Market Size of Asia-Pacific Drilling Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Drilling Market Analysis
The Asia-Pacific Drilling market is expected to grow at a CAGR of greater than 3.5% during the forecast period.
The market was heavily affected by the COVID-19 pandemic, as due to a massive fall in energy demand across the region, many oil and gas projects were canceled or delayed due to uncertainty in the market resulting in a lack of economic feasibility for most major projects.
- Due to dwindling onshore reserves, the Offshore segment is expected to be the fastest growing market segment during the forecast period.
- However, dwindling domestic reserves across most of the region, coupled with ecological concerns over the environmental impact of major hydrocarbon projects is expected to restrain the market during the forecast period.
- The development of smaller, complex offshore gas fields remains a significant opportunity for the market during the forecast period.
- Due to significant reserves and domestic demand, China is expected to be the largest geographical segment in the region during the forecast period.
APAC Drilling Industry Segmentation
Drilling is defined as a complex set of operations necessary to construct wells of circular sections applying excavation techniques to depths from which oil or natural gas can be commercially extracted. The Asia-Pacific Drilling market is segmented by location of deployment, reservoir type, and geography. By location of deployment, the market is segmented into onshore and offshore segments. By reservoir type, the market is segmented into conventional and unconventional. The report also covers the market size and forecasts for the Asia-Pacific drilling market across the major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD Million)
Asia-Pacific Drilling Market Size Summary
The Asia-Pacific drilling market is poised for growth, driven by the increasing demand for energy and the strategic shift towards offshore drilling due to dwindling onshore reserves. The market experienced significant disruptions during the COVID-19 pandemic, with many oil and gas projects being postponed or canceled. However, as the global economy recovers and geopolitical tensions like the Russia-Ukraine conflict continue to influence global energy markets, the demand for offshore drilling services is expected to rise. The offshore segment is anticipated to be the fastest-growing area within the market, despite ecological concerns and the challenges posed by the pandemic. The development of smaller, complex offshore gas fields presents a substantial opportunity for growth, with China expected to be a key player due to its significant reserves and domestic demand.
China's role in the Asia-Pacific drilling market is particularly noteworthy, as it seeks to reduce its dependence on energy imports by maximizing its domestic reserves. The country is heavily investing in exploration and production activities, focusing on the development and commercialization of unconventional reserves, including shale oil. Despite the challenges associated with shale production, such as high breakeven costs, state-backed companies are making significant investments to enhance technology and increase production. Recent discoveries, such as the commercial oil and gas flows from a shale exploration well in the South China Sea, are expected to drive further investments in the sector. The fragmented market features major players like Schlumberger Ltd, Weatherford International PLC, Halliburton Company, Baker Hughes Company, and China Oilfield Services Limited, all contributing to the dynamic landscape of the Asia-Pacific drilling industry.
Asia-Pacific Drilling Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Number of active drilling rigs, by major countries, Asia-Pacific, July 2012- August 2022
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1.3 Number of active drilling rigs, by location of deployment, Asia-Pacific, July 2012- August 2022
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1.4 Market Size and Demand Forecast in USD billion, till 2027
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1.5 Recent Trends and Developments
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1.6 Government Policies and Regulations
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1.7 Market Dynamics
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1.7.1 Drivers
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1.7.2 Restraints
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1.8 Supply Chain Analysis
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1.9 Porter's Five Forces Analysis
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1.9.1 Bargaining Power of Suppliers
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1.9.2 Bargaining Power of Consumers
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1.9.3 Threat of New Entrants
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1.9.4 Threat of Substitutes Products and Services
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1.9.5 Intensity of Competitive Rivalry
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Asia-Pacific Drilling Market Size FAQs
What is the current Asia-Pacific Drilling Market size?
The Asia-Pacific Drilling Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Drilling Market?
Schlumberger Ltd, Weatherford International PLC, Halliburton Company, Baker Hughes Company and China Oilfield Services Limited are the major companies operating in the Asia-Pacific Drilling Market.
