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?
Shallow water. - 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:
- Application
- Shallow Water
- Deepwater
- Ultra-deepwater
- Geography
- North America
- APAC
- Europe
- MEA
- South America
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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:
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- 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 condition
Market Segmentation by Application
- Market segments
- 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
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- 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 drivers
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
- Competitive scenario
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- 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
- Weatherford International Plc
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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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 17,000 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201030005456/en/
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