Offshore Drilling Risers Market Size, Share & Industry Analysis, By Type (Marine Drilling and Tie Up Drilling), By Water Depth (Shallow, Deep, and Ultra-deep), and Regional Forecast, 2025-2032

An offshore drilling riser refers to a large diameter pipe that connects the subsea BOP (Blowout Preventer) pipe to an offshore floating platform that collects sludge back to the surface. It performs the function of guiding downhole tools, accommodating well pressure, and preventing seawater pollution by drilling fluids. The increasing demand for oil and other petroleum products has prompted the countries to find new sources of oil to become self-sufficient, thus increasing offshore drilling activities and raising the demand for drilling risers.

• According to SLB, offshore oil and gas exploration investments are expected to increase by more than 20% globally. SLB, one of the largest oil service and equipment providers in the world, expects 65 lease rounds of projects along with numerous open-door policies. It will get over 50% of its international revenue from offshore drilling projects, where the growth is driven by large development projects in Brazil, Guyana, the Middle East, and Africa, and increased exploration activities in offshore provinces of Namibia, Tanzania, Colombia, India, and the East Mediterranean.

The COVID-19 pandemic halted almost all industries with respect to production, supply chain, manufacturing, transportation, and others. The COVID-19 lockdown had a significant impact on offshore oil demand, production, and oil prices. At the same time, OPEC+ intervention in the form of historic production cuts was not enough to offset the change in oil and gas demand. As a result, Brent crude oil prices fell from pre-coronavirus crisis levels of USD 50 to USD 70 per barrel to between USD 20 and USD 40 per barrel. Overall, the impact of the COVID-19 pandemic on the offshore drilling risers market was negative.

KEY INSIGHTS

The report covers the following key insights:

• Recent Advancements in the Offshore Drilling Risers Market
• Key Industry Trends
• Regulatory Landscape for the Offshore Drilling Risers Market
• Key Industry Developments (Mergers, Acquisitions, and Partnerships)
• Impact of COVID-19 on the Market

SEGMENTATION

ANALYSIS BY TYPE

Based on type, the market is segmented into marine drilling and tie-up drilling.

The marine drilling segment is the dominating segment as they are easier to use in floating platforms. It is used by floating drilling vessels that have very little stability, and it uses a BOP on the seafloor, due to which marine risers do not need to contain full well pressure. Marine drilling risers require high costs and design analysis.

Tie-up drilling risers are a simplified version of offshore drilling risers. It is a smaller, thicker-walled pipe used with surface BOPs, which is used with fixed platforms and stable floating platforms. Construction, installation, and operation of tie-up risers are simple and cost-effective compared to marine drilling risers.

ANALYSIS BY WATER DEPTH

Based on water depth, the global market for offshore drilling risers is segmented into shallow, deep, and ultra-deep.

Shallow water drilling has a depth of upto 300m and has blowout preventers (BOPs) above the surface of the water that is accessible for maintenance, inspection, and repair. Such drilling is carried out in mature reservoirs. The deep-water segment, which refers to drilling at 300 to 1500 meters’ depth, accounts for the highest market share due to the considerable potential of hydrocarbons. For this reason, governments and operators are focusing on production and investments in deep and ultra-deep waters. Technological advancements have helped to explore profound and ultra-deep water-associated exploration activities, which is further boosting the growth of this segment.

REGIONAL ANALYSIS

The offshore drilling risers market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific is projected to be the fastest-growing region due to an increase in the number of new offshore projects, rising energy demand due to an increase in population, and infrastructure development programs in the oil and gas industry.

North America is also expected to witness growth owing to increasing offshore drilling and exploration activities, as well as advanced technologies. The Middle East and Africa are projected to be lucrative regions for the development of this market, owing to the sizable offshore oil and gas reserves present in the region. With over 57% of the world's proven oil reserves and about 41% of the natural gas resources, the region plays a significant role in the global energy ecosystem. The region is home to some of the largest conventional onshore and offshore oil fields in the world. In Latin America, investment has increased in the past decade. Among major offshore producing regions, Brazil and Guyana are expected to account for a reasonable share of the global market.

KEY PLAYERS COVERED

The report includes profiles of key players, such as Tenaris, SLB, Aker Solutions, Parker Hannifin, Dril-Quip, Baker Hughes, Claxton Engineering Services Ltd., Subsea7, Weatherford, and TechnipFMC.

KEY INDUSTRY DEVELOPMENTS

• June 2022- Schlumberger and Subsea7 signed an agreement to renew their Subsea Integration Alliance for a further period of seven years. The alliance has successfully combined numerous complementary capabilities and market-leading technologies of OneSubsea and Subsea7 and also worked collaboratively with clients to design, develop, and deliver integrated SPS and SURF solutions proven to optimize the cost and efficiency of deep-water drilling developments.
• January 2021- Tenaris and Subsea7 signed an agreement to supply pipelines and coating services for the Bacalhau project operated by Equinor. The deal includes the supply of 75 km of seamless pipes for risers and manways that will be manufactured at Dalmine, Tenaris' seamless pipes plant in Italy.