Offshore Drilling Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 Deepwater and ultra-deepwater drilling in offshore basins provide access to significant untapped oil and gas reserves. In many cases, these deposits are located far from the coastline and cannot be reached by drilling at depths far beyond the capability of shallow-water drilling. The exploration and production of deepwater and ultra-deepwater reservoirs are attractive because they contain large hydrocarbons. 

For the past several years, natural gas has witnessed considerable growth in its global production and consumption as countries are shifting from coal to natural gas as a primary energy source for cleaner energy. This scenario is expected to continue owing to the carbon emission targets set by various countries. Hence, with increasing natural gas demand, the demand for hydrocarbon production is expected to grow, thus leading to an increase in deepwater and ultra-deepwater activities.

In addition to their high production potential, deepwater and ultra-deepwater fields may contribute to meeting global energy demands because they yield significant quantities of oil and gas due to the size and quality of their reservoirs. It is common for deepwater and ultra-deepwater wells to have higher flow rates than shallow-water wells, making them economically viable and attractive to oil and gas companies. The Offshore Drilling Market size is expected to grow from USD 28.12 billion in 2023 to USD 35.92 billion by 2028, registering a CAGR of 5.02% during the forecast period (2023-2028).

Read Full Market Report


Comments

Post a Comment

Popular posts from this blog

Shipping Containers Market Projected to Reach USD 12.77 Billion by 2030, Driven by E-commerce Growth and Cold-Chain Expansion

  Introduction   The global shipping containers market is experiencing steady growth, with projections indicating an increase from USD 10.27 billion in 2025 to USD 12.77 billion by 2030, reflecting a compound annual growth rate (CAGR) of 4.46%. According to Mordor Intelligence Shipping Containers Market Report , this expansion is primarily fueled by the surge in e-commerce activities, the need for efficient cold-chain solutions, and advancements in intermodal transportation.   Key Trends   E-commerce Fulfillment   The rapid growth of e-commerce has significantly impacted on the shipping containers market. The demand for faster and more efficient delivery systems has led to increased use of standardized containers, particularly 40-foot units, which accounted for 52.64% of the market share in 2024.   Cold-Chain Expansion   The pharmaceutical and food industries' need for temperature-controlled transportation has driven the demand for refrigerated c...
Read more

DATA CENTER POWER MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

  The IT industry requires on-premise private data storage and hyper-scale data centres for its operations, depending on the size of the organization. Additionally, the adoption of cloud storage has increased over the years due to growth among SaaS providers, enabling cloud storage providers to expand their capacities. Hence, the increasing data load requires more power. This creates a requirement for efficient power solutions in IT applications. According to the Data Center Survey recently published by Vertiv, 98% of the participants voted for IT utilization to be above 20% by 2025. This indicates that IT companies are focusing on deploying an efficient power source for their data centres and increasing their utilization rate. Cloud storage providers, like AWS, Microsoft, and Google, are expanding their storage capabilities to offer more efficient workflows in the cloud. These companies are making investments in hyperscale deals. For instance, in June last year, Amazon Web Service...
Read more

Second Hand Furniture Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The Off-the-Shelf Second Hand Furniture Market is segmented into the distribution channel, which is further segmented into online and offline, out of which the offline segment, with a larger market share in 2021, is anticipated to have the largest share during the forecast period. However, with the rise of an increasing number of smartphone users and increasing penetration of internet users, the market share for the online segment is expected to grow at a higher rate over the forecast period. The Asia Pacific is expected to account for a larger share in terms of revenue during the forecast period. The increasing size of the online marketplace for second-hand goods is anticipated to drive the growth of the Asia Pacific regional market.  The Off-The-Shelf Second Hand Furniture Market size is estimated at USD 21.30 billion in 2023, and is expected to reach USD 29.28 billion by 2028, growing at a CAGR of 6.57% during the forecast period (2023-2028). The market is increasi...
Read more