Africa takes lead with large offshore discoveries in Angola and Tanzania, followed by Europe
The global offshore drilling market is expected to grow from $78.6 billionUSD in 2014 to $89.8 billionUSD by 2020, at a compound annual growth rate of 4.54 per cent during 2015 to 2020, according to a new study by Dublin-based Research and Markets.
Asia Pacific accounted for the largest market share in 2014 and is projected to grow at a CAGR of 4.49 per cent during 2015-2020.
The recent decline in the global crude oil prices has negatively affected E&P activities which is reflected in the sharp decline in the global rig count.
This has affected the growth of offshore drilling market and the market is predicted to grow at a CAGR of 4.54 per cent from 2015-2020. Rapid technological advancements and growing demand for oil and gas are the major driving factors for the market.
- Directional drilling and deep water drilling among markets with highest growth in offshore drilling globally. Directional drilling for offshore is estimated to grow at highest rate.
- Drilling in deep water is estimated to lead and is slightly ahead of shallow water drilling. Africa is projected to lead global offshore drilling market in terms of growth rate.
- With large offshore discoveries in Angola and Tanzania, Africa has taken the lead with the fastest growth rate among all other regions followed by Europe.
Data for offshore drilling market has been collected through several primary and secondary sources. A comprehensive discussion guide was sent to several experts in the field of offshore drilling for the verification of the market findings. Maximum participation was seen from North American region followed by Europe and Asia-Pacific. North America contributed 35 per cent, followed by Europe at 25 per cent and Asia-Pacific at 20 per cent.