Offshore Drilling Market Size, Growth Analysis 2023-2029

The global offshore drilling market size was valued at USD 33.4 billion in 2022 and is poised to grow at a significant CAGR of 8.3% during the forecast period 2023-29. The primary factors that drive the market are growing demand for oil and gas, increasing investments in exploration & production (E&P), severe regulations on onshore drilling projects, and a rise in offshore detection. The global offshore drilling market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In January 2022, Shell PLC announced a important oil and gas finding in an offshore well in Namibia. In February 2021, Egypt launched a proposal inviting possible companies for oil and natural gas exploitation and exploration in 24 blocks.