The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The offshore drilling market has seen robust growth, with its size increasing from $30.98 billion in 2023 to $33.53 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 8.2%. This growth can be attributed to deepwater discoveries, the development of offshore infrastructure, economic growth driving increased energy consumption, the depletion of onshore reserves, and the availability of a skilled workforce. The market is projected to continue its strong growth, reaching $46.27 billion by 2028 at a CAGR of 8.4%. This future growth is supported by enhanced energy security investments in offshore drilling, improvements in supply chain logistics, access to funding and investment, climate change policies, and the adoption of higher safety standards. Major trends expected in the forecast period include the use of digital technologies, integration with renewable energy projects, a shift to ultra-deepwater drilling, advances in seismic imaging, and the adoption of digital twin technology.

The increasing prevalence of musculoskeletal disorders is anticipated to drive the muscle spasticity market forward. Musculoskeletal disorders, which affect muscles, bones, and joints, can lead to pain, stiffness, and reduced mobility. Factors contributing to the rise in these disorders include aging populations, sedentary lifestyles, and growing rates of chronic conditions. Muscle spasticity treatments aim to alleviate symptoms, enhance mobility, prevent complications, and improve overall quality of life. For example, in November 2023, The Lancet reported that 494 million people globally had musculoskeletal disorders in 2020, with projections suggesting a 115% increase by 2050. Additionally, Amgen predicted that fractures due to osteoporosis would rise by 68%, from 1.9 million in 2018 to 3.2 million by 2040. Consequently, the growing prevalence of musculoskeletal disorders is driving the muscle spasticity market.

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What Are The Key Trends That Influence Offshore Drilling Market Share Analysis?
Major companies operating in the offshore drilling market are focusing on integrating robotics and artificial intelligence with drilling solutions to gain a competitive edge. Robotics and artificial intelligence (AI) refer to the integration of automated machines with advanced algorithms to perform tasks that typically require human intelligence and dexterity. For instance, in January 2024, Schlumberger, a US-based oilfield services company, launched autonomous drilling operations on the Peregrino C platform with the Delfi digital platform in collaboration with Equinor, a Norway-based petroleum refining company, to enhance operational efficiency, improve safety measures, and optimize overall drilling performance. The platform includes DrillOps and DrillPlan solutions, leveraging cloud-based applications, AI, physics-based science, and seamless data integration to enhance exploration, development, drilling, production, and new energy operations. SLB and Equinor achieved a major milestone in autonomous drilling with 99% of a 2.6-kilometer section drilled autonomously on the Peregrino C platform, enhancing efficiency and reducing costs. The use of SLB’s digital drilling solutions significantly improved drilling speed and carbon footprint.

Which Market Players Are Driving Growth In The Offshore Drilling Market?
Major companies operating in the offshore drilling market are Schlumberger NV, Baker Hughes Company, Halliburton Company, Saipem S.p.A., NOV Inc., TechnipFMC plc, China Oilfield Services Limited, Subsea 7 S.A., Keppel Corporation, Weatherford International plc, Aker Solutions ASA, Nabors Industries Limited, Petrofac Limited, Transocean Ltd., Oceaneering International Inc., Valaris Limited, KCA Deutag, Noble Corporation plc, Diamond Offshore Drilling Inc., Seadrill, Shelf Drilling Holdings Ltd., Borr Drilling, Pacific Drilling S.A., Odfjell Drilling Ltd., Lamprell plc, Vantage Drilling International, CIMC Raffles Offshore Engineering Pte Ltd

How Is The Global Offshore Drilling Market Segmented?
1) By Services: Contract Drilling; Directional Drilling; Logging While Drilling; Measurement While Drilling
2) By Platform: Jack-Up Rigs; Floating; Semisubmersibles; Drillships; Other Platforms
3) By Application: Ultra-Deep Water Drilling; Shallow Water Drilling; Deep Water Drilling

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The Offshore Drilling Global Market Report 2024 provides an overview of the offshore drillingmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The offshore drilling market forecast analyzes offshore drilling market size, offshore drilling market share, leading competitor and their market positions.

The Table Of Content For The Offshore Drilling Market Include
1. Offshore Drilling Market Executive Summary
2. Offshore Drilling Market Segments
3. Offshore Drilling Market Size And Template Market Growth Rate
4.  Key Offshore Drilling Market Trends
5. Major Offshore Drilling Market Drivers
……
25. Key Mergers And Acquisitions In The Offshore Drilling Market
26. Top Offshore Drilling Companies
27. Offshore Drilling Market Opportunities And Strategies
28. Offshore Drilling Market, Conclusions And Recommendations
29. Appendix

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