LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global drillships market predicts the market to witness a CAGR of close to 11% during the forecast period. This research report segments the market by application (ultra-deepwater, and deepwater) and geography (APAC, Europe, MEA, North America, and South America).
Rising production efficiency of oilfields using Big Data analytics
The oil and gas industry is largely dependent on the availability of data sets such as the formation pressure, porosity, temperature, and permeability of the reservoir rocks. This helps oil and gas E&P operators in decision-making to improve the performance of operations. The industry utilizes multiple technologies that generate huge amounts of data. Thus, the adoption of big data analytics is increasing significantly as it analyzes huge volumes of data that help companies to make informed business decisions. This will lead to improved efficiency of the oil and gas E&P operations, which likely to increase oilfield production. Therefore, the growing use of big data analytics will fuel the global drillships market growth during the forecast period.
Ultra-deepwater application segment will garner the highest share.
With the growing demand for oil and gas across the world, oil and gas companies are largely investing in the oil and gas E&P activities globally. Several ultra-deepwater oil and gas E&P projects are under construction currently, and many are even completed. Moreover, many contracts are being made to increase oil and gas drilling activities in ultra-deepwater areas globally. As drillships are widely used in drilling wells in ultra-deepwater areas, the growth in the ultra-deepwater oil and gas E&P projects will propel the demand for drillships in the ultra-deepwater application during the next few years.
“Ultra-deepwater drilling requires more advanced technologies that are expensive, which had reduced their adoption during the crude oil crisis. However, with the strong recovery of crude oil prices, there has been a significant increase in investments pertaining to boost oil and gas E&P activities in ultra-deepwater areas across the world. Thus, the recovery of crude oil prices is expected to propel the demand for drillships in the ultra-deepwater application segment during the forecast period,” says a senior research analyst at Technavio.
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Drillships to witness fastest adoption in South America.
With the availability of the abundance of offshore oil and gas reserves in the country, Brazil has been significantly contributing to the offshore oil and gas activities in the region, mainly in deepwater and ultra-deepwater areas. Moreover, several initiatives have been taken in the country to increase investments in the offshore oil and gas sector. Apart from Brazil, Argentina is also taking initiatives to increase the production from its offshore oil and gas reservoirs. As a result, the drillships market is expected to witness surging growth in South America during the forecast period.
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Some of the key topics covered in the global drillships market analysis include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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