LONDON--(BUSINESS WIRE)--The global mobile offshore drilling unit market 2019-2023 is expected to post a CAGR of close to 8% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growth of the global mobile offshore drilling unit market size can be attributed to the rising demand for oil and gas across the globe. The consumption of oil and gas is expected to grow significantly during the forecast period, due to rising industrialization and urbanization in developing countries such as China and India. As a result, oil and gas companies are striving to increase their E&P operations by exploring oil and gas reserves. Thus, offshore oil and gas drilling activities are increasing, which will significantly increase oil and gas drilling rigs, thereby driving the demand for MODU.
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As per Technavio, technical advances in MODUs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Mobile Offshore Drilling Unit (MODU) Market: Technical Advances in MODUs
The MODU market is witnessing several technical advances, which cater to the drilling challenges, regulations, and oil and gas project economics. New technological advancements are being added to offshore drilling units for remote areas and deepwater and ultra-deepwater oilfields. Several companies are offering modern automatic drillships, jack-up rigs, and semi-submersibles for offshore oilfield drilling operations. Such advances are likely to boost the demand for MODU during the forecast period.
“Apart from the technical advances, other factors such as the declining cost of offshore projects, and the increasing use of big data analytics will boost the mobile offshore drilling unit market growth during the forecast period,” says a senior analyst at Technavio.
Global Mobile Offshore Drilling Unit (MODU) Market: Segmentation Analysis
This market research report segments the global mobile offshore drilling unit market by type (drillship, jack-up, and semi-submersible) and geographical regions (MEA, South America, APAC, North America, and Europe).
The MEA region led the market in 2018, followed by South America, APAC, North America, and Europe respectively. The growth of the MODU market share in MEA can be attributed to factors such as new oil and gas discoveries and an increase in offshore oil and gas activities in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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