Energia
Offshore Drilling Market to Reach USD 56.97 Billion by 2026; Heavy Investment in Offshore E&P Activities by National Governments to Bolster Sales: Fortune Business Insights™
As per the report, the value of this market stood at . Additionally, the report contains the following:
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The offshore drilling market outlook is likely to get dampened owing to the grave threats that offshore drilling activities pose on the environment. One of the biggest risks is that oil spills that can inflict long-term harm on ocean ecosystems. For instance, the 1989 Exxon Valdez oil spill in Alaska continues to affect marine ecosystems after 30 years of the event, according to the National Academy of Sciences. Another threat posed by drilling activities is that of marine pollution. For example, the US-based Natural Resources Defense Council observes that waste drilling muds, an essential part of drills, house large amounts of toxic metals such as mercury and lead. These toxic materials can bio-accumulate and bio-magnify, causing irreparable damage to marine organisms. Thus, these ill-effects on marine ecology may inhibit the growth of the market in the near future.
Asia-Pacific , which boasted a market size of USD 11.23 billion in 2018, is anticipated to command the offshore drilling market share during the forecast period on account of potential presence of undiscovered oil & gas reserves. The Middle East is well-known for its vast hydrocarbon reserves and countries such as Saudi Arabia and Qatar are further ramping up their exploration & production (E&P) capabilities through extensive fleet expansion activities. Africa is fast emerging as a major hotbed of hydrocarbon sources, prompting huge investments by companies and governments in the continent. European energy majors, namely Norway , UK, Germany , and Russia , are making significant investments in increasing their offshore E&P activities, especially in the North Sea and the Norwegian continental shelf.
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The offshore drilling market forecast suggests that key players in this market such as Maersk and Archer will focus on expanding their operations in unchartered territories in the coming years. This expansion will enable them to broaden their business horizons and exploit early-bird advantage in regions with untapped sources.
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TOC Continued...!!!
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Directional Drilling Services Market Size, Share and Industry Analysis By Location (Onshore, Offshore), By Type (Conventional, Rotary Steerable Systems (RSS)), By Service (Measurement While Drilling (MWD), Logging While Drilling (LWD), Rotary Steerable Systems (RSS), Mud Motors, Others) and Geography Forecast, 2019 – 2026
Well Cementing Market Size, Share & Industry Analysis, By Type (Primary Cementing and Remedial Cementing), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026
Well Intervention Market Size, Share and Industry Analysis By Type (Light Intervention, Medium Intervention, Heavy Intervention), Service (Logging & Bottom Hole Survey, Tubing/Packer Failure & Repair, Stimulation, Remedial Cementing, Zonal Isolation, Sand Control, Artificial Lift, Fishing, RE-Perforation), Application (Onshore, Offshore) and Regional Forecast, 2019-2026
Well Testing Services Market Size, Share and Industry Analysis By Service (Real Time Testing, Downhole Testing, Reservoir Sampling, Surface Well Testing), By Application (Onshore, Offshore) and Regional Forecast 2019-2026
Oilfield Services Market Size, Share and Industry Analysis By Service (Seismic Service, Drilling Service, Completion & Workover Service Production Service, Processing & Separation Service, Others), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026
Wireline Services Market Size, Share and Industry Analysis By Type (Electric line, Slick line), By Well Type (OpenHole, CasedHole), By Application (Wireline Logging, Wireline Intervention, Wireline Completion), By Location (Onshore, Offshore), and Regional Forecast 2019-2026
Artificial Lift System Market Size, Share and Industry Analysis By Type (Electric Submersible Pump (ESP), Sucker Rod Pump (SRP), Progressive Cavity Pump (PCP), Gas Lift, Others), By Application (Onshore, Offshore) and Regional Forecast, 2019-2026
Oil Country Tubular Goods (OCTG) Market Size, Share & Industry Analysis, By Process (Seamless and Welded), By Product (Well Casing, Production Tubing, Drill Pipe, and Others), By Application (Onshore and Offshore) Regional Forecast, 2019-2026
Logging While Drilling Market Size, Share & Industry Analysis, By Application (Onshore, Offshore {Shallow Water, Deepwater, Ultra-Deepwater}), and Regional Forecast, 2019-2026
Offshore Inspection, Repair, and Maintenance Market Size, Share & Industry Analysis, By Service Type (Inspection {Visual Inspection, Ultrasonic, Electromagnetic}, Maintenance {Reactive Maintenance, Preventive Maintenance, Predictive Maintenance}, Repair), By Type (Offshore Support Vessels, AUVs/ROVs, Others), By Application (Oil & Gas, Wind Farms, Others) and Regional Forecast, 2019-2026
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