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Fast Market Research announces the availability of Technavio's new report "Global Offshore Drilling Market 2015-2019" on their comprehensive research portal.
Offshore drilling is a type of oil extraction in which wellbores are drilled through the seabed. It is typically carried out for the extraction of petroleum that lies in the rock formation beneath the seabed. Offshore drilling is categorized into shallow water drilling and deep water drilling. Offshore drilling activity that takes place in a range of 0-650 feet falls under shallow water drilling and drilling activity beyond 650 feet is categorized as deep water drilling. The total drilling depth depends on the location of the reservoirs and the type of drilling facilities used.
Technavio's analysts forecast the global offshore drilling market to grow at a CAGR of 9.25% in terms of revenue over the period 2014-2019.
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The report analyst commented "Over the years there have been tremendous advancements in technologies that have led to the increase in extraction of offshore reservoirs. These technological advancements include unlocking the potential of offshore oil and gas the development and determination of reserves well log interpretation and the development of well simulation models. Also the market vendors are increasing their investments in R&D for developing improved technologies in order to increase productivity and reduce the cost and risk associated with offshore drilling. Therefore rapid technological advancement is one of the key trends that is expected to propel the growth of the global offshore drilling market during the forecast period by assuring quicker returns on investment to the vendors."
According to the report increasing consumption of oil and gas is one of the major driving factors in the global offshore drilling market. The demand for oil and gas is rapidly increasing from various end-user segments. This in turn has forced various vendors and governments to invest in deep sea and ultra-deep sea drilling to enhance the global oil and gas production and maintain demand-supply balance in the market. Also it is expected that diminishing extraction from onshore oil and gas resources will further drive the global offshore drilling market.
Further the report states that one of the major challenges confronting the market are the increasing environmental concerns relating to offshore drilling.
The key players in the Global Offshore Drilling Market are Ensco Halliburton Schlumberger Seadrill Transocean and Weatherford International while other prominent vendors include Atwood Oceanics China Oil Field Services Diamond Offshore Drilling Fred Olsen Energy Gyrodata KCA Deutag Maersk Drilling Nabors Industries Noble Rowan Companies Scientific Drilling International and Superior Energy Services
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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