A new research report, titled “Contract Drilling Market - Global Industry Analysis, Market Size, Share, Growth, Trends and Forecast 2015 - 2023,” from Transparency Market Research (TMR) delivers key insights into the global contract drilling market. The research report offers a detailed analysis of the key drivers and restraints of the global contract drilling market. Moreover, the opportunities and challenges in the global contract drilling market are also evaluated in the study.

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The global contract drilling market is primarily driven by the increasing number of onshore and offshore drilling activities. Moreover, the rising innovation in drilling technologies and the growing inclination towards the development of unconventional sources of energy are also driving the global contract drilling market. On the other hand, the high capital requirement for purchase and maintenance of drilling equipment is restraining the global contract drilling market.

Broadly, the global contract drilling market is segmented on the basis of service type, terrain type, contract length, and geography. At times, principal companies need only a specific type of service, comprising a part of the drilling process. Hence, depending on the tenure of the project, the contract drilling market is divided into short-term and long-term drilling services. Furthermore, the contract length for such products depends on the size of the project and also on the number of wells to be drilled.

Nevertheless, contract drilling services can be deployed for both onshore and offshore drilling operations. Presently, onshore contract drilling firms are leveraging the investments made by principal companies to exploit unconventional shale oil, gas, and coal-bed methane reservoirs. In addition to this, the rising advancement in drilling technologies has led to a trend of contract drilling companies focusing more on offshore areas to explore oil and gas reservoirs. Likewise, firms are willing to invest in exploring shallow water areas as well as untapped deep and ultra-deep water areas.

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Regionally, the global contract drilling market is classified into Europe, Asia Pacific, North America, the Middle East and Africa (MENA), and Latin America. The U.S. is the major oil producer in North America. In the North Sea, Russia, the U.K., and Norway are the key oil and gas producing countries. In the MENA region, the major oil producers are Iraq, Saudi Arabia, Iran, Kuwait, and Nigeria. In Latin America, these are Venezuela, Brazil, Colombia, and Argentina.

Players in the global contract drilling market will benefit from the opportunity presented by the untapped hydrocarbon reserves in North African nations. The leading players in the global contract drilling market are Sidewinder Drilling, Halliburton, Baker Hughes, Basic Energy Services, and Schlumberger Limited.

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