Global Contract Drilling Market was valued at US$ xx Mn in 2019 and is expected to reach US$ xx Mn by 2027, at a CAGR of xx% during a forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Global Contract Drilling MarketGlobal Contract Drilling Market Dynamics:
The contract drilling industry is a capital-intensive service-oriented business, which is expected to continue at a rate of more than 15% annually. Currently, most of the drilling rig fleet is owned by large contract drilling companies. The demand for drilling rigs is directly connected to the regional and worldwide levels of offshore & online exploration and expenditure by oil and gas companies. On the other hand, despite the demand for contract drilling and pressure pumping services, the industry experiences shortages of qualified personnel, which is expected to limit the market growth. Also, the fluctuations in the oil prices owing to the supply-demand gap, geopolitics, and several other factors are restraining the growth of the contract drilling market.
Global Contract Drilling Market Segment Analysis:
The deep and ultra-deepwater are expected to grow at an xx% rate in the contract drilling market, during the forecast period because of the upcoming exploration and production projects in countries like Brazil, Nigeria, and others. The investments related to deepwater projects are expected to drive market growth. The resources for deepwater are typically more expensive to develop, take a longer time to reach full production, and require additional investment in infrastructure because of their presence in remote locations. Most of the projects are currently under development, which is expected to continue their operations. Brazil is a leader in the development of deepwater and ultra-deepwater projects.
The positive growth in crude oil production, from deepwater and ultra-deepwater resources, is expected to drive the demand for contract drilling during the forecast period. Brazil and the United States together have accounted for more than 80% of ultra-deepwater production. The presence of experienced international oil companies in the deepwater development and deepwater reserves makes the United States and Brazil are boosting the market growth.
Global Contract Drilling Market Regional Analysis:
The Middle East and African region include major oil producers like Saudi Arabia, Iran, Iraq, Kuwait, Angola Libya, and Nigeria. The development of the oil and gas industry in the African continent is expected to be beneficial for the contract drilling key players to invest in the African market. Furthermore, in Latin America countries like Brazil, Venezuela, Argentina, and Colombia have a large oil and gas industry area, which is expected to increase the demand for contract drilling operations.
The drilling operations in the offshore areas of Brazil coupled with the surge in drilling activities are driving the market growth. Also, the shale gas reserves in Argentina have the potential to attract contract drilling companies. The Brazilian offshore industry has started to witness recovery as the state oil. Advancement in drilling technologies has led to a shift of contract drilling companies. Key players are willing to invest in the exploration of the shallow and untapped deep and ultra-deep-water areas.
Global Contract Drilling Market Competitive Analysis:
The service provider companies are carrying out all the drilling operations on the behalf of the principal company as per the terms of the contract. They are focusing on the movement towards offshore drilling activities, which requires special expertise to carry out the drilling operations. The contract drilling industry is competitive and dynamic, and contractors are adopting business strategies in response to changing market demands and competitor activity. The Contractors are deriving their cash flow and earnings by leasing rigs for exploration and development and attempt to maximize their revenue through scale economies, specialization, and geographical diversity. The market value of contractors are depending upon their rig fleet, contract backlog, and operational and financial characteristics.
The objective of the report is to present a comprehensive analysis of the Global Contract Drilling Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Contract Drilling Market dynamics, structure by analyzing the market segments and projects the Global Contract Drilling Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Contract Drilling Market make the report investor’s guide.
Global Contract Drilling Market Scope:
Global Contract Drilling Market, By Service
• Onshore drilling operations
• Offshore drilling operations
Global Contract Drilling Market, By Terrain Types
• Short term contract drilling
• Long term contract drilling
Global Contract Drilling Market, By Depth
• Deep and Ultra-deep Water
Global Contract Drilling Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Global Contract Drilling Market Key Players:
• Schlumberger Limited
• Basic Energy Services
• Sidewinder Drilling, Inc.
• Baker Hughes Incorporated
• Transocean LTD
• Seadrill Ltd
• Ocean Rig UDW Inc
• Ensco Plc
• Noble Drilling PLC
• Diamond Offshore Drilling Inc
• China Oilfield Services Limited
• Rowan Companies PLC
• Maersk Group
• Saipem SpA
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