Key players are Transocean Ltd. (Switzerland), Nabors Industries Ltd. (Bermuda), Ensco Plc. (U.K.), and Seadrill Ltd. (U.K.).
(PRWEB) February 04, 2015
The report on Offshore Drilling Rigs Market defines the industry segments and revenue forecasts for the market. According to this report, the industry is expected to grow at a CAGR of 9.27% from 2014 to reach $102.47.2 billion by 2019.
Browse Offshore Drilling Rigs Market through in-depth TOC, data tables and figures spread across over 199 report pages.
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The progress of the offshore rigs market largely depends on growing exploration activities across the globe. The recent discoveries of oil and gas reserves in remote areas, along with increasing technological advancements in terms of equipment have made drilling operations more feasible and cost-effective. However, recent oil spill incidents in the offshore arena and stringent environment regulations on drilling activities would restrain the growth of this market.
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According to the report, the growth of the offshore drilling rigs market in offshore regions is driven by the factors such as growing activities in the harsh environmental conditions of North Sea. Apart from that, depleting oil and gas reserves in the United States are also creating demand for more reserves, which is expected to drive this market.
The report profiles various leading players in the market. These players include Transocean (Switzerland), COSL (China) and Nabors (Bermuda), Ensco plc (UK), Diamond Offshore Drilling (US), KCA Deutag (UK), and Maersk Drilling (Denmark). According to the report, these players are concentrating on increasing their global presence. Hence, they are heavily investing in the offshore drilling rigs market in order to meet the demand from these markets and to reduce contract backlogs.
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MarketsandMarkets expects Latin America to be the largest market for offshore drilling, which is followed by Asia-Pacific. It expects the Asia-Pacific market to lead the market by the year 2019, with an estimated market size of $20.7 billion.
The report analyzes and projects the growth trends in the offshore drilling rigs market based on its segmentation. It divides the market on the basis of the types, size and their applications across different geographic regions.
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