Marine Driller Riser Market: Current Analysis and Forecast (2022-2028)

Marine Driller Riser Market: Current Analysis and Forecast (2022-2028)

A marine driller riser is a vital component of offshore drilling operations. It is a long, flexible pipe that connects the drilling rig to the wellhead and allows drilling fluids, cuttings, and gas to be removed from the drilling site. Marine driller risers are typically made of steel or other high-strength materials and are designed to withstand the harsh conditions of offshore drilling. They are usually composed of several sections, including a riser pipe, a swivel, and a connector. The riser pipe is the longest section of the riser and runs from the drilling rig to the wellhead. The swivel allows the riser to rotate and absorb any movement caused by the drilling operations. The connector attaches the riser to the wellhead and provides a secure connection. The primary function of a marine driller riser is to transport drilling fluids, cuttings, and gas from the wellhead to the surface.

The Marine Driller Riser Market is expected to grow at a strong CAGR of 6% during the forecast period owing to the increasing demand for fossil fuels along with technological advancements such as deepwater and ultra-deepwater exploration. Moreover, The marine driller riser is also used to control the pressure and flow of these fluids and gases. Pressure sensors and valves are typically located along the length of the riser, and these sensors and valves are used to regulate the flow of fluids and gases and monitor pressure levels.

• 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.
• For a better understanding of the market adoption of the marine driller riser industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Spain, Italy and Rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific), Rest of World. 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 development of the new offshore field is expected to support the market growth in the region. For instance, in September 2020, Equinor — an energy organization — declared the revelation of new oil and gas fields in the region Further, in October 2020, another oil and gas organization, Total, and its accomplices declared that they would assess a few improvement choices for commercializing another gas and condensate disclosure. Such revelations of new offshore oil and gas reserves across the area help the development of new plants and prerequisites for new offshore drilling activities and support the market growth of the marine driller riser.
• 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.