Global Drillships Market to Grow by USD 3.57 Billion During 2019-2023 | Technavio
Technavio’s latest market research report on the global drillships
market predicts the market to witness a CAGR of close to 11% during the
forecast period. This research report segments the market by application
(ultra-deepwater, and deepwater) and geography (APAC, Europe, MEA, North
America, and South America).
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Technavio has published a new market research report on the global drillships market from 2019-2023. (Graphic: Business Wire)
Rising production efficiency of oilfields using Big Data analytics
The oil and gas industry is largely dependent on the availability of
data sets such as the formation pressure, porosity, temperature, and
permeability of the reservoir rocks. This helps oil and gas E&P
operators in decision-making to improve the performance of operations.
The industry utilizes multiple technologies that generate huge amounts
of data. Thus, the adoption of big data analytics is increasing
significantly as it analyzes huge volumes of data that help companies to
make informed business decisions. This will lead to improved efficiency
of the oil and gas E&P operations, which likely to increase oilfield
production. Therefore, the growing use of big data analytics will fuel
the global
drillships market growth during the forecast period.
Ultra-deepwater application segment will garner the highest share.
With the growing demand for oil and gas across the world, oil and gas
companies are largely investing in the oil and gas E&P activities
globally. Several ultra-deepwater oil and gas E&P projects are under
construction currently, and many are even completed. Moreover, many
contracts are being made to increase oil and gas drilling activities in
ultra-deepwater areas globally. As drillships are widely used in
drilling wells in ultra-deepwater areas, the growth in the
ultra-deepwater oil and gas E&P projects will propel the demand for
drillships in the ultra-deepwater application during the next few years.
“Ultra-deepwater drilling requires more advanced technologies that
are expensive, which had reduced their adoption during the crude oil
crisis. However, with the strong recovery of crude oil prices,
there has been a significant increase in investments pertaining to boost
oil and gas E&P activities in ultra-deepwater areas across the world.
Thus, the recovery of crude oil prices is expected to propel the demand
for drillships in the ultra-deepwater application segment during the
forecast period,” says a senior research analyst at Technavio.
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Drillships to witness fastest adoption in South America.
With the availability of the abundance of offshore oil and gas reserves
in the country, Brazil has been significantly contributing to the
offshore oil and gas activities in the region, mainly in deepwater and
ultra-deepwater areas. Moreover, several initiatives have been taken in
the country to increase investments in the offshore oil and gas sector.
Apart from Brazil, Argentina is also taking initiatives to increase the
production from its offshore oil and gas reservoirs. As a result, the
drillships market is expected to witness surging growth in South America
during the forecast period.
Technavio’s sample reports are free of charge and contain multiple
sections of the report such as the market size and forecast, drivers,
challenges, trends, and more.
Some of the key topics covered in the global
drillships market analysis include:
Market Landscape
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Market ecosystem
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Market characteristics
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Market segmentation analysis
Market Sizing
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Market definition
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Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Regional comparison
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Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
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Vendors covered
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Vendor classification
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Market positioning of vendors
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Competitive scenario
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