Drillships are preferred over other drilling units for offshore oil and gas drilling owing to its ability to drill at greater depths. Drillships not only provide greater ease of mobility and higher transit speed but are also cost-effective. These factors coupled with the growing need for safer and cost-effective drilling technologies will propel the demand of drillships for offshore drilling activities. In addition, the increasing adopting big data analytics in oil & gas industry, growing oil & gas exploration and production operation, limited viability of offshore drilling units, and greater ease of mobility and higher transit speed of drillships are the prominent factors attributed to the growth of drillships market over the forecast period.
MARKET SCOPE
The "Global Drillships Market Analysis to 2028" is a specialized and in-depth study of the oil & gas industry with a special focus on the global market trend analysis. The report aims to provide an overview of the drillships market with detailed market segmentation by water depth, application and geography. The report provides key statistics on the market status of the leading drillships market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- On the basis of water depth the market is segmented into less than 3,000 feet, 3,000 - 5,000 feet, 5,000 - 10,000 feet, and more than 10,000 feet
- On the basis application, the market is segmented as shallow water, deep water, and ultra-deepwater
MARKET DYNAMICS
Drivers:
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o Growing oil & gas exploration and production operations drives the market growth
o Increasing adopting big data analytics in oil & gas industry fuels the market growth
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o Significant completion from products such as jackups and semi-submersible rigs restraints the market growth
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The drillships market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the drillships market in these regions.
IMPACT OF COVID-19 ON DRILLSHIPS MARKET
The emergence of the COVID-19 has severely impacted the oil & gas industries, which resulted decline in the demand for drillships in the year 2020. The pandemic severely impacted the oil & gas industry in countries such as US and China. In addition, governments across the world were compelled to reduce the business activities in response to minimize the threat of coronavirus. Owing the decline in the business activities that has negatively impacted the market dynamics for the short term. The unavailability of raw material and disruption of supply chain due to the pandemic has affects the market prospects. Furthermore, project delays and cancellation of orders has affected the key market. Hence, from 2021, the ease in restriction and increase in demand for oil & gas products have fueled the market growth over the projected period. The growing demand for offshore drilling activities in pandemic recovery period is propelling the market growth. Hence, from 2021, the ease in restriction and opening of marine activities have fueled the market growth over the projected period.
MARKET PLAYERS
The report covers key developments in the drillships market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in drillships market are anticipated to get lucrative growth opportunities in the future owing increase in investments in oil & gas industry in post pandemic scenario.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the drillships market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- DSME Co., Ltd.
- IHI Corporation
- Noble Corporation
- TRANSOCEAN LTD.
- Huisman Equipment B.V.
- Keppel Offshore & Marine
- SMART MARITIME GROUP
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- MAERSK DRILLING
- STENA DRILLING LTD