The rise in desire to increase production rates, efficiency, and reduce gas-related capital expenditures has had a significant impact on the expansion of the offshore drilling fluid market. As a result, increase in demand for crude oil and natural gas in energy-intensive industries like manufacturing, power generation, and transportation has prompted exploration and production companies to increase their investments in offshore drilling activities, which is also a key determinant favoring the growth of the offshore drilling fluid market. The fast expansion of the oil & gas sectors in emerging nations is also helping to propel the offshore drilling fluid market forward. The increase in government investment for the upgrading of the oil and gas sector is a key driver in the market’s growth. In addition, the increased effort required to meet growing energy demand is fueling the growth of the offshore drilling fluid market. However, the high cost of drilling and rise in worries about the environmental effect of waste drilling fluid disposal serves as a major restriction for the market growth.
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Market Trends
- At the 2017 Offshore Technology Conference, Schlumberger unveiled its new SpectraSphere* fluid mapping-while-drilling service. The SpectraSphere service enables real-time fluid mapping while drilling by giving important fluid characteristics such as fluid composition, fluid type, fluid fractions, and gas/oil ratio. Estimating reserves, planning completions, building surface facilities, and reaching production targets all need accurate evaluation of these characteristics.
- Baker Hughes has introduced the NSURE oil-based drilling fluid, which can be utilized in high-risk locations including Norway, the UK, the Gulf of Mexico, and West Africa.
Key Market Players
- Schlumberger Limited
- Halliburton
- Baker Hughes Company
- National Oilwell Varco
- Newpark Resources Inc
- TETRA Technologies, Inc
- Weatherford
- Scomi Group Bhd
- GENERAL ELECTRIC
- Gumpro Drilling Fluids Pvt. Ltd
- Akzo Nobel N.V
- National Energy Services Reunited Corp.
- Shell
- TRANSOCEAN LTD
- Valaris plc
- SECURE ENERGY
- CES, Yara
- China Oilfield Services Limited
- ASAP Fluids Pvt. Ltd.
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Key Benefits of the Report
- This study presents the analytical depiction of the offshore drilling fluid industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Offshore drilling fluid market share.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the offshore drilling fluid market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
COVID-19 Impact analysis
- The current coronavirus outbreak has had a significant impact on several economies throughout the world, including the offshore drilling fluid market. Due to the epidemic, several countries were forced to go into lockdown, resulting in the closure of manufacturing facilities in nearly every industry throughout the world for an extended period of time.
- During the COVID-19 epidemic, there was a severe shortage of resources, workforces, and raw supplies due to tactics such as social distance and lockdowns. This has had an impact on the global market for offshore drilling fluid.
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