U.S. Offshore contract drilling Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

    7.2.6.1. Canada Offshore contract drilling Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.6.2. Canada Offshore contract drilling Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.6.3. Canada Offshore contract drilling Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.6.4. Canada Offshore contract drilling Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

    7.3.1. Europe Offshore contract drilling Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.2. Europe Offshore contract drilling Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.3. Europe Offshore contract drilling Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.4. Europe Offshore contract drilling Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

    7.3.5.1. Germany Offshore contract drilling Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.5.2. Germany Offshore contract drilling Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.5.3. Germany Offshore contract drilling Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.5.4. Germany Offshore contract drilling Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

    7.3.6.1. France Offshore contract drilling Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.6.2. France Offshore contract drilling Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.6.3. France Offshore contract drilling Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.6.4. France Offshore contract drilling Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

    7.3.7.1. U.K. Offshore contract drilling Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.7.2. U.K. Offshore contract drilling Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.7.3. U.K. Offshore contract drilling Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.7.4. U.K. Offshore contract drilling Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

    7.4.1. Asia Pacific Offshore contract drilling Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.2. Asia Pacific Offshore contract drilling Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.3. Asia Pacific Offshore contract drilling Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.4. Asia Pacific Offshore contract drilling Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

 7.4.5. CHINA

     7.4.5.1. China Offshore contract drilling Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.5.2. China Offshore contract drilling Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.5.3. China Offshore contract drilling Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.5.4. China Offshore contract drilling Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

     7.4.6.1. India Offshore contract drilling Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.6.2. India Offshore contract drilling Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.6.3. India Offshore contract drilling Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.6.4. India Offshore contract drilling Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

     7.4.7.1. Japan Offshore contract drilling Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.7.2. Japan Offshore contract drilling Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.7.3. Japan Offshore contract drilling Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.7.4. Japan Offshore contract drilling Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

    7.4.8.1. Australia Offshore contract drilling Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.8.2. Australia Offshore contract drilling Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.8.3. Australia Offshore contract drilling Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.8.4. Australia Offshore contract drilling Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

    7.5.1. Mea Offshore contract drilling Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.5.2. Mea Offshore contract drilling Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.5.3. Mea Offshore contract drilling Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.5.4. Mea Offshore contract drilling Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

     7.6.1. Latin America Offshore contract drilling Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.6.2. Latin America Offshore contract drilling Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.6.3. Latin America Offshore contract drilling Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.6.4. Latin America Offshore contract drilling Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

    7.6.5. Latin America Offshore contract drilling Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

    8.2.1. New Product Launches

    8.2.2. Investment & Expansion

    8.2.3. Acquisitions

    8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

     8.3.1. North American Suppliers

     8.3.2. European Suppliers

     8.3.3. Asia-Pacific Suppliers

     8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1 Transocean Ltd

    9.1.1. Company Overview

    9.1.2. Financial Performance

    9.1.3. Product Insights

    9.1.4. Strategic Initiatives

9.2 Seadrill Ltd

    9.2.1. Company Overview

    9.2.2. Financial Performance

    9.2.3. Product Insights

    9.2.4. Strategic Initiatives

9.3 Diamond Offshore Drilling

    9.3.1. Company Overview

    9.3.2. Financial Performance

    9.3.3. Product Insights

    9.3.4. Strategic Initiatives

9.4 China Oilfield Services Limited

    9.4.1. Company Overview

    9.4.2. Financial Performance

    9.4.3. Product Insights

    9.4.4. Strategic Initiatives

9.5 Saipem SpA

    9.5.1. Company Overview

    9.5.2. Financial Performance

    9.5.3. Product Insights

    9.5.4. Strategic Initiatives

9.6 Company 6

    9.6.1. Company Overview

    9.6.2. Financial Performance

    9.6.3. Product Insights

    9.6.4. Strategic Initiatives

9.7 Company 7

   9.7.1. Company Overview

    9.7.2. Financial Performance

    9.7.3. Product Insights

    9.7.4. Strategic Initiatives

9.8 Company 8

    9.8.1. Company Overview

    9.8.2. Financial Performance

    9.8.3. Product Insights

    9.8.4. Strategic Initiatives

9.9 Company 9

    9.9.1. Company Overview

    9.9.2. Financial Performance

    9.9.3. Product Insights

    9.9.4. Strategic Initiatives

9.10 Company 10

    9.10.1. Company Overview

    9.10.2. Financial Performance

    9.10.3. Product Insights

    9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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