The global drillships market at a CAGR of almost 11% during the forecast period

NEW YORK, June 25, 2019 /PRNewswire/ -- Global Drillships Market:

About this market

Drillships are marine vessels used for oil and gas drilling operations in offshore areas. Technavio's drillships market analysis considers the application of drillships in ultra-deepwater and deepwater. Our analysis also considers the application of drillships in APAC, Europe, MEA, North America, and South America. In 2018, the ultra-deepwater segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as recovering crude oil prices will play a significant role in the ultra-deepwater segment to maintain its market position. Also, our global drillships market looks at factors such as advantages of drillships over other offshore drilling units, rising global energy demand, and growing offshore E&P activities. However, fluctuating crude oil prices, challenges associated with drillships, and growing adoption of renewable energy sources may hamper the growth of the drillships industry over the forecast period.

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Global Drillships Market:

Overview

Advantages of drillships over other offshore drilling units

Oil and gas E&P operations are increasingly using drillships in deepwater and ultra-deepwater oilfields due to their capabilities to drill over 8,000 feet. Many modern drillships can drill up to 12,000 feet, whereas other offshore drilling units are capable of drilling only up to 5,000 feet. Drillships also require low initial and operational cost compared to other offshore drilling units. Many such advantages of drillships over other offshore drilling units are expected to drive the growth of the global drillships market at a CAGR of almost 11% during the forecast period.

Technical advances in drillships

Oil and gas E&P operators demand drillships to provide technical capabilities to drill in harsh marine conditions. To cater to this demand, vendors in the market are developing technically advanced drillships that can operate in remote areas, deepwater and ultra-deepwater oilfields. To mitigate the hazards involved in the oil and gas E&P operations, vendors are integrating automation to enhance workers' safety and operational efficiency. These developments are positively influencing the growth of the global drillships market size.

For the detailed list of factors that will drive the global drillships market size during the forecast period 2019-2023, click here.

Competitive Landscape

With the presence of several players, the global drillships market is fairly 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 drillship companies, that include Diamond Offshore Drilling Inc., Ensco Rowan Plc, Noble Corp. Plc, Samsung Heavy Industries Co. Ltd., and Transocean Ltd.

Also, the drillships 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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