The Global increase in the drilling activities in order to cater the energy requirements of industrial and nonindustrial sectors has direct implications on the global contract drilling market. Rapid growth in population of different countries has further created an additional pressure on governments to supply the life line energy. Requirement of high capital expenditure and technical capabilities for the purpose of maintaining and purchasing the drilling equipments has augmented the market for contract drilling services. The service provider companies carry out all the drilling operations on the behalf of principal company as per the terms of contract. Movement towards the offshore drilling activities that require special expertise to carry out the drilling operations has further given a boost to such companies that are specialized in providing drilling services on a contract basis.
Segmentation of the contract drilling market can be done on the basis of service type, contract length, terrain types and geographies. Sometimes the principal companies require only a particular type of service that forms only a part of the drilling process. Depending upon the tenure of the project contract drilling market can be classified into short term and long term contract drilling market. Contract length for such product depends upon the size of the project or the number of wells that are to be drilled. Contract drilling services can be used to serve both the onshore and offshore drilling operations. Onshore contract drilling companies are taking advantage of the investments by principal companies to exploit unconventional shale gas, shale oil and coal bed methane reservoirs. Advancement in drilling technologies has led to a shift of contract drilling companies towards the offshore areas in search of oil and gas reservoirs. Companies are willing to invest in exploring the shallow as well as the untapped deep and ultra deep water areas.
Geographical segmentation of the contract drilling market can be done by identifying the major oil and gas producing countries. Major countries include the United States, Canada and Mexico in North America; Russia and Offshore areas of the United Kingdom and Norway in the North Sea. Middle East and African segment include major oil producers such as Saudi Arabia, Iran, Iraq, Kuwait, Angola Libya and Nigeria. Surge in the development of oil and gas industry in the African continent is expected to be beneficial for the contract drilling companies willing to invest in the African market. The Latin America segment includes countries such as Brazil, Venezuela, Argentina and Colombia. Increased drilling operations in the offshore areas of Brazil coupled with the surge in drilling activities to tap the shale gas reserves of Argentina has the potential to attract the contract drilling companies.
Rising energy demands, increase in the onshore and offshore drilling activities, advancement in drilling technologies and the movement towards development of unconventional sources of energy are the major drivers for the contract drilling market. High capital requirement for purchase and maintenance of drilling equipments is the major restraint to the contract drilling market. Untapped hydrocarbon reserves of North African nations can act as the opportunities for the contract drilling market.
Some of the key players of the contract drilling market include companies such as Schlumberger Limited, Basic Energy Services, Sidewinder Drilling, Inc., Baker Hughes Incorporated and Halliburton.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.