New York, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The global mobile offshore drilling unit market size is projected to expand at ~2% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 10 billion by the end of 2035, up from a revenue of ~USD 7 billion in the year 2022.The growth of the market is to be influenced by the rise in the demand for automobiles. In 2022, there were approximately 66 million cars sold worldwide, up from about 65 million in 2021. Hence, these vehicles need fuel which further boosts the demand for mobile offshore drilling unit
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The driving experience provided by internal combustion engines is well-known and has been operating for more than a century. Gas-powered vehicles are convenient for long-distance travel since they are simple to operate, cheap to fuel, and offer a large driving range. Gas-powered automobiles are appealing to many drivers due to these benefits and the fact that they often cost less to purchase upfront. Hence, the demand for fuel would keep rising further boosting the market growth. For instance, over 24 percent of the world's oil consumption was attributed to private vehicles and vans.
Growing Demand for Electricity to Boost the Growth of Global Mobile Offshore Drilling Unit Market
The need for electricity is growing all across the globe and in every sector. Over the previous 50 years, the quantity of electricity utilized globally has increased steadily, and in 2022, it is projected to reach over 25,499 terawatt-hours. Over the past century, fossil fuels, hydroelectricity, and nuclear energy have served as the primary energy sources used to produce electricity. Fossil-based fuels continue to dominate the energy landscape despite the rapid expansion of renewables over the past few decades. As a consequence, the market for mobile offshore drilling unit is growing.
Mobile Offshore Drilling Unit Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Offshore Exploration of Reservoirs to Drive the Market Growth in North America
The market in North America for mobile offshore drilling unit market is expected to have the highest growth over the forecast period. This could be owing to rising offshore exploration of reservoirs. The majority of oil and gas rigs are situated in North America. There was a total of about 775 land rigs there as of May 2023, from this, approximately 21 were offshore rigs. However, with the growing oil demand the initiatives of government in this region are also growing. Additionally, owing to the growing price of fuel the government in this region is focusing more on domestically producing oil which is why the market for mobile offshore drilling units is poised to grow.
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Rising Urbanization to Influence the Market Growth in Asia Pacific
The market in Asia Pacific for mobile offshore drilling units is also projected to have notable growth. The growth of the market in this region can be attributed by the growing urban population. More over 2.2 billion people, or 54% of the world's metropolitan population, reside in Asia. Asia's urban population is projected to increase by 50% by 2050, or by an additional 1.2 billion people. Hence, this is expected to boost the energy demand further also dominating the market growth.
Mobile Offshore Drilling Unit, Segmentation by Drilling Unit
- Drilling Barges
- Submersible Rigs
- Semi-Submersible Rigs
- Jack-Up Rigs
- Drillship
The drillship segment is anticipated to garner the highest revenue by the end of 2035. Given their capacity for ultra-deep-water drilling and simple mobility, these boats have an edge over other drilling units such as semi-submersibles. Hence, owing to the growing deep-water exploration the segment is anticipated to grow. For instance, it is predicted that by 2030, the deep-water production globally is set to rise by about 16MMboe/d. Moreover, these are essentially marine vessels that have had their drilling capabilities enhanced. They have been modified to offer clients all around the world complete offshore drilling options. Also, they can independently propel between one well to the next owing to their extensive anchoring and positioning systems.
Mobile Offshore Drilling Unit, Segmentation by Water-Depth
- Shallow
- Deep & Ultra Deep
The deep & ultra deep segment is estimated to have significant growth by the end of 2035. The growth of the segment is due to growing scarcity of oil in shallow water. It is projected that about 79% of ocean across the globe is still explored. Therefore, the exploration of oil in deep sea is estimated to rise since there has been growing depletion of oil in readily accessible oil and gas resources
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A few of the well-known industry leaders in the mobile offshore drilling unit market that are profiled by Research Nester 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, and others.
Recent Development in the Mobile Offshore Drilling Unit Market
- On April 30, 2023, the delivery for operation ceremony for the 300-foot jack-up rig "Wan Zuan 3" (also known as WZ3), which is operated by Tianjin Kaisheng Offshore Equipment Leasing Co. Ltd, an offshore asset management firm associated with the CIMC group, was held at the CIMC Raffles shipyard.
- On August 15, 2021, the Offshore Substation (0SS) and Reactive Compensation Station (RCS) (collectively, "Substations") for the Optimus Wind Limited subsidiary of rsted Wind Power were successfully completed by Sembcorp Marine.
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