Asia Pacific Drilling Services Market was valued at US$ 49.2 Bn in 2018 and is expected to reach US$ 65.8 Bn by 2026, at a CAGR of 3.7 % during a forecast period.
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.
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 of 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.
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 2018. 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.
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