Irving, Texas (PRWEB) September 15, 2012
The global oil and gas drilling industry experienced solid growth during the past five years and is expected to continue its growth momentum. The industry is forecast to reach an estimated $136 billion in 2017 with a CAGR of more than 5% over the next five years (2012-2017).
Lucintel, a leading global management consulting and market research firm, has analyzed the global oil and gas drilling industry and presents its findings in “Global Oil and Gas Drilling Industry 2012-2017: Trend, Profit, and Forecast Analysis.”
This industry represents the market that provides contract oil and gas well drilling services. This market includes companies that drill for oil and gas from wells using drilling rigs. The drilling rigs operate either onshore or offshore and are owned by companies other than the oil companies.
The industry is a highly fragmented market. North America dominates this market and some of the major players are Transocean, Diamond Offshore Drilling, Sea drill, and Helmerich & Payne, Inc. A combination of factors such as the discovery of new reserves and an increase in deep water drilling activity is seen to influence market dynamics significantly.
As Lucintel’s study indicates, the oil and gas drilling industry is highly dependent on exploration and production activities, and these activities are highly affected by global oil and gas price trends. The main drivers for the drilling industry include capital spending by major oil companies and state-owned companies, strong oil prices, and increased activity in unconventional basins. Some of the challenges include government regulations, especially environmental regulations that can drive up production costs.The competitive rivalry in the industry is high because of the fragmented market and high exit barriers.
This Lucintel market report provides a concise overview of the global oil and gas drilling industry. The industry includes revenue only from the contract drilling services. It does not include revenue from the idle rigs. The report tracks one market segment for four regions; thus, it tracks four segments of the global oil and gas drilling industry.
For a detailed table of contents and pricing information on this timely, insightful report, contact Lucintel at +1-972-636-5056 or via email at helpdesk(at)lucintel(dot)com. Lucintel provides cutting-edge decision support services that facilitate critical decisions with greater speed, insight, and cost efficiency. Lucintel has started Live Chat in its Web Site to answer visitors' questions in real time with precision. Visitors can either chat with our experts or call them free of cost through Live Chat to get assistance about what they are looking for from Lucintel.