Market Analysis
The global mobile offshore drilling unit market will grow at a healthy CAGR during the forecast period 2023- 2032, states the latest Market Research Future (MRFR) analysis. A mobile offshore drilling unit, put simply, is a floating drilling unit that is utilized in offshore drilling operations for the exploration as well as production of gas resources and subsea oil.
The key types of mobile offshore drilling units include jackups, submersibles, drilling barges, semi-submersibles, among others.
Various factors are fuelling the global mobile offshore drilling unit market growth. As per the recent MRFR market estimates, such factors include the growing need for crude oil, technical advancements of mobile offshore drilling units, increasing offshore activities, increasing offshore oil and gas fossil fuel production, growing need for shale production techniques like fracking, rising global oil and gas demand, and technical advances in MODUs.
On the contrary, falling crude oil prices, the impact of the ongoing COVID-19 pandemic, adoption of alternative energy sources, and the concerns about the environment related to offshore E&P activities may limit the global mobile offshore drilling unit market growth over the forecast period.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global mobile offshore drilling unit market based on applications and type.
By type, the global mobile offshore drilling unit market is segmented into drillship, semi-submersible, and jackup. Of these, the jackup segment will lead the market over the forecast period and at a high CAGR owing to its different features like easy installation on the platform and self-sustained drilling structure.
By application, the global mobile offshore drilling unit market is segmented into deepwater and shallow water. Of these, the deepwater segment will dominate the market over the forecast period.
Regional Analysis
By region, the global mobile offshore drilling unit market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, South America, and Middle East and Africa (MEA). Of these, North America will rule the market over the forecast period for the rising offshore exploration of reserves. The rise in the offshore exploration increases the need for mobile drilling units that is a crucial part of offshore oil and gas exploration.
In the APAC region, the mobile offshore drilling unit market is predicted to have promising growth over the forecast period. Rising oil and gas production and extraction is adding to the global mobile offshore drilling unit market growth in the region.
In Europe, the mobile offshore drilling unit market is predicted to have admirable growth over the forecast period. Increasing mining activities is adding to the growth of the mobile offshore drilling unit market in the region.
In the MEA and South America, the global mobile offshore drilling unit market is predicted to have sound growth in the forecast period for the rapid growth in the deepwater drilling activities in the countries in these regions. This market is likely to rebound in the years ahead owing to the increased activity in the Golden Triangle- West Africa, Brazil, and Gulf of Mexico.
Key Players
- Keppel Corporation Limited (Singapore)
- Samsung Heavy Industries(South Korea)
- Sembcorp Marine (Singapore)
- Daewoo Shipbuilding & Marine Engineering (South Korea)
- Hyundai Heavy Industries (South Korea)
- Friede & Goldman Ltd (Us)
- Damen Shipyards Group (Netherlands)
- Yantai Cimc Raffles (China)
- Offshore Limited (Norway)
- Irving Shipbuilding Inc. (Canada)
- Diamond Offshore Drilling Inc. (Us)
- Nabors Industries Ltd. (Bermuda)
The global Offshore drilling rig market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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