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Market Synopsis of Offshore Drilling Market
Declining oil prices has had a significant impact on the Oil & Gas industry. Recovering from the recent downturn the oil and gas industry is witnessing stabilization. The market for offshore drilling is expected to witness growth in the forecast period mainly due to the increasing investments in regions with proven oil reserves. Additionally the declining oil prices have motivated certain market players to increase production in proven oil reserves rather than engaging in exploration activities which is expected to drive the market.
With the stabilizing oil prices the Oil and Gas Industry and steadily increasing investment the Oil and Gas industry will have a scope of engaging in new projects in the forecast period which will contribute to the increasing demand in the Offshore Drilling Market.
The key findings of the report “Global Offshore Drilling Market includes:
The market for Offshore Drilling has been segmented on the basis of services, and application. Market categorization based on services includes sub-segments contract drilling, directional drilling, and logging while drilling. With respect to application, the market has been divided into shallow water, deepwater, and ultra-deep water sub-segments. The regional segmentation identifies the market with respect to major regions namely, North America, Europe, Asia-Pacific, South America Middle East, and Africa.
Regional Analysis of Offshore Drilling Market
The Asia-Pacific region is expected to be a key region for the offshore drilling market mainly due to the recent discoveries of oil and gas in the offshore basin of Australia and Gulf of Thailand. Combining that with the increasing demand for oil and gas in these regions the market for offshore drilling is expected to achieve high growth. The North American region is expected to witness comparatively faster growth than the Asia-Pacific region due to aggressive offshore exploration projects being undertaken in this region.
Some of the key players for this market are: Transocean Ltd. (Switzerland), Diamond Offshore Drilling Inc. (U.S.), Ensco Plc (U.K.), Seadrill Ltd. (Bermuda), Schlumberger Limited (U.S.), Halliburton Company (U.S.), Baker Hughes Inc. (U.S.), and Weatherford International Ltd. (Switzerland)..
Scope for Regional Analysis
o Rest Of Europe
o Rest Of Asia-Pacific
o Rest Of South America
o Saudi Arabia
o Rest Of Middle East
o Rest Of Africa
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