Marine Driller Riser Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Below 10 inches, Between 10-15 inches, and above 15 inches); Application (Ultra Deep Water, Deepwater, and Shallow Water); and Region/Country
The Marine Driller Riser market is expected to grow at a strong CAGR of around 6% during the forecast period owing to the increasing demand for fossil fuel along with the increasing investment in offshore oil and gas technology. The global marine driller riser market has been growing at a significant pace in recent years, driven by the increasing demand for fossil fuels and offshore exploration. Offshore exploration has become increasingly popular in recent years due to the abundance of oil and gas reserves in deep waters, and this has resulted in a growing need for advanced drilling equipment and technologies, including marine driller risers. Marine driller risers are long, vertical pipes that connect the drilling rig to the wellhead, which is the device that penetrates the ocean floor and extracts oil and gas. They are critical components of offshore drilling operations, as they allow drilling fluids, such as mud, to be pumped down to the wellhead and allow the drilling rig to extract the extracted oil and gas. The offshore drilling industry is a significant consumer of marine driller risers, as these risers are essential for drilling operations in deep waters.
Some of the major players operating in the market include Tenaris, SLB, PARKER HANNIFIN CORP, Aker Solutions, Dril-Quip, Inc., Acteon Group Ltd., Baker Hughes Company, TechnipFMC plc, Weatherford, and SUBSEA7. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, Between 10-15 inches segment held a dominating share of the market in 2021”
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.
“Amongst applications, the shallow water segment is expected to register significant CAGR during the forecast period”
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.
“North America dominated the Marine Driller Riser market in 2021”
North America dominated the marine driller riser market in 2021 due to the boom in shale oil and gas exploration along with offshore drilling activities and technological advancements such as horizontal drilling and hydraulic fracking. Also, the increasing investment along with the development of the new offshore field is expected to support market growth in the region. For instance, according to the report published by the EIA in 2022, there are nine offshore field development will take place in the following year including Dome Patrol, Argos/Mad Dog 2, Olympus and others which will account for 14% of crude oil and 5% of gas production in US GoM waters.
Marine Driller Riser Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Marine Driller Riser market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Marine Driller Riser Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global marine driller riser market were the three major steps undertaken to create and analyze the adoption of marine driller riser in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global marine driller riser market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Marine Driller Riser market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the marine driller riser market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the marine driller riser market. Further, we conducted factor analysis using dependent and independent variables such as the type and application of the marine driller riser market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the marine driller riser market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global marine driller riser market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the marine driller riser market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global marine driller riser market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global marine driller riser market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type and application in the global marine driller riser market.
The main Objective of the Global Marine Driller Riser Market Study
The current & future market trends of the global marine driller riser market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the marine driller riser market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the type and application.
- Define and analysis of the regulatory framework for the marine driller riser
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the marine driller riser market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the marine driller riser market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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