Technavio has been monitoring the offshore drilling market and it is poised to grow by USD 11.34 billion during 2020-2024, progressing at a CAGR of almost 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. Download a Free Sample Report on COVID-19
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Technavio has announced its latest market research report titled Global Offshore Drilling Market 2020-2024 (Graphic: Business Wire)
Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the offshore drilling market. The market growth in 2020 is likely to increase compared to market growth in 2019.
Frequently Asked Questions:
Based on segmentation by application, which is the leading segment in the market?
What are the major trends in the market?
Seizing of funding for E&P activities by the World Bank.
At what rate is the market projected to grow?
The market is projected to grow at a CAGR of almost 6% during 2020-2024.
Who are the top players in the market?
Baker Hughes Co., China Oilfield Services Ltd., Halliburton Co., KCA Deutag Alpha Ltd., National Oilwell Varco Inc., Schlumberger Ltd., The Drilling Co. of 1972 AS, Transocean Ltd., Valaris Plc, and Weatherford International Plc are the top players in the market.
What are the key market drivers and challenges?
The market is driven by the growth in demand for oil and natural gas. However, the growth of alternative gaming platforms will challenge market growth.
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The market is moderately fragmented, and the degree of fragmentation will accelerate during the forecast period. Baker Hughes Co., China Oilfield Services Ltd., Halliburton Co., KCA Deutag Alpha Ltd., National Oilwell Varco Inc., Schlumberger Ltd., The Drilling Co. of 1972 AS, Transocean Ltd., Valaris Plc, and Weatherford International Plc are some of the major market participants. Although the growth in demand for oil and natural gas will offer immense growth opportunities, the growth of alternative gaming platforms is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this offshore drilling market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Offshore Drilling Market 2020-2024: Segmentation
Offshore Drilling Market is segmented as below:
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Offshore Drilling Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The offshore drilling market report covers the following areas:
Offshore Drilling Market Size
Offshore Drilling Market Trends
Offshore Drilling Market Industry Analysis
This study identifies the seizing of funding for E&P activities by World Bank as one of the prime reasons driving the Offshore Drilling Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Offshore Drilling Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist offshore drilling market growth during the next five years
Estimation of the offshore drilling market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the offshore drilling market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of offshore drilling market vendors
Table of Contents:
Value chain analysis
Market segment analysis
Market size 2019
Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
Five forces summary
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market Segmentation by Application
Comparison by Application
Shallow water - Market size and forecast 2019-2024
Deepwater - Market size and forecast 2019-2024
Ultra-deepwater - Market size and forecast 2019-2024
Market opportunity by Application
North America - Market size and forecast 2019-2024
APAC - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Market positioning of vendors
Baker Hughes Co.
China Oilfield Services Ltd.
KCA Deutag Alpha Ltd.
National Oilwell Varco Inc.
The Drilling Co. of 1972 AS
Weatherford International Plc
Scope of the report
Currency conversion rates for US$
List of abbreviations
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201030005456/en/