 Market Share.webp)
Mobile Offshore Drilling Unit Market size was valued at USD 7.15 Billion in 2023 and is likely to reach USD 9.37 Billion by 2036, registering around 2.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of mobile offshore drilling unit is estimated at USD 7.3 Billion. This growth of the market can be influenced by growing demand for oil. In 2022, there was a about 98 million barrel per day demand for crude oil (including biofuels), and in 2023, that demand is expected to rise to approximately 100 million barrels per day. Hence, the petroleum industries are in search of the available reserves in the ocean, which has been further made easy with the application of mobile offshore drilling units.
Offshore well reserves are higher than those in onshore wells, notwithstanding the higher costs required in extracting oil and gas offshore. Hence, upstream companies are focusing more on using and producing these vast reserves. Moreover, the price of crude oil is growing all across the world. Therefore, a large number of companies are projected to invest more in mobile offshore drilling units, further boosting the mobile offshore drilling unit market growth.
Growth Drivers
The number of automobiles sold globally was expected to increase from roughly 65 million in 2021 to roughly 66 million in 2022. Hence, with this growth in demand for vehicles, the deployment of oil is also poised to grow, further boosting demand for oil.
By 2040, the global electricity demand is set to grow by about 3%. The majority of electricity is created by fossil fuels. Hence, with this extraction of reserves in the ocean the market is set to grow.
Oil prices drop as a result of offshore drilling. If oil is produced domestically, foreign nations have no influence over domestic oil prices, which are frequently inflated. Moreover, offshore drilling reduces transportation expenses, which lowers the price of oil. Hence, in order to find more reserves in ocean the market demand is about to rise.
Challenges
Adverse Effect on Marine Life - Adult fish that have been exposed to oil is anticipated to show growth retardation, enlarged livers, changed fin erosion, respiration rates, and decreased reproductive function. Particularly susceptible to adverse consequences, both deadly and nonfatal, would include larvae, and fish eggs. Oil may make shellfish and fish unsafe for human food, even when no lethal effects are visible. As a result, it is predicted that this factor is set to limit market expansion.
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
2.1% |
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Base Year Market Size (2023) |
USD 7.15 Billion |
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Forecast Year Market Size (2036) |
USD 9.37 Billion |
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Regional Scope |
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Drilling Unit (Drilling Barges, Submersible Rigs, Semi-Submersible Rigs, Jack-Up Rigs, and Drillship)
The drillship segment is poised to hold the highest revenue till 2036. The growth in market revenue is influenced by its ability to move faster from one well to another without any help from external assistance. Moreover, they also have the capability of carrying a wide range of loads.
Water-Depth (Shallow, Deep & Ultra-Deep)
The deep & ultra-deep segment is estimated to the significant growth over the forecast period. Owing to constant development in technology, the MODU is now able to carry out the drilling activity in the ultra-deepwater. Also, a large part of the undiscovered reserve is situated in deep waters. Hence, this segment is set to grow further to drive market size.
Our in-depth analysis of the market includes the following segments:
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Drilling Unit |
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Water-Depth |
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North America Market Forecast
The mobile offshore drilling unit market in North America, is set to have the highest growth between 2023 and 2036, backed by the presence of large oil and gas reserves and oilfield services in this region. Further, the government in this region is influencing the use of mobile offshore drilling by its various initiatives, which is further set to dominate the market.
APAC Market Statistics
The mobile offshore drilling unit market in Asia Pacific region is poised to have significant growth over the forecast period. The surge in oil imports in this region is responsible for the market expansion since it is the highest consumer. In the year 2021, the Asia-Pacific daily oil consumption was about 35 million barrels. In Asia Pacific region, China has the highest energy consumer.
 Market Growth.webp)
Author Credits: Dhruv Bhatia
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