What are the recent trends in market size and growth for the offshore drilling market?
The offshore drilling market size has grown strongly in recent years. It will grow from $33.53 billion in 2024 to $36.43 billion in 2025 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to deepwater discoveries, development of offshore infrastructure, economic growth increasing energy consumption, depletion of onshore reserves, and skilled workforce availability.
The offshore drilling market size is expected to see strong growth in the next few years. It will grow to $50.08 billion in 2029 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to enhanced energy security investment in offshore drilling, improvements in supply chain logistics, access to funding and investment, climate change policies, and adoption of higher safety standards. Major trends in the forecast period include the use of digital technologies, integration with renewable energy projects, shift to ultra-deepwater drilling, advances in seismic imaging, and adoption of digital twin technology.
Get Your Free Sample of The Global Offshore Drilling Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=18414&type=smp
What key drivers have fueled the offshore drilling market’s development over the years?
The rise in demand for natural gas and oil is expected to propel the growth of the offshore drilling market going forward. Natural gas and oil refer to fossil fuels used as primary energy sources for heating, electricity generation, and transportation, playing a crucial role in the global energy supply. The rise in demand for natural gas and oil is driven by increasing energy needs, economic growth, and the transition towards cleaner-burning fuels in power generation and transportation. Offshore drilling enables the extraction of natural oil and gas deposits located beneath the ocean floor, expanding access to offshore reserves and thereby increasing the overall production of oil and gas. For instance, in April 2024, according to the Energy Information Administration, a US-based government agency, at the end of 2022, U.S. crude oil and lease condensate proved reserves increased by 9%, rising from 44.4 billion barrels to 48.3 billion barrels. Similarly, U.S. natural gas proved reserves grew by 10%, reaching a record 691.0 trillion cubic feet (Tcf) in 2022, up from 625.4 Tcf in 2021. Therefore, the rise in demand for natural gas and oil is driving the growth of the offshore drilling market.
What is the segmentation for the offshore drilling market?
The offshore drilling market covered in this report is segmented –
1) By Services: Contract Drilling, Directional Drilling, Logging While Drilling, Measurement While Drilling
2) By Platform: Jack-Up Rigs, Floating, Semisubmersibles, Drillships, Other Platforms
3) By Application: Ultra-Deep Water Drilling, Shallow Water Drilling, Deep Water Drilling
Subsegments:
1) By Contract Drilling: Jack-Up Rig Drilling, Semi-Submersible Rig Drilling, Drillship Drilling, Floating Production Storage and Offloading (FPSO) Drilling
2) By Directional Drilling: Horizontal Drilling, Extended Reach Drilling (ERD), Multi-Lateral Drilling, Underbalanced Drilling
3) By Logging While Drilling: Real-Time Data Logging, Reservoir Evaluation, Wellbore Imaging, Formation Evaluation
4) By Measurement While Drilling: Wellbore Positioning, Drilling Performance Monitoring, Geosteering, Mud Motor Monitoring
Order your report now for swift delivery
https://www.thebusinessresearchcompany.com/report/offshore-drilling-global-market-report
Who are the most influential companies in the offshore drilling market?
Major companies operating in the offshore drilling market are Schlumberger NV, Baker Hughes Company, Halliburton Company, Saipem S.p.A., NOV Inc., TechnipFMC plc, China Oilfield Services Limited, Subsea 7 S.A., Keppel Corporation, Weatherford International plc, Aker Solutions ASA, Nabors Industries Limited, Petrofac Limited, Transocean Ltd., Oceaneering International Inc., Valaris Limited, KCA Deutag, Noble Corporation plc, Diamond Offshore Drilling Inc., Seadrill, Shelf Drilling Holdings Ltd., Borr Drilling, Pacific Drilling S.A., Odfjell Drilling Ltd., Lamprell plc, Vantage Drilling International, CIMC Raffles Offshore Engineering Pte Ltd
What are the top industry trends projected to impact the offshore drilling market?
Major companies operating in the offshore drilling market are focusing on integrating robotics and artificial intelligence with drilling solutions to gain a competitive edge. Robotics and artificial intelligence (AI) refer to the integration of automated machines with advanced algorithms to perform tasks that typically require human intelligence and dexterity. For instance, in January 2024, Schlumberger, a US-based oilfield services company, launched autonomous drilling operations on the Peregrino C platform with the Delfi digital platform in collaboration with Equinor, a Norway-based petroleum refining company, to enhance operational efficiency, improve safety measures, and optimize overall drilling performance. The platform includes DrillOps and DrillPlan solutions, leveraging cloud-based applications, AI, physics-based science, and seamless data integration to enhance exploration, development, drilling, production, and new energy operations. SLB and Equinor achieved a major milestone in autonomous drilling with 99% of a 2.6-kilometer section drilled autonomously on the Peregrino C platform, enhancing efficiency and reducing costs. The use of SLB’s digital drilling solutions significantly improved drilling speed and carbon footprint.
What are the major regional insights for the offshore drilling market, and which region holds the top position?
Asia-Pacific was the largest region in the offshore drilling market in 2024. The regions covered in the offshore drilling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Offshore Drilling Market Report 2025 Offer?
The offshore drilling market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Offshore drilling refers to the process of extracting oil or natural gas from beneath the seabed using drilling rigs located off the coast, typically in deep waters. It involves specialized equipment and techniques to drill through the ocean floor and access underwater reservoirs for energy production. Offshore drilling plays a significant role in global energy supply, particularly in regions rich in hydrocarbon resources offshore.
Purchase the exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=18414
About The Business Research Company
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
