Research and Markets analysts forecast that the global offshore drilling market will grow at a compound annual rate of 10.9% (CAGR) over the period 2013-2018.
One of the key factors contributing to this market growth is the increase in the drilling of offshore oil reserves due to the maturing of onshore oil reserves. The authors also note an increase in directional drilling offshore. However, the capital-intensive nature of offshore work could pose a challenge to drilling market growth.
The new report, Global Offshore Drilling Market 2014-2018, was prepared based on an in-depth market analysis with input from industry experts. It covers the Americas, Asia Pacific, and Europe, Mediterranean, and Africa. It also covers the global market landscape and prospects for offshore drilling in the coming years. It also includes a discussion of the key vendors operating in this market. According to the authors, one of the main drivers in this market is the increasing consumption of oil and gas across the globe, forcing governments across the world to shift focus to offshore oil and gas reserves to increase their overall production. This, in turn, is expected to propel market growth.
Further, the report states that one of the major challenges confronting the market is increasing environmental concerns. Offshore drilling activities could increase the chances of oil spills and leaks, which in turn could have a disastrous impact on the marine ecosystem.
The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.