Mobile Offshore Drilling Unit Market Size

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.