Asia Pacific Drilling Services Market – Industry Analysis and Forecast 2021-2027

Asia Pacific Drilling Services Market was valued at US$ 51.02 Bn in 2020 and is expected to reach US$ 65.79 Bn by 2027, at a CAGR of 3.75 % during the forecast period.

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The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Asia Pacific Drilling Services Market Dynamics:
Investments and demand for energy has contributed to the growth of the Asia Pacific drilling services market. However, fluctuating crude oil prices and environmental concerns are factors hampering the growth of the market. Focus on deep water drilling and technological developments in drilling technologies present tremendous opportunities for growth in the Asia Pacific Drilling Services Market.
Asia Pacific Drilling Services Market Segment Analysis:
Based on service type, directional drilling segment is expected to dominate the market for drilling service during the forecast period. Increasing concern regarding optimizing production and exploiting recovery are expected to upscale the demand for directional drilling services.

By application, offshore segment is leading the Asia Pacific Drilling Services Market because the oil & gas industry relies heavily on drilling to explore the offshore areas, facilitate development in environmentally sensitive areas, and deliver production enhancement through horizontal and directional drilling. The consistently increasing demand for energy and the gradual depletion of existing reservoirs generate the need to explore new reservoirs, which are mainly situated in offshore areas. These are hard to drill vertically owing to complex geologic structures.
Asia Pacific Drilling Services Market Regional Insights:
India is one of the largest contributors to non-OECD petroleum consumption growth in the globe. Its whole oil imports rose by around 4.24% year-on-year, to US$ 86.45 Bn in FY 2020. Even with India’s increasing preference for renewable, Indian government remains committed to reducing its import dependency on oil and gas by 12%, by 2026. The government has permissible foreign direct investment and new hydrocarbon exploration and licensing policy (HELP).

Key Developments in the Asia Pacific Drilling Services Market: In February 2018, Essar Oilfields was awarded a drilling deal in India's Cambay basin. In February 2018, DNeX bagged a drilling services agreement from Baker Hughes Malaysia.

The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Asia Pacific Drilling Services Market dynamics, structure by identifying and analyzing the market segments and project the Asia Pacific market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Asia Pacific Drilling Services Market.
Asia Pacific Drilling Services Market, Key Highlights:
• Asia Pacific Drilling Services Market analysis and forecast, in terms of value.

• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Asia Pacific Drilling Services Market

• Asia Pacific Drilling Services Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.

• Asia Pacific Drilling Services Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.

• Asia Pacific Drilling Services Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.

• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.

• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Asia Pacific Drilling Services Market are also profiled.
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Asia Pacific Drilling Services Market


Report Coverage
Details


Base Year:
2020
Forecast Period:
2021-2027


Historical Data:
2016 to 2020
Market Size in 2020:
US $ 51.02 Bn.


Forecast Period 2021 to 2027 CAGR:
3.75 %
Market Size in 2027:
US $ 65.79 Bn.


 Segments Covered:
By Service Type
• Contract Drilling
• Directional Drilling
• LWD & Drilling Waste Management


By Application
• Onshore
• Offshore



Asia Pacific Drilling Services Market, By Country
• China
• Japan
• India
• ASEAN
• Rest of Asia Pacific
Key Players Operating in the Asia Pacific Drilling Services Market:
• Weatherford International PLC
• Superior Energy Services Inc.
• Schlumberger
• Baker Hughes Inc.
• Halliburton
• Transocean Ltd.
• Schlumberger Limited
• Baker Hughes (A GE Company)
• Halliburton Company
• CES Energy Solutions Corp.
• National-Oilwell Varco, Inc.
• Scomi Energy Services BHD
• Tetra Technologies Inc.
• Anchor Drilling Fluids USA Inc. (a QMax Company)
• Newpark Resources Inc.
• Chevron Phillips Chemical Company LLC
•China Oilfield Services Limited