Mobile Offshore Drilling Unit (MODU) Market Size & Share, by Drilling Unit (Drilling Barges, Submersible Rigs, Semi-Submersible Rigs, Drillship, Jack-Up Rigs); Water-Depth (Shallow, Deep & Ultra-Deep) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4971
  • Published Date: Jun 02, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Mobile Offshore Drilling Unit Market size is expected to surpass USD 10 Billion by 2035, witnessing around 2% CAGR between 2023 and 2035. In the year 2022, the industry size of mobile offshore drilling unit was USD 7 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.


Mobile Offshore Drilling Unit (MODU) Market
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Mobile Offshore Drilling Unit (MODU) Sector: Growth Drivers and Challenges

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

2022

Forecast Year

2023-2035

CAGR

~2%

Base Year Market Size (2022)

~ USD 7 Billion

Forecast Year Market Size (2035)

~ USD 10 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Mobile Offshore Drilling Unit Segmentation

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 2035. 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:

 

 

     Drilling Unit

  • Drilling Barges
  • Submersible Rigs
  • Semi-Submersible Rigs
  • Drillship
  • Jack-Up Rigs

     Water-Depth

  • Shallow
  • Deep & Ultra-Deep

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Mobile Offshore Drilling Unit (MODU) Industry Regional Synopsis

North America Market Forecast

The mobile offshore drilling unit market in North America, is set to have the highest growth between 2023 and 2035, 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.

Research Nester
Mobile Offshore Drilling Unit (MODU) Market Size
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Companies Dominating the Global Mobile Offshore Drilling Unit Landscape

top-features-companies
    • Keppel Corporation Limited
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Sembcorp Marine Ltd
    • DSME Co., Ltd.
    • SHI International Corporation
    • Hyundai Heavy Industries
    • CIMC Raffles Offshore Ltd.
    • China Shipbuilding Industry Corporation
    • COSCO
    • China Merchant Holdings

In-the-news

In The News

  • April 30, 2023: The CIMC Raffles shipyard hosted the delivery for operation ceremony for the 300-foot jack-up rig "Wan Zuan 3" (hence referred to as WZ3), which is operated by Tianjin Kaisheng Offshore Equipment Leasing Co. Ltd, an offshore asset management company connected to the CIMC group.
  • 15 August, 2021: For the Optimus Wind Limited subsidiary of rsted Wind Power, Sembcorp Marine successfully finished fabricating the Offshore Substation (OSS) and Reactive Compensation Station (RCS) (collectively, "Substations").

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 4971
  • Published Date: Jun 02, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are growing demand for vehicles, rise in demand for electricity, and reduce price of oil.

The market size of mobile offshore drilling unit (MODU) is anticipated to attain a CAGR of ~2% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Keppel Corporation Limited, Sembcorp Marine Ltd, DSME Co., Ltd., SHI International Corporation, and more.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by drilling unit, water-depth, and by region.

The deep & ultra-deep segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Rise in demand for electric vehicles, high cost of operation, and adverse effects on marine life are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Mobile Offshore Drilling Unit Market Report Scope
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