Mobile Offshore Drilling Unit Market Trends

  • Report ID: 4971
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT

Mobile Offshore Drilling Unit Market Trends

Growth Drivers

  • Growing Demand for Vehicles

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.

  • Rise in Demand for Electricity

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.

  • Reduce the Price of Oil

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

  • Rise in Demand for Electric Vehicles
  • High Cost of Operation

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.

Mobile Offshore Drilling Unit (MODU) Market: Key Insights

Base Year

2024

Forecast Year

2025-2037

CAGR

2.2%

Base Year Market Size (2024)

USD 7.31 billion

Forecast Year Market Size (2037)

USD 9.7 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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Browse Key Market Insights with Data Illustration:


Author Credits:  Dhruv Bhatia


  • Report ID: 4971
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of mobile offshore drilling unit is evaluated at USD 7.57 billion.

The mobile offshore drilling unit market size was over USD 7.31 billion in 2024 and is poised to exceed USD 9.7 billion by 2037, witnessing over 2.2% CAGR during the forecast period i.e., between 2025-2037. The market growth is driven by growing demand for vehicles, rise in demand for electricity, and reduce price of oil.

North America industry is predicted to dominate majority revenue share of 30% by 2037, backed by presence of large oil and gas reserves and oilfield services in this region.

The major players in the market are Keppel Corporation Limited, Sembcorp Marine Ltd, DSME Co., Ltd., SHI International Corporation, Hyundai Heavy Industries, CIMC Raffles Offshore Ltd., China Shipbuilding Industry Corporation, COSCO, China Merchant Holdings
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