The offshore drilling market is likely to witness a CAGR of over 10.6% from 2014 to 2019. Currently, Asia-Pacific is the largest market in the offshore drilling market.
The increasing demand for the energy across the globe triggers the exploration and production activities which in turn intensifies the various drilling and offshore activities in the deep and ultra-deep region. Offshore drilling services such as the contract drilling, directional drilling and the logging while drilling are key service required to cater the increase in this exploration of the oil & gas.
Increasing activities in Asia-Pacific offshore drilling, and growing deep to ultra-deep water drilling will show a major demand for the global market, making the offshore contract drilling and other oilfield services key players in the development of offshore area.
Currently, Asia Pacific region is estimated to be the largest market for the offshore drilling services with an estimated market size of approx. $18.89 billion in 2014, growing with a CAGR of 12.6% to reach $34.15 billion in 2019. The major countries in Asia Pacific which lead the growth in this region are Thailand and China with the market size of $5.31 billion and $5.35 billion respectively in 2014.
However, the golden triangle, the Brazil, US Gulf of Mexico and West Africa is also one of the prime regions for the offshore E&P activities. There has been a continuous demand for the deep and ultra-deep water rigs in these regions. The U.S. GOM offshore drilling market is estimated to be $10.86 billion in 2014 and is forecasted to be $18.31 billion in 2019, growing at CAGR of 11%.
Offshore Drilling Market by Services (Contract Drilling, Directional Drilling and Logging while Drilling), Applications (Shallow Water, Deepwater, Ultra-Deepwater) & by Geography - Global Trends & Forecasts to 2019
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