LONDON--(BUSINESS WIRE)--Oct 10, 2019--
The global offshore drilling market is expected to post a CAGR almost 9% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global offshore drilling market 2019-2023. (Graphic: Business Wire)
Oil and gas companies are shifting from shallow reserves toward the extraction of oil and gas from deepwater and ultra-deepwater resources due to the presence of large untapped reserves in GOM and Brazil and rising crude oil prices. Also, many E&P companies are investing heavily in the production of offshore deepwater oil. and Moreover, the cost of offshore projects is declining which will further boost the E&P activities in deepwater and ultra-deepwater locations. Thus, the rise in investments in deepwater and ultra-deepwater E&P activities will boost the growth of the offshore drilling market during the forecast period.
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As per Technavio, the declining costs of offshore projects, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Offshore Drilling Market: Declining Costs of Offshore Projects
Even though offshore oil and gas drilling is expensive and complex, the profitability rates of offshore drilling is improving. As a result, capital investments in the GOM and the Norwegian offshore has come down and are now claimed to be robust at USD 25/bbl to USD 40/bbl. In addition, standardization and simplification of designs is further helping to reduce the cost of offshore projects. These factors will boost offshore drilling activities leading to market growth during the forecast period.
“Apart from the declining costs of offshore projects, the emergence of next-generation automated drilling rigs will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Offshore Drilling Market: Segmentation Analysis
This market research report segments the global offshore drilling market by application (shallow water, deepwater, and ultra-deepwater) and geographical regions (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by EMEA, Europe, North America, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market due to the growing adoption of offshore oil and gas production to support the growing energy needs.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE: Technavio Research
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PUB: 10/10/2019 07:30 AM/DISC: 10/10/2019 07:30 AM