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Mobile Offshore Drilling Unit Market Analysis:
Mobile Offshore Drilling Unit Market is expected to be valued at USD 9.37 Billion, with a CAGR of 7.8% Forecast by 2030.
Market Research Future Insights
Mobile offshore drilling units are the facilities, which are used to drill down for oil exploration. Once the geographical predictions show the exact location of oil beneath the earth, drilling is required to examine these predictions; this is where mobile offshore drilling units are used.
Global Mobile Offshore Drilling Unit Market is expected to grow at the highest CAGR during the forecast period.
In 2019, North America Dominated the Mobile Offshore Drilling Unit Market in Terms of Market Share: MRFR
The global mobile offshore drilling unit market has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America.
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North America is expected to hold the largest share of the market during the forecast period.
According to the US Energy Information Administration (EIA), in 2018, approximately 6.44 million bpd of crude oil was produced from tight oil resources in the US. These factors are likely to drive the market for mobile offshore drilling units in the region.
In Asia-Pacific, the mobile offshore drilling unit market is expected to expand significantly, owing to rising oil and gas production and extraction.
Europe is also expected to foresee positive trends in the upcoming years owing to the increasing mining activities.
The market in the Middle East & Africa and South America is likely to grow significantly owing to the rapid growth in the deepwater drilling activities in the countries in these regions.
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The market is expected to rebound in the upcoming years due to the increased activity in the Golden Triangle – Gulf of Mexico, Brazil, and West Africa.
Covid-19 Impact on Mobile Offshore Drilling Unit Market
Disrupted Operations: As governments imposed strict lockdown measures and travel restrictions to curb the spread of the virus, offshore drilling operations were significantly disrupted. MODU companies faced workforce shortages, logistical challenges, and delays in crew rotations, leading to reduced drilling activity.
Supply Chain Disruptions: The pandemic exposed vulnerabilities in the global supply chain, affecting the manufacturing and delivery of critical components and equipment required for MODUs. Delays in receiving essential parts further hampered the drilling industry’s ability to maintain its operations efficiently.
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Scope of the Report
This report presents an in-depth analysis of the global Mobile offshore drilling unit market, tracking two market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size and shares for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study provides the segmentation of the global Mobile offshore drilling unit market by type, application, and region.
Type: Jackup, Semi-submersible, Drillship
Application:Shallow Water, Deepwater
By Region:North America , Asia-Pacific, Europe, Middle East & Africa, South America
Key Players
The key players operating in the global mobile offshore drilling unit market are Keppel Corporation Limited (Singapore), Sembcorp Marine Ltd (Singapore), Daewoo Shipbuilding & Marine Engineering Co., Ltd (South Korea), Yantai Cimc Raffles (China), Hyundai Heavy Industries Co., Ltd (South Korea), Friede & Goldman, Ltd (US), Samsung Heavy Industries Co., Ltd (South Korea), Damen Shipyards Group (Netherlands), Offshore Limited (Norway), Irving Shipbuilding Inc. (Canada), Diamond Offshore Drilling Inc. (US), Nabors Industries Ltd. (Bermuda), Noble Corp. Plc (UK), and Transocean Ltd. (Switzerland).
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