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Report
Offshore Drilling Equipment - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025 - 2030)
Market Report I 2025-04-28 I 210 Pages I Mordor Intelligence
The Offshore Drilling Equipment Market size is estimated at USD 85.53 billion in 2025, and is expected to reach USD 104.81 billion by 2030, at a CAGR of 4.15% during the forecast period (2025-2030).
Key Highlights
- Over the medium term, increasing offshore oil and gas exploration activities and growing demand for natural gas and developing gas infrastructure are expected to drive the market.
- However, increasing adoption of clean energy technology is likley to hinder the market growth in the upcoming years.
- Untapped oil and gas potential in developed and emerging market is likley to create significant opportunities for the market.
- Among all the regions, Asia-Pacific is likley to dominate the market due to increasing investment in the oil and gas upstream sector by countries like China and India.
Offshore Drilling Equipment Market Trends
Drilling Rig as a Significant Segment
- Drilling rigs, equipped with advanced tools and machinery, are pivotal in drilling wells on the ocean floor to extract valuable oil and gas reserves. These structures predominantly operate in offshore locations, where traditional land-based drilling proves unfeasible.
- The offshore drilling rig market has witnessed consistent growth, fueled by a surging global demand for oil and gas. As onshore reserves dwindle, exploration ventures deeper into more remote waters. Regions like Brazil, the Gulf of Mexico, and West Africa, boasting vast untapped reserves, have seen companies pour significant investments into offshore projects.
- In March 2024, the global drilling rig count rose to 971, up from 958 the previous month. This uptick is anticipated to continue, driven by escalating investments from global companies in the offshore sector.
- Recent technological strides in drilling rig design emphasize heightened automation, efficiency, and safety. Automated drilling systems have diminished the reliance on manual labor, bolstering safety and curtailing human error. Moreover, predictive maintenance systems leverage data analytics and real-time monitoring, enabling operators to anticipate equipment failures, thus minimizing downtime.
- For instance, in July 2024, Abu Dhabi National Oil Company (ADNOC) secured a USD 733 million contract for three island drilling rigs. These rigs will bolster operations at the Zakum oil field, situated off the coast of the United Arab Emirates (UAE). ADNOC Drilling collaborated with Honghua Group (HH) for the construction of these technologically advanced rigs. This partnership aims to leverage AI, digitization, and cutting-edge technology in designing and operating these next-generation units.
- As global energy demand escalates, the market outlook for offshore drilling remains optimistic. However, the industry grapples with tightening environmental regulations, mandating rigs to adhere to stringent emissions and safety standards, complicating operations and inflating costs. Despite these challenges, deepwater exploration is poised to play a significant role in future oil discoveries.
- Given the surging global energy demand and the depletion of easily accessible onshore reserves, drilling rigs are set to play a pivotal role in the future of offshore oil and gas exploration. With technological advancements and the discovery of new reserves in deep and ultra-deep waters, the market is on an upward trajectory.
Asia Pacific to Dominate the Market
- China's offshore drilling equipment market is on the brink of significant expansion, driven by the country's aggressive foray into offshore oil and gas exploration and production. With state-owned behemoths like CNOOC and Sinopec investing heavily in offshore ventures, particularly in the South China Sea, the appetite for advanced drilling technologies and equipment is set to surge.
- In recent years, China has poured substantial resources into bolstering its offshore drilling infrastructure, technology, and expertise. A landmark achievement came in May 2023, with the completion of a colossal 12,000-tonne offshore oil and gas drilling platform. This platform is instrumental to China's Bozhong 19-6 gas field, marking eastern China's inaugural major interconnected gas field, and flaunting reserves surpassing a staggering 100 billion cubic meters.
- In September 2024, CNOOC achieved a milestone in natural gas exploration, marking its inaugural success in ultra-deepwater carbonate rocks off China's coastline. CNOOC revealed the drilling of a natural gas well in the ultra-deepwater Liwan 4-1 structure, nestled in the Pearl River Mouth Basin. The well showcased an impressive output, producing 430,000 cubic meters of natural gas per day during testing.
- To enhance offshore exploration within its exclusive economic zone, the Indian government has introduced policies aimed at attracting foreign investments. Prime offshore drilling locales encompass the Mumbai High Field and the Krishna-Godavari Basin. As detailed in the India Hydrocarbon Vision 2025, there's a clear ambition: to assess the entirety of India's sedimentary expanse, both onshore and offshore.
- In a concerted effort to lure investments into the offshore drilling sector, the Indian government has rolled out a suite of policy reforms. Highlighted initiatives, such as the Open Acreage Licensing Policy (OALP) and the Hydrocarbon Exploration and Licensing Policy (HELP), have not only streamlined the licensing process but also bestowed companies with greater operational flexibility. These calculated reforms aim to rejuvenate exploration and production activities across both shallow and deepwater blocks.
- Given these developments, the region is poised to lead the market in the foreseeable future.
Offshore Drilling Equipment Industry Overview
The offshore drilling equipment market is semi-fragmented. Some key players (not in particular order) are Baker Hughes Co, Schlumberger NV, Weatherford International PLC, Halliburton Company, and Tenaris S.A, among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD, until 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 Increasing Offshore Oil and Gas Exploration Activities
4.5.1.2 Growing Demand for Natural Gas and Developing Gas Infrastructure
4.5.2 Restraints
4.5.2.1 Adoption of Cleaner Alternatives
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
4.8 Investment Analysis
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Drilling Rig
5.1.2 Drilling Platforms
5.1.3 Drill Bits
5.1.4 Shale Shakers
5.1.5 Blowout Preventers
5.1.6 Others
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Rest of North America
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 Spain
5.2.2.3 NORDIC Countries
5.2.2.4 Turkey
5.2.2.5 Russia
5.2.2.6 Norway
5.2.2.7 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 India
5.2.3.2 China
5.2.3.3 Malaysia
5.2.3.4 Thailand
5.2.3.5 Indonesia
5.2.3.6 Vietnam
5.2.3.7 South Korea
5.2.3.8 Rest of Asia-Pacific
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Colombia
5.2.4.4 Rest of South America
5.2.5 Middle East and Africa
5.2.5.1 United Arab Emirates
5.2.5.2 Saudi Arabia
5.2.5.3 Egypt
5.2.5.4 Nigeria
5.2.5.5 Qatar
5.2.5.6 South Africa
5.2.5.7 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Schlumberger NV
6.3.2 Weatherford International PLC
6.3.3 Baker Hughes Co
6.3.4 Halliburton Company
6.3.5 Tenaris S.A
6.3.6 Transocean Ltd.
6.3.7 Nabors Industries Ltd.
6.3.8 Vallourec SA
6.3.9 Aker Solutions ASA
6.3.10 Stabil Drill
6.4 List of Other Prominent Companies
6.5 Market Ranking/Share (%) Analysis
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Untapped oil and gas potential in developed and emerging markets
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