Global Drillships Market to Grow by USD 3.57 Billion During 2019-2023
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.
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.
Comments
Post a Comment