Dallas, Texas (PRWEB) March 22, 2014
Analysts forecast the Global Offshore Drilling market will grow at a CAGR of 10.9 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increase in the drilling of offshore oil reserves due to the maturing of onshore oil reserves. The Global Offshore Drilling market has also been witnessing an increase in directional drilling. However, the capital-intensive nature of the market could pose a challenge to the growth of this market.
The Global Offshore Drilling Market 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas and the APAC and EMEA regions; it also covers the Global Offshore Drilling market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
The key vendors dominating this space are Baker Hughes Inc., Ensco plc, Halliburton Co., Schlumberger Ltd., Seadrill Ltd., Transocean Ltd., and Weatherford International Ltd.
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The other vendors mentioned in the report are Atwood Oceanics Inc., China Oil Field Services Ltd., Diamond Offshore Drilling Inc., Fred Olsen Energy ASA, Gyrodata Inc., KCA Deutag, Maersk Drilling, Nabors Industries Ltd., Noble Corp., Rowan Companies plc, Scientific Drilling International, and Superior Energy Services.
The consumption of oil and gas is one of the major driving factors of the Global Drilling Fluids market. The demand for oil and gas is rapidly increasing from various end-user segments, which has encouraged various vendors and governments to invest in unconventional gas and deep sea drilling to increase the production of oil and gas across the globe. As a result of the increasing oil and gas drilling activity around the globe, the demand for drilling fluids is also increasing as drilling fluids help in reducing and maintaining the pressure during the process. In addition, it is expected that the consumption of oil and gas will increase during the forecast period, which will drive the growth of the market.
According to the report, one of the main drivers in this market is the increasing exploration of unconventional gas. The extraction of unconventional gas requires horizontal drilling, which requires a huge amount of drilling fluids for unconventional gas recovery, thereby propelling the growth of the market.
Further, the report states that one of the major challenges confronting the market is the capital-intensive nature of the drilling fluids projects. The drilling fluids process is a costly process as it requires a high level of expertise, technological advancement, geological field surveys, and high safety measures, which, in turn, inhibits the growth of the market.
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The key vendors dominating this space are Baker Hughes Inc., Halliburton Co., Newpark Resources Inc., and Schlumberger Ltd.
The report recognizes the following companies as the key players in Global Drilling Fluids Market: Baker Hughes Inc., Halliburton Co., Newpark Resources Inc., and Schlumberger Ltd., Anchor Drilling Fluids USA Inc., Canadian Energy Services, Chevron Phillips Chemical Company LLC, Cp Kelco Inc., Geo Drilling Fluids Inc., Global Drilling Fluids & Chemicals Ltd., HiTech Fluid Systems, Imdex Ltd., Lamberti Group, Scomi Group Bhd, Secure Energy Services Inc., Sun Drilling, Tetra Technologies Inc., and Weatherford International Ltd.
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