LONDON--(BUSINESS WIRE)--The global drillships market is expected to post a CAGR of nearly 11% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Drillships are increasingly being employed in offshore oil and gas E&P operations such as deepwater and ultra-deepwater oilfields. They are more preferred over offshore drilling units due to better drilling capabilities. Moreover, drillships offer high mobility and transit speed, low initial and operating cost, and superior seaworthiness compared to offshore drilling units. Owing to many such benefits, oil and gas companies are increasing the use of drillships in offshore oil and gas E&P operations. This is one of the key factors driving the growth of the global drillships market.
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As per Technavio, the rising production efficiency of oilfields using big data analytics 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 the market growth over 2019-2023.
Global Drillships Market: Rising Production Efficiency of Oilfields Using Big Data Analytics
Oil and gas companies are increasingly adopting the latest technologies such as big data analytics to improve the productivity of offshore oil and gas E&P operations. Big data processes and analyzes a large amount of data that is generated during E&P operations and provides useful insights to improve the efficiency of operations and prevent the malfunctioning of equipment. In addition, the integration of IoT enables crew members to actively track and monitor the lifespan of equipment and other parameters such as wave height, humidity, and temperature. These insights are improving the efficiencies of the oil and gas E&P operations, thereby increasing oilfield production.
“Apart from the rising production efficiency of oilfields using big data analytics, technical advances in drillships and advances in drilling technology are some other major factors that will boost the market growth during the forecast period”, says a senior analyst at Technavio.
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Global Drillships Market: Segmentation Analysis
This market report segments the global drillships market by application (ultra-deepwater and deepwater) and geography (APAC, Europe, MEA, North America, and South America).
The MEA region led the market in 2018, followed by South America, APAC, North America, and Europe respectively. During the forecast period, the MEA region is expected to maintain its dominance over the global market. This is due to the increasing foreign investments in the oil and gas upstream sector.
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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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