Recovering crude oil prices have driven investments in offshore exploration and production (E&P) activities worldwide. A significant upsurge in the number of final investment decisions for several offshore projects has been prominent over the past couple of years, driving the contracts for offshore drilling risers. With crude oil prices stabilizing, offshore activity in the North Sea region has been witnessing a significant surge, expected to drive the offshore drilling riser market demand in the forecast period.
MARKET SCOPE
The "Global Offshore Drilling Riser Market Analysis to 2028" is a specialized and in-depth study of the manufacturing and construction industry with a special focus on global market trend analysis. The report aims to provide an overview of the steam condenser for the thermal power plant market with detailed market segmentation by type, application, and geography. The global offshore drilling riser market is expected to witness rapid growth during the forecast period. The report provides key statistics on the market status of the leading offshore drilling riser market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global offshore drilling riser market is segmented by type, and application.
- On the basis of type, the market is segmented into Marine Drilling Riser, Tie-back Drilling Riser.
- On the basis of application, the market is segmented into Industrial, Commercial, Residential.
MARKET DYNAMICS
Drivers-
- Shale gas production and the rising number of offshore projects worldwide are expected to drive market growth.
Restrains
- Unstable crude oil prices and a widening rising crude oil supply-demand gap are anticipated to restrain the growth potentials of the offshore drilling riser market in the forecast period.
REGIONAL FRAMEWORK
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 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The automotive connector's 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 trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the automotive connector's market in these regions.
IMPACT OF COVID-19
The covid-19 pandemic has greatly impacted the oil and gas industry. Workers in every industry were affected, but offshore crews faced unique challenges due to the nature of their jobs and work environments-where social distancing was nearly impossible. Oil and gas companies were forced to delay turnarounds and postpone new operations and activities. Offshore workers faced high coronavirus exposure risks transported to and from worksites while working in close contact with other crew members. More than one-and-a-half years later, the offshore industry is struggling to return to a new normal, with masks, temperature checks, worksite sanitation, and vaccination requirements in place to reduce the spread of the coronavirus and the new Delta variant. In the Q1 of 2021, activity levels in the oil and gas sector stood at 5.1% less than at the end of 2019 before the pandemic hit globally. In May 2020, Oil States Industries, Inc., a manufacturer of products and services for the traditional and renewable energy sectors, announced its new Managed Pressure Drilling and Riser Gas Handling System. The MPD and RGH System integrates managed pressure drilling and riser gas handling into a deepwater drilling riser to unlock greater speed, economy, performance, and safety. Thus, it will help the market in aiding or recovering from the covid-19 disruptions.
MARKET PLAYERS
The reports cover key developments in the offshore drilling riser market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from offshore drilling riser market are anticipated to lucrative growth opportunities in the future with the rising demand for offshore drilling riser in the global market. Below mentioned is the list of few companies engaged in the offshore drilling riser market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the offshore drilling riser 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 three years, the key development in the past five years.
- Tenaris
- Schlumberger Limited
- Aker Solutions
- Parker Hannifin Corp
- Dril-Quip, Inc.
- Baker Hughes, a GE Company LLC
- Claxton Engineering
- SUBSEA 7
- Weatherford
- TechnipFMC plc