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Mobile Offshore Drilling Unit (MODU) Market Size and Forecast, by Drilling Unit (Drilling Barges, Submersible Rigs, Semi-Submersible Rigs, Drillship, Jack-Up Rigs), Water-Depth (Shallow, Deep & Ultra-Deep) - Growth Trends, Key Players, Regional Analysis 2026-2035

  • Report ID: 4971
  • Published Date: Nov 24, 2025
  • Report Format: PDF, PPT

Mobile Offshore Drilling Unit (MODU) Market Outlook:

Mobile Offshore Drilling Unit (MODU) Market size was valued at USD 7.57 billion in 2025 and is set to exceed USD 9.41 billion by 2035, registering over 2.2% CAGR during the forecast period i.e., between 2026-2035. In the year 2026, the industry size of mobile offshore drilling unit is estimated at USD 7.72 billion.

Mobile Offshore Drilling Unit (MODU) Market Size
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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.

Key Mobile Offshore Drilling Unit (MODU) Market Insights Summary:

  • Regional Highlights:

    • North America is predicted to command nearly 30% of revenue by 2035 in the mobile offshore drilling unit (MODU) market, attributed to the presence of extensive oil and gas reserves, robust oilfield services, and supportive government initiatives.
    • The Asia Pacific region is set for notable growth through 2026–2035, stemming from the surge in oil imports in this highest-consuming region.

  • Segment Insights:

    • The drillship segment is anticipated to retain the highest revenue share by 2035 in the mobile offshore drilling unit (MODU) market, propelled by its ability to move faster from one well to another without external assistance and its capability of carrying a wide range of loads.
    • The deep & ultra-deep segment is projected to expand steadily over 2026–2035, underpinned by constant development in technology enabling drilling in ultra-deepwater and the presence of large undiscovered reserves.

  • Key Growth Trends:

    • Growing Demand for Vehicles
    • Rise in Demand for Electricity

  • Major Challenges:

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

  • Key Players: 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.

Global Mobile Offshore Drilling Unit (MODU) Market Forecast and Regional Outlook:

  • Market Size & Growth Projections:

    • 2025 Market Size: USD 7.57 billion
    • 2026 Market Size: USD 7.72 billion
    • Projected Market Size: USD 9.41 billion by 2035
    • Growth Forecasts: 2.2%

  • Key Regional Dynamics:

    • Largest Region: North America (30% Share by 2035)
    • Fastest Growing Region: Asia Pacific
    • Dominating Countries: United States, China, Brazil, United Kingdom, Norway
    • Emerging Countries: India, Malaysia, Vietnam, Mexico, United Arab Emirates

    • Last updated on : 24 November, 2025

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 Size and Forecast:

Report Attribute Details

Base Year

2025

Forecast Year

2026-2035

CAGR

2.2%

Base Year Market Size (2025)

USD 7.57 billion

Forecast Year Market Size (2035)

USD 9.41 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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Mobile Offshore Drilling Unit (MODU) Market Segmentation:

Drilling Unit Segment Analysis

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 Segment Analysis

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
Vishnu Nair
Vishnu Nair
Head - Global Business Development

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Mobile Offshore Drilling Unit (MODU) Market - Regional Analysis

North America Market Insights

North America industry is predicted to dominate majority revenue share of 30% by 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 Insights

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.

Mobile Offshore Drilling Unit (MODU) Market Share
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Mobile Offshore Drilling Unit (MODU) Market Players:

    • 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

Recent Developments

  • 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").
  • Report ID: 4971
  • Published Date: Nov 24, 2025
  • Report Format: PDF, PPT
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Frequently Asked Questions (FAQ)

In the year 2026, the industry size of mobile offshore drilling unit is estimated at USD 7.72 billion.

The global mobile offshore drilling unit market size crossed USD 7.57 billion in 2025 and is likely to register a CAGR of over 2.2%, exceeding USD 9.41 billion revenue by 2035.

North America is predicted to command nearly 30% of revenue by 2035 in the mobile offshore drilling unit (MODU) market, attributed to the presence of extensive oil and gas reserves, robust oilfield services, and supportive government initiatives.

Key players in the market include 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.

Mobile Offshore Drilling Unit (MODU) Market Report Scope

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