Mobile Offshore Drilling Unit (MODU) Market by Type and Geography - Global Forecast and Analysis 2019-2023
Global Mobile Offshore Drilling Unit (MODU) Market: About this market
Mobile offshore drilling units (MODUs) are structures or vessels that are used in offshore drilling operations for the exploration and production of subsea oil and gas resources. Technavio’s mobile offshore drilling unit (MODU) market analysis considers sales from drillship, jack-up, and semi-submersible. Our analysis also considers the sales of mobile offshore drilling unit (MODU) in APAC, Europe, North America, South America, and MEA. In 2018, the drillship segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as high mobility and transit speed will play a significant role in the drillship segment to maintain its market position. Also, our global mobile offshore drilling unit (MODU)market report looks at factors such as advantages of MODUs over other offshore drilling units, rising global oil and gas demand, and growing offshore E&P activities. However, uncertainties in the volatility of crude oil prices, adoption of alternative energy sources, and environmental concerns associated with offshore E&P activities may hamper the growth of the mobile offshore drilling unit (MODU)industry over the forecast period.
Global Mobile Offshore Drilling Unit (MODU) Market: Overview
Rising global oil and gas demand
The demand for oil and gas is increasing due to rising consumption of energy. The rapid urbanization of the developing countries is increasing the need for energy such as liquid fuels and natural gas. To cater to the high demand for energy, oil and gas companies will increase their E&P operations. As offshore oil and gas wells have a longer production period than onshore oil and gas wells, offshore drilling activities have significantly increased. This will lead to the expansion of the global mobile offshore drilling unit (MODU)market at a CAGR of almost 9% during the forecast period.
Technical advances in MODUs
With oil and gas E&P operations moving into further remote locations and deeper waters, manufacturers are improving the technologies in MODU to cater to the drilling challenges, regulations, and oil and gas project economics. The recent focus of the oil and gas industry is automation, which improves the safety of workers and the efficacy of oil and gas drilling. Improvements in equipment will not only boost oilfield production but also increase the adoption of MODUs for offshore drilling. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global mobile offshore drilling unit (MODU)market during the forecast period 2019-2023, click here.
With the presence of several major players, the global mobile offshore drilling unit (MODU)market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading mobile offshore drilling unit (MODU)manufacturers, that include Diamond Offshore Drilling Inc., Nabors Industries Ltd., Noble Corp. Plc, Samsung Heavy Industries Co. Ltd., Transocean Ltd.
Also, the mobile offshore drilling unit (MODU) market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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