Increasing Demand for Fossil Fuel Along with the Increasing Offshore Exploration Has Propelled the Growth of the Marine Driller Riser Market in the North America Region!

A marine driller riser is a type of equipment used in offshore drilling operations. It is a long, vertical pipe that connects the drilling rig to the wellhead, which is the device that penetrates the ocean floor and extracts oil and gas. The riser pipe allows drilling fluids, such as mud, to be pumped down to the wellhead and allows the drilling rig to extract the extracted oil and gas. In addition to the increasing demand for fossil fuels and offshore exploration, other factors such as technological advancements, government regulations, and economic conditions have also impacted the growth of the marine driller riser market in the North American region. Overall, the growing demand for fossil fuels and offshore exploration has been a key driver of the growth of the marine driller riser market in the North American region.

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Further, the Marine Driller Riser Market is expected to grow at a strong CAGR of 6.0% during the forecast period (2022-2028). North America is anticipated to emerge as the fastest-growing marine driller riser market primarily owing to offshore exploration which has become increasingly popular in the region due to the abundance of oil and gas reserves in the Gulf of Mexico and other offshore areas. This has resulted in a growing need for advanced drilling equipment and technologies, including marine driller risers, to support these operations. The North American region has been a significant producer of fossil fuels, including oil and gas, for many years. The increasing demand for these resources has led to an increase in offshore exploration and drilling activities. This, in turn, has resulted in a growing need for marine driller risers, which are essential for drilling operations in deep waters. The rising demand for these products has driven the growth of the marine driller riser market in the North American region.

FIG. 1 North America Marine Driller Riser Market Revenue (2020-2028)- USD Mn

For a detailed analysis of the Global Marine Driller Riser Market browse through

Based on type, the market is segmented into below 10 inches, between 10-15 inches and above 15 inches. Between 10 to 15 inches marine driller riser segment is expected to hold a significant market share during the forecast period owing to the increasing demand from shallow water exploration areas. Also, the growth in the renewable energy sectors is also expected to drive the market growth due to the incorporation of the marine driller riser in larger wind farm projects. In addition, the demand for 10 to 15 inches marine driller risers can be influenced by a variety of factors, including offshore drilling activities, oil and gas prices, technological advancements, government regulations, and economic conditions.

Based on application, the market is segmented into ultra-deep water, deep water, and shallow water. The marine driller riser in the shallow water segment is expected to register a significant CAGR during the forecast period. Also, the increasing offshore exploration and production activities attributed to the increasing demand for energy are expected to support the market growth. For instance, according to the IEA, the offshore oil and gas production for the year 2016 was 26.4 and 17.5 thousand barrels of oil equivalent per day respectively and expected to reach 27.4 and 29.6 thousand barrels of oil equivalent for oil and gas respectively under new policies scenario and 18.7 and 23.5 thousand barrels of oil equivalent per day for oil and gas respectively under sustainable development scenario by the year 2040.

Global Marine Driller Riser Market Segmentation

Market Insight, by Type

· Less than 10 inches

· Between 10-15 inches

· Above 15 inches

Market Insights, by Application

· Ultra Deep Water

· Deep Water

· Shallow Water

Market Insight, by Region

· North America

o U.S.

o Canada

o Rest of North America

· Europe

o Germany

o UK

o France

o Spain

o Italy

o Rest of Europe

· APAC

o China

o Japan

o India

o Rest of APAC

· Rest of the World

Top Company Profiles

· Tenaris

· SLB

· PARKER HANNIFIN CORP

· Aker Solutions

· Dril-Quip, Inc.

· Acteon Group Ltd.

· Baker Hughes Company

· TechnipFMC plc

· Weatherford

· SUBSEA7