The size of the global drilling rig market is set to increase significantly over the next five years, according to a new report.
The increasing demand of energy has pushed the exploration and production activities in the deep and ultra-deep region thereby growing the demand for the offshore drilling services, a study by reportsnreports.com said.
It predicts that global offshore drilling market is thereby expected to grow to $134.02bn by 2019, at a compound annual growth rate (CAGR) of 10.6% from 2014 to 2019.
Geographically, Asia Pacific region is expected to be the largest market by 2019 that will grow rapidly at a CAGR of 12.6% during the forecast period.
The region is currently estimated to value $18.89bn in 2014, which will increase to $34.89bn by 2019.
North American market holds the second largest market share.
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