Mobile Offshore Drilling Unit Market to rise at a CAGR of 4.1% through 2027 - Report by Market Research Future (MRFR)
/EIN News/ -- New York, July 23, 2021 (GLOBE NEWSWIRE) -- Mobile Offshore Drilling Unit (MODUs) Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Mobile Offshore Drilling Unit Market Research Report, Type, Application and Region - Forecast till 2027” the market size to grow at a rate of 4.1% during the forecast period 2020-2027.
Increasing Global Oil and Gas Demand
Demand for oil and gas is rising as energy consumption rises. The rising urbanization of developing countries is increasing the need for energy like liquid fuels and natural gas. Oil and gas companies will expand their exploration and production operations to meet the growing demand for energy. Since offshore oil and gas wells have a longer production duration than onshore oil and gas wells, offshore drilling activity has expanded dramatically.
Technical Advancement in MODUs
Manufacturers are improving MODU technology to adapt to drilling constraints, regulations, and oil and gas project economics as oil and gas E&P activities move into more remote locations and deeper waters. The oil and gas industry's recent focus has been on automation, which enhances worker safety and the efficiency of oil and gas drilling. Equipment advancements will not only enhance oilfield production but will also increase the use of MODUs for offshore drilling. This breakthrough is projected to have a beneficial impact on the mobile offshore drilling unit market growth.
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Key Players
The key players operating in the global mobile offshore drilling unit market are –
- Keppel Corporation Limited (Singapore)
- Samsung Heavy Industries Co.
- Ltd (South Korea)
- Sembcorp Marine Ltd (Singapore)
- Daewoo Shipbuilding & Marine Engineering Co. Ltd (South Korea)
- Hyundai Heavy Industries Co. Ltd (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)
- Noble Corp. Plc (Uk)
- Transocean Ltd. (Switzerland)
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Recovery in Brazilian Offshore Sector
A floating drilling unit utilized in offshore drilling operations for the exploration and production of subsea oil and gas resources is known as a mobile offshore drilling unit. Semi-submersibles, drilling barges, submersibles, and jackups are the most common types of mobile offshore drilling machines. Drilling barges are typically employed in shallow water under stable conditions. Jackups are self-contained drilling structures that are deployed by lowering and rooting their three or four massive legs into the seafloor. Submersible drilling units, on the other hand, are necessary drilling equipment that is installed on the platform's deck. Semi-submersibles are intended for offshore drilling in ultra-deep waters in oil and gas-rich regions across the world.
The Brazilian offshore oil and gas industry has suffered a setback in recent years due to a lack of investment. The country's new conservative government has implemented significant reforms, including ending Petrobras' monopoly over the country's abundant hydrocarbon resources and the opening of the hydrocarbon reserves to foreign firms. Several international corporations, including ExxonMobil, CNOOC, and Repsol, have already acquired shares in both post-salt and pre-salt blocks and are expected to begin exploration soon. In the country, 14 deepwater projects were anticipated to be completed by 2020. The country intends to increase oil production capacity by roughly 2 MMb/d by 2027, with the majority of that capacity coming from deepwater. As a result, the tender for MODUs, particularly drillships, in the country is projected to rise.
Market Segmentation
The global mobile offshore drilling unit market has been segmented on the basis of type and application.
On the basis of type, the global mobile offshore drilling unit market has been segmented into jackup, semi-submersible and drillship.
On the basis of application, the global mobile offshore drilling unit market has been segmented into shallow water and deepwater.
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Regional Analysis
North America to Capture the Greatest Market Share
North America has the greatest mobile offshore drilling unit market share due to increasing offshore exploration of reserves. According to the BP Statistical Review of World Energy 2019, North America's main energy consumption per capita increased by 1.9% from 235.3 Gigajoules per capita (GJ/Capita) in 2017 to 239.8 GJ/Capita in 2018. The increased demand for mobile drilling units, which are an integral aspect of offshore oil and gas development, is fueled by the expansion in offshore exploration. During the forecast period, these factors are projected to fuel demand for mobile offshore drilling units.
Industry News
In June 2021, Temasek-backed Singapore conglomerate Keppel Corp (KPLM.SI) and Sembcorp Marine (SCMN.SI) began discussions about merging their struggling offshore and marine (O&M) operations. A prospective merger would bring together one of the world's top offshore oil rig builders and smaller rival Sembcorp after the industries were battered by years of oversupply, a continuous slump in oil prices, and a reduction in new orders.
In June 2021, Saipem, in collaboration with Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME), a major South Korean specialized shipbuilding and offshore contractor, has been given the contract by Petróleo Brasileiro (Petrobras) for the construction of the P-79 Floating Production Storage and Offloading Vessel (FPSO) for the development of the Bzios offshore field in Brazil.
Segmentation of Market covered in the research:
Information by Type (Jackup, Semi-submersible and Drillship), Application (Shallow Water and Deepwater) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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