The Middle East & Africa Offshore Drilling market is growing at a high rate owing to the factors such as surging level of investment in deep and ultra-deep offshore exploration activities, extensive focus on production capacity, and rapid industrialization. Besides these, perennial developments in end-use industry, burgeoning demand for oil and natural gas and growing consumption of fuel from developing economies such as China and India are some of the factors placing a positive impact towards the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report titled “Middle East & Africa Offshore Drilling Market Analysis, 2020”, the Middle East & Africa Offshore Drilling market is anticipated to grow at a CAGR at a momentous rate during 2021-26F. The COVID-19 outbreak has a negative impact offshore drilling due to slow or halt physical operations which has affected the overall production in the upstream sector. Thus, this has decreased the demand for oil hence pushing producer to curb the output which leads to significant fall in the price.
“Middle East & Africa Offshore Drilling Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Offshore Drilling providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Saudi Arabia Acquired Considerable Market Share
Saudi Arabia acquired a significant market share in the Middle East and Africa Offshore Drilling market in 2019. The growth is attributed to a boost in offshore drilling in deep water, robust urbanization and industrialization, and surging demand for oil and gas. Moreover, escalating number of major upcoming offshore upstream projects is anticipated to strongly contribute toward the growth of the market in the forthcoming period as stated by the MarkNtel Advisors’ research report “Middle East & Africa Offshore Drilling Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Middle East & Africa Offshore Drilling market are Transocean, Maersk Drilling, Archer Drilling, Shelf Drilling, Seadrill, Saipem, Noble Corporation, Diamond Offshore, Abu Dhabi National Oil Company, Fox Oil Drilling Company etc.
Key questions answered in the study