Global offshore drilling market accounted for $79.53 billion in 2017 and is expected to reach $152.47 billion by 2026 growing at a CAGR of 7.5%.
Some of the important aspects that driven the market growth are huge investments on new offshore reserves and increasing demand for oil and gas, said a market research report by ResearchAndMarkets.
However, the growth of offshore drilling market is inhibited by the regulations regarding environment and low oil prices. One of the major opportunities is the Arctic Discoveries.
Based on service, Directional Drilling is estimated to lead the market during the forecast period, the dynamic factor for this is the drop in oil prices which motivated companies to increase the production from basins with proven oil reserves.
By Geography, Asia-Pacific is anticipated to be the high in this market during the forecast period. Latest discoveries of oil & gas in the offshore basins in East Asia, Australia region, and China Sea and high demand from China and India are likely to force the in this market.
"That demand will lead to promote exploration and production in the region, with the ever-rising demand for oil and gas in that region the market is expected to achieve high growth," said the report.
Offshore drilling is a mechanically held procedure where a well is bored below the seabed. It is normally done in order to see the sights for and consequently take out petroleum that lie in rock that are formed under the seabed.
Generally, it represents penetrating exercises on the mainland rack anyway the term can likewise be connected to boring in lakes, inshore waters and inland oceans.