London, 10 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the global offshore drilling market 2015-2019, which is expected to grow at a CAGR of 9.25% during the forecast period of 2014-2019.
The growth of the market is mainly attributed to the augmenting demand for oil and gas across the world. Several vendors across the globe are investing heavily to help develop better technologies that would reduce the impact of offshore drilling on the marine ecosystem, eventually propelling market’s growth.
“The market for directional drilling is rapidly increasing because it enables drilling into the reservoirs where vertical drilling alone is not feasible,” says Faisal Ghaus, Vice President of Technavio.
“Directional drilling also enables the grouping of wellheads together in one surface location; this makes the entire process easier and cost effective and has less impact on the environment as multiple wells are bored from a single location.”
Key Market Drivers
- Increasing Global Oil and Gas Consumption
- Increasing Offshore Drilling Activity
- Maturing Onshore Oil Reserves
- Increasing Offshore Exploration by IOCs
Key Market Trends
- Rapid Technological Advancements
- Increasing Directional Drilling
- Growing Need for Energy Security
Key Market Vendors
- Ensco plc
- Halliburton Co.
- Schlumberger Ltd.
- Seadrill Ltd.
- Transocean Ltd.
- Weatherford International Ltd.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
