SAN FRANCISCO, Sept. 3, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Offshore Drilling - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 6; Released: April 2021
Executive Pool: 1376
Companies: 53 - Players covered include Baker Hughes, a GE company; China Oilfield Services Ltd.; Diamond Offshore Drilling, Inc.; Dolphin Drilling Ltd.; Ensco PLC; Halliburton; KCA Deutag Drilling Ltd.; Maersk Drilling A/S; Nabors Industries Ltd.; Noble Corporation; Paragon Offshore PLC; Schlumberger Ltd.; Scientific Drilling International; SeaDrill Ltd.; Superior Energy Services; Transocean Ltd.; Weatherford International Ltd. and Others.
Coverage: All major geographies and key segments
Segments: End-Use (Shallow Water, Deep Water, Ultra-Deep Water); Segment (Subsea Production and Processing, Logging while Drilling, Directional Drilling, Contract Drilling, Measurement While Drilling)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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ABSTRACT-

Global Offshore Drilling Market to Reach $119.8 Billion by 2026
Amid the COVID-19 crisis, the global market for Offshore Drilling estimated at US$83.3 Billion in the year 2020, is projected to reach a revised size of US$119.8 Billion by 2026, growing at a CAGR of 6.1% over the analysis period. Subsea Production and Processing, one of the segments analyzed in the report, is projected to record a 5.9% CAGR and reach US$17.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Logging while Drilling segment is readjusted to a revised 5.1% CAGR for the next 7-year period.

The U.S. Market is Estimated at $26.6 Billion in 2021, While China is Forecast to Reach $21.1 Billion by 2026
The Offshore Drilling market in the U.S. is estimated at US$26.6 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$21.1 Billion by the year 2026 trailing a CAGR of 5.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.7% and 4.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5% CAGR.

Directional Drilling Segment to Reach US$50 Billion by the year 2026
In the global Directional Drilling segment, USA, Canada, Japan, China and Europe will drive the 7.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$26.4 Billion in the year 2020 will reach a projected size of US$42.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More

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CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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