Global Mobile Offshore Drilling Units Market Size (2024 - 2029)

The Mobile Offshore Drilling Units market is anticipated to experience significant growth, driven by the rising demand for offshore drilling fueled by abundant petroleum resources and increasing crude oil prices. Despite challenges posed by complex offshore operations, the market's expansion is supported by advancements in drilling technology, digitalization, and rig automation, which enhance efficiency and reduce operational costs. The drillship segment is projected to grow rapidly due to its suitability for ultra-deepwater drilling and mobility. North America is expected to lead the market, benefiting from numerous drilling projects in the Gulf of Mexico.

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Market Size of Global Mobile Offshore Drilling Units Industry

Mobile Offshore Drilling Units Market Size
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 12.50 %
Fastest Growing Market North America
Largest Market North America
Market Concentration Medium

Major Players

Global Mobile Offshore Drilling Units Market Major Players

*Disclaimer: Major Players sorted in no particular order

Mobile Offshore Drilling Unit Market Analysis

The Mobile Offshore Drilling Units (MODU) Market is expected to witness a CAGR of 12.5% during the forecast period. The COVID-19 pandemic effect was explicitly seen in the market growth, with the reduction or cancellation of the offshore drilling contracts. Around 10% of contract volumes were canceled in 2020, which resulted in the estimated loss of USD 3 billion for offshore drilling contractors at the global level. The MODU market is expected to grow more in the future due to an increase in demand for offshore drilling due to the abundance of petroleum resources in the offshore rock formations and the steadily increasing crude oil prices, which have led to the affordability of offshore drilling operations. However, the market is likely to get impeded by tedious and complicated offshore operations.

  • The drillship segment is expected to grow at the fastest rate during the forecast period due to the facility of ultra-deepwater drilling and ease of mobility from one well to another.
  • The technological advancements in the horizontal drilling process, digitalization of well-construction, and the introduction of rig automation place a tremendous opportunity for the offshore drilling market. It is claimed that with rig automation, the efficiency and step reduction performance of a drilling unit can be improved. Moreover, the drilling companies have even noticed a reduction in operational costs, which is currently the biggest concern for offshore operations.
  • North America is expected to dominate the market during the forecast period due to the increased number of drilling projects in the Gulf of Mexico.

Mobile Offshore Drilling Unit Industry Segmentation

The mobile offshore drilling units market report includes:

Type of Drilling Unit
Drilling Barges
Submersible Rigs
Semi-Submersible Rigs
Drillship
Jackup Rigs
Water-depth
Shallow
Deep
Ultra-Deep
Geography
North America
Europe
Asia-Pacific
South-America
Middle-East and Africa
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Global Mobile Offshore Drilling Units Market Size Summary

The Mobile Offshore Drilling Units (MODU) market is poised for significant growth, driven by the increasing demand for offshore drilling due to the abundance of petroleum resources in offshore rock formations and rising crude oil prices. Despite the challenges posed by the COVID-19 pandemic, which led to the cancellation of numerous offshore drilling contracts, the market is expected to recover and expand. The drillship segment is anticipated to experience the fastest growth, attributed to its capabilities in ultra-deepwater drilling and mobility between wells. Technological advancements such as rig automation and digitalization of well construction are expected to enhance efficiency and reduce operational costs, addressing key concerns in offshore operations.

North America is projected to lead the MODU market, bolstered by the substantial oil and gas reserves in the Gulf of Mexico. The region's dominance is supported by ongoing and upcoming drilling projects, which are increasingly utilizing ultra-deepwater drilling units like drillships and semi-submersible rigs. Key industry players, including Transocean Ltd and Seadrill Ltd, are actively securing contracts for new drilling projects, further strengthening the market's growth prospects. The market remains moderately fragmented, with several major companies competing for market share, indicating a dynamic and competitive landscape.

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Global Mobile Offshore Drilling Units Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type of Drilling Unit

      1. 2.1.1 Drilling Barges

      2. 2.1.2 Submersible Rigs

      3. 2.1.3 Semi-Submersible Rigs

      4. 2.1.4 Drillship

      5. 2.1.5 Jackup Rigs

    2. 2.2 Water-depth

      1. 2.2.1 Shallow

      2. 2.2.2 Deep

      3. 2.2.3 Ultra-Deep

    3. 2.3 Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 South-America

      5. 2.3.5 Middle-East and Africa

Global Mobile Offshore Drilling Units Market Size FAQs

The Global Mobile Offshore Drilling Units Market is projected to register a CAGR of greater than 12.5% during the forecast period (2024-2029)

Transocean Ltd., Seadrill Ltd., Keppel Corporation Limited, Sembcorp Marine Ltd. and Daewoo Shipbuilding and Marine Engineering are the major companies operating in the Global Mobile Offshore Drilling Units Market.

Mobile Offshore Drilling Unit Market Report Snapshots

Mobile Offshore Drilling Unit Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)