Offshore Drilling Market Report 2024

The offshore drilling market size has grown strongly in recent years. It will grow from $30.98 billion in 2023 to $33.53 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth observed in the historic period can be credited to several factors, discoveries in deepwater drilling, advancements in offshore infrastructure, rising energy consumption due to economic growth, the depletion of onshore reserves, and the availability of a skilled workforce.

The offshore drilling market size is expected to see strong growth in the next few years. It will grow to $46.27 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The projected growth during the forecast period can be ascribed to increased investment in offshore drilling for enhanced energy security, better supply chain logistics, improved access to funding and investment, climate change policies, and the implementation of higher safety standards. Key trends expected in this period include the adoption of digital technologies, integration with renewable energy projects, a shift towards ultra-deepwater drilling, advancements in seismic imaging, and the use of digital twin technology.

The offshore drilling market is anticipated to grow due to the increasing demand for natural gas and oil. These fossil fuels are essential for heating, electricity, and transportation, making them vital to global energy supplies. This demand surge is fueled by rising energy needs, economic expansion, and a shift toward cleaner fuels in power generation and transportation. Offshore drilling plays a key role by allowing the extraction of oil and gas from beneath the ocean floor, thus boosting the overall production of these resources. For example, the Energy Information Administration reported in April 2024 that U.S. crude oil and lease condensate proved reserves increased by 9% from 44.4 billion barrels to 48.3 billion barrels by the end of 2022. Similarly, U.S. natural gas proved reserves grew by 10%, reaching a record 691 trillion cubic feet in 2022, up from 625.4 trillion cubic feet in 2021. This rising demand for natural gas and oil is driving growth in the offshore drilling sector.

Key players in the offshore drilling industry are integrating robotics and artificial intelligence (AI) into their drilling operations to enhance their competitive position. Robotics and AI involve using automated systems and advanced algorithms to perform tasks that typically require human skills. For instance, in January 2024, Schlumberger, a U.S.-based oilfield services company, introduced autonomous drilling operations on the Peregrino C platform with the Delfi digital platform, in collaboration with Equinor, a Norwegian petroleum refining company. This initiative aims to boost operational efficiency, improve safety, and optimize drilling performance. The Delfi platform features DrillOps and DrillPlan solutions, which utilize cloud-based applications, AI, and integrated data to improve various aspects of drilling and energy operations. SLB and Equinor marked a significant achievement in autonomous drilling by completing 99% of a 2.6-kilometer section autonomously, leading to faster drilling and reduced costs while minimizing environmental impact.

In June 2024, ABL Group ASA, a Norwegian engineering services company, acquired Ross Offshore for $9.3 million. This acquisition is part of ABL Group's AGR division's strategy to enhance its expertise and capacity in drilling project management, well engineering, subsurface evaluations, and marine operations. Ross Offshore, a Norway-based provider of offshore drilling services, will bring additional technical capabilities to ABL Group.

Major companies operating in the offshore drilling market are Schlumberger NV, Baker Hughes Company, Halliburton Company, Saipem S.p.A., NOV Inc., TechnipFMC plc, China Oilfield Services Limited, Subsea 7 S.A., Keppel Corporation, Weatherford International plc, Aker Solutions ASA, Nabors Industries Limited, Petrofac Limited, Transocean Ltd., Oceaneering International Inc., Valaris Limited, KCA Deutag, Noble Corporation plc, Diamond Offshore Drilling Inc., Seadrill, Shelf Drilling Holdings Ltd., Borr Drilling, Pacific Drilling S.A., Odfjell Drilling Ltd., Lamprell plc, Vantage Drilling International, CIMC Raffles Offshore Engineering Pte Ltd.

Asia-Pacific was the largest region in the offshore drilling market in 2023. The regions covered in the offshore drilling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the offshore drilling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Offshore drilling involves extracting oil or natural gas from beneath the seabed using drilling rigs positioned off the coast, often in deep waters. This process requires specialized equipment and techniques to penetrate the ocean floor and reach underwater reservoirs for energy extraction. It is a crucial component of the global energy supply, especially in areas with abundant offshore hydrocarbon resources.

There are several main types of offshore drilling, contract drilling, directional drilling, logging while drilling, and measurement while drilling. Contract drilling occurs when a drilling contractor provides services and equipment to oil and gas companies based on a contract, usually for a specific time frame or project. Various types of platforms are employed, including jack-up rigs, floating semisubmersibles, and drillships, each suited to different needs such as ultra-deepwater, shallow-water, or deepwater drilling.

The offshore drilling market research report is one of a series of new reports that provides offshore drilling market statistics, including offshore drilling industry global market size, regional shares, competitors with an offshore drilling market share, detailed offshore drilling market segments, market trends and opportunities, and any further data you may need to thrive in the offshore drilling industry. This offshore drilling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The offshore drilling market includes revenues earned by entities by providing services such as drilling, exploration, well intervention, and platform maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.