| Study Period | 2019 - 2030 |
| Market Size (2025) | USD 85.53 Billion |
| Market Size (2030) | USD 104.81 Billion |
| CAGR (2025 - 2030) | 4.15 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Offshore Drilling Equipment Market Analysis
The Offshore Drilling Equipment Market size is estimated at USD 85.53 billion in 2025, and is expected to reach USD 104.81 billion by 2030, at a CAGR of 4.15% during the forecast period (2025-2030).
- Over the medium term, increasing offshore oil and gas exploration activities and growing demand for natural gas and developing gas infrastructure are expected to drive the market.
- However, increasing adoption of clean energy technology is likley to hinder the market growth in the upcoming years.
- Untapped oil and gas potential in developed and emerging market is likley to create significant opportunities for the market.
- Among all the regions, Asia-Pacific is likley to dominate the market due to increasing investment in the oil and gas upstream sector by countries like China and India.
Offshore Drilling Equipment Market Trends
Drilling Rig as a Significant Segment
- Drilling rigs, equipped with advanced tools and machinery, are pivotal in drilling wells on the ocean floor to extract valuable oil and gas reserves. These structures predominantly operate in offshore locations, where traditional land-based drilling proves unfeasible.
- The offshore drilling rig market has witnessed consistent growth, fueled by a surging global demand for oil and gas. As onshore reserves dwindle, exploration ventures deeper into more remote waters. Regions like Brazil, the Gulf of Mexico, and West Africa, boasting vast untapped reserves, have seen companies pour significant investments into offshore projects.
- In March 2024, the global drilling rig count rose to 971, up from 958 the previous month. This uptick is anticipated to continue, driven by escalating investments from global companies in the offshore sector.
- Recent technological strides in drilling rig design emphasize heightened automation, efficiency, and safety. Automated drilling systems have diminished the reliance on manual labor, bolstering safety and curtailing human error. Moreover, predictive maintenance systems leverage data analytics and real-time monitoring, enabling operators to anticipate equipment failures, thus minimizing downtime.
- For instance, in July 2024, Abu Dhabi National Oil Company (ADNOC) secured a USD 733 million contract for three island drilling rigs. These rigs will bolster operations at the Zakum oil field, situated off the coast of the United Arab Emirates (UAE). ADNOC Drilling collaborated with Honghua Group (HH) for the construction of these technologically advanced rigs. This partnership aims to leverage AI, digitization, and cutting-edge technology in designing and operating these next-generation units.
- As global energy demand escalates, the market outlook for offshore drilling remains optimistic. However, the industry grapples with tightening environmental regulations, mandating rigs to adhere to stringent emissions and safety standards, complicating operations and inflating costs. Despite these challenges, deepwater exploration is poised to play a significant role in future oil discoveries.
- Given the surging global energy demand and the depletion of easily accessible onshore reserves, drilling rigs are set to play a pivotal role in the future of offshore oil and gas exploration. With technological advancements and the discovery of new reserves in deep and ultra-deep waters, the market is on an upward trajectory.
Understand The Key Trends Shaping This Market
Download PDF
Asia Pacific to Dominate the Market
- China's offshore drilling equipment market is on the brink of significant expansion, driven by the country's aggressive foray into offshore oil and gas exploration and production. With state-owned behemoths like CNOOC and Sinopec investing heavily in offshore ventures, particularly in the South China Sea, the appetite for advanced drilling technologies and equipment is set to surge.
- In recent years, China has poured substantial resources into bolstering its offshore drilling infrastructure, technology, and expertise. A landmark achievement came in May 2023, with the completion of a colossal 12,000-tonne offshore oil and gas drilling platform. This platform is instrumental to China's Bozhong 19-6 gas field, marking eastern China's inaugural major interconnected gas field, and flaunting reserves surpassing a staggering 100 billion cubic meters.
- In September 2024, CNOOC achieved a milestone in natural gas exploration, marking its inaugural success in ultra-deepwater carbonate rocks off China's coastline. CNOOC revealed the drilling of a natural gas well in the ultra-deepwater Liwan 4-1 structure, nestled in the Pearl River Mouth Basin. The well showcased an impressive output, producing 430,000 cubic meters of natural gas per day during testing.
- To enhance offshore exploration within its exclusive economic zone, the Indian government has introduced policies aimed at attracting foreign investments. Prime offshore drilling locales encompass the Mumbai High Field and the Krishna-Godavari Basin. As detailed in the India Hydrocarbon Vision 2025, there's a clear ambition: to assess the entirety of India's sedimentary expanse, both onshore and offshore.
- In a concerted effort to lure investments into the offshore drilling sector, the Indian government has rolled out a suite of policy reforms. Highlighted initiatives, such as the Open Acreage Licensing Policy (OALP) and the Hydrocarbon Exploration and Licensing Policy (HELP), have not only streamlined the licensing process but also bestowed companies with greater operational flexibility. These calculated reforms aim to rejuvenate exploration and production activities across both shallow and deepwater blocks.
- Given these developments, the region is poised to lead the market in the foreseeable future.
Get Analysis on Important Geographic Markets
Download PDF
Offshore Drilling Equipment Industry Overview
The offshore drilling equipment market is semi-fragmented. Some key players (not in particular order) are Baker Hughes Co, Schlumberger NV, Weatherford International PLC, Halliburton Company, and Tenaris S.A, among others.
Offshore Drilling Equipment Market Leaders
-
Schlumberger NV
-
Weatherford International PLC
-
Baker Hughes Co
-
Halliburton Company
-
Tenaris S.A
- *Disclaimer: Major Players sorted in no particular order
Need More Details on Market Players and Competitors?
Download PDF
Offshore Drilling Equipment Market News
- June 2023: Var Energi, a Norwegian offshore oil and gas producer, announced a long-term strategic cooperation with Halliburton, a US oilfield services firm, for drilling services to improve drilling and well performance and increase value creation.
- May 2023: Odfjell Drilling, a Norwegian offshore drilling business, received a contract with ConocoPhillips for the Deepsea Yantai semi-submersible drilling rig.
Offshore Drilling Equipment Industry Segmentation
Offshore drilling equipment encompasses the specialized machinery and tools to extract petroleum (oil and gas) from beneath the ocean floor. The report study is segmented into Type and Geography. based on type, it is segmented into Drilling Rig, Drilling Platforms, Drill Bits, Shale Shakers, Blowout Preventers, Others. By Geography, it is segmented into North America, Europe, Asia Pacific, South America, Middle East and Africa. The report also covers the market size and forecasts for the offshore drilling equipment market across major countries. The report offers the market size and forecasts in revenue (USD) for all the above segments.
| Type | Drilling Rig | ||
| Drilling Platforms | |||
| Drill Bits | |||
| Shale Shakers | |||
| Blowout Preventers | |||
| Others | |||
| Geography | North America | United States | |
| Canada | |||
| Rest of North America | |||
| Europe | United Kingdom | ||
| Spain | |||
| NORDIC Countries | |||
| Turkey | |||
| Russia | |||
| Norway | |||
| Rest of Europe | |||
| Asia-Pacific | India | ||
| China | |||
| Malaysia | |||
| Thailand | |||
| Indonesia | |||
| Vietnam | |||
| South Korea | |||
| Rest of Asia-Pacific | |||
| South America | Brazil | ||
| Argentina | |||
| Colombia | |||
| Rest of South America | |||
| Middle East and Africa | United Arab Emirates | ||
| Saudi Arabia | |||
| Egypt | |||
| Nigeria | |||
| Qatar | |||
| South Africa | |||
| Rest of Middle East and Africa | |||
Need A Different Region or Segment?
Customize Now
Offshore Drilling Equipment Market Research Faqs
How big is the Offshore Drilling Equipment Market?
The Offshore Drilling Equipment Market size is expected to reach USD 85.53 billion in 2025 and grow at a CAGR of 4.15% to reach USD 104.81 billion by 2030.
What is the current Offshore Drilling Equipment Market size?
In 2025, the Offshore Drilling Equipment Market size is expected to reach USD 85.53 billion.
Who are the key players in Offshore Drilling Equipment Market?
Schlumberger NV, Weatherford International PLC, Baker Hughes Co, Halliburton Company and Tenaris S.A are the major companies operating in the Offshore Drilling Equipment Market.
Which is the fastest growing region in Offshore Drilling Equipment Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Offshore Drilling Equipment Market?
In 2025, the Asia Pacific accounts for the largest market share in Offshore Drilling Equipment Market.
What years does this Offshore Drilling Equipment Market cover, and what was the market size in 2024?
In 2024, the Offshore Drilling Equipment Market size was estimated at USD 81.98 billion. The report covers the Offshore Drilling Equipment Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Offshore Drilling Equipment Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Offshore Drilling Equipment Industry Report
Statistics for the 2025 Offshore Drilling Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Offshore Drilling Equipment analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
