Offshore deep drilling is a process that involves digging deep into the waters to obtain crude oil. Because of it becoming a necessity, major players are investing heavily in order to retrieve crude oil.
Offshore Deep Drilling Market Size and Growth Rate:
Offshore Deep Drilling Market is expected to grow at a CAGR of 4.35% during the forecast period 2017 to 2021.
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Offshore Deep Drilling Market Growth Drivers and Restraints:
Increasing investment in deep and ultra-deep offshore exploration activities is likely to further augment the market growth over the coming years. Growing population coupled with an increased disposable income has increased usage of natural gas for household cooking purpose. Subsidy offered by governments on household LPG usage is also a major driving factor for natural gas demand. Increasing demand for natural gas is also expected to positively affect the market over next seven years.
The various environmental regulations concerning the same could slow the market.
Offshore Deep Drilling Market Segmentation:
The global Offshore Drilling market can be segmented into deep-water drilling, ultra-deep-water drilling, and shallow drilling. Depending on the services, the market has been segmented into offshore contract drilling, directional drilling, logging while drilling, and subsea production and processing. The subsea drilling and directional drilling segments would grow during the forecast period. Besides drilling, allied services such as construction, safety and geographical survey, and personnel and equipment transport play a significant role in offshore deep drilling activities.
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Geographical Presence of Offshore Deep Drilling Market:
With the increase in the price of crude oil, the investments for R&D activities will also increase, which will lead to new projects in regions that are looking to overturn their production decline such as Europe and Asia-Pacific. Increasing energy demand from growing economies of Asia Pacific and Latin America on account of industrialization is expected to support the market growth over the forecast period. Higher capital expenditures for exploration and production activities in order to gain maximum market share are also likely to positively affect the market growth.
Key Players of Offshore Deep Drilling Market:
Some of the leading market players of Offshore Deep Drilling Market are Baker Hughes Inc., Weatherford, Halliburton Co., Schlumberger Ltd., Ensco, Transocean, Seadrill, Maersk Drilling, Noble Corporation and others.
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