Market Size of Global Mobile Offshore Drilling Units Industry
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*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 |
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.
Global Mobile Offshore Drilling Units Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type of Drilling Unit
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2.1.1 Drilling Barges
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2.1.2 Submersible Rigs
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2.1.3 Semi-Submersible Rigs
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2.1.4 Drillship
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2.1.5 Jackup Rigs
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2.2 Water-depth
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2.2.1 Shallow
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2.2.2 Deep
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2.2.3 Ultra-Deep
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South-America
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2.3.5 Middle-East and Africa
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Global Mobile Offshore Drilling Units Market Size FAQs
What is the current Global Mobile Offshore Drilling Units Market size?
The Global Mobile Offshore Drilling Units Market is projected to register a CAGR of greater than 12.5% during the forecast period (2024-2029)
Who are the key players in Global Mobile Offshore Drilling Units Market?
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.