Deepwater and Ultra-Deepwater Drilling Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Global Deepwater and Ultra-Deepwater Drilling Market: Snapshot
Various factors such as increased deepwater oil and gas activity, particularly in the North Sea and the Gulf of Mexico, better feasibility of deepwater and ultra-deepwater projects, and a narrowing supply-demand gap are projected to drive the global deepwater and ultra-deepwater drilling market. Deepwater project development, however, poses a number of hurdles, even for the most seasoned participants. While the industry has gone through a long learning curve and technological breakthroughs, deepwater production prices have decreased. Players still face a slew of obstacles, resulting in deepwater project development timeframes of up to twelve years. As a result, the related offshore project risks are likely to stymie the market's expansion.
Due to forthcoming deepwater exploration as well as production projects in countries such as Nigeria, Guyana, Brazil, and others, deepwater oil and gas projects are likely to increase at a high rate in the years to come.
Numerous emerging markets, such as Trinidad & Tobago, Egypt, Gabon, Guyana, Senegal, and the Mexican side of the Gulf of Mexico, are assertively encouraging the growth of deepwater and ultra-deepwater reserves. Various factors such as technological advancements are also expected to bolster growth of the market. As a result, the participating countries are projected to benefit the market significantly in the near future. The Middle East and Africa dominated the global market, with Egypt, Nigeria, and Angola are likely to account for the majority of demand.
One of the primary causes for growth of the global deepwater and ultra-deepwater drilling market is the rise in deepwater and ultra-deepwater exploration and production operations. Governments from many nations are taking steps to strengthen energy security and expand oil and gas production as the worldwide demand for energy rises owing to population growth and industrial expansion. Furthermore, due to increased investment in deepwater and ultra-deepwater drilling, the number of deepwater and ultra-deepwater oil and gas projects has increased in recent years. Furthermore, new growth prospects are expected to emerge in the coming years as drilling technology advance and traditional extraction methods are phased out.
Global Deepwater and Ultra-Deepwater Drilling Market: Overview
Perpetual growth across the global deepwater and ultra-deepwater drilling market can be attributed to a range of factors. The Gulf of Mexico has become an area of interest for miners and oil excavators. The Gulf encapsulates a large expanse of pipelines, and in 2018, there were over 3300 deepwater wells in the Gulf of Mexico. The viability of oil exploration activities around this area has created ripples across several oil-related markets. The deepest wells in the Gulf of Mexico go up to 150 meters. The use of drilling systems for deepwater operations has gathered momentum in recent times.
Governments in oil-rich nations have focused on accelerating deepwater drilling operations in order to foster economic stability. This factor has generated huge-scale revenues within the global deepwater and ultra-deepwater drilling market. Several modules for improving the efficiency of oil drilling operations have been conceptualised over the past decade. Exploration activities are under the radar of focus across marine regions.
The aforementioned developments across the oil exploration sector have prompted TMR Research (TMR) to study the dynamics of the global deepwater and ultra-deepwater drilling market. A report by TMR defines the role of the oil industry in propelling demand across the global deepwater and ultra-deepwater drilling market. The report also summarizes the subsidiary factors that could usher in fresh revenue potential in the global market.
The global deepwater and ultra-deepwater drilling market can be segmented on the basis of the following parameters: application and region.
Global Deepwater and Ultra-Deepwater Drilling Market: Notable Developments
The strategies of leading market players are capable of causing disruptions in the overall contours of the global deepwater and ultra-deepwater drilling market. Some of the recent developments in the competitive landscape are explained below:
Other notable players in the global deepwater and ultra-deepwater drilling market are Ensco Rowan Plc, Schlumberger Ltd., and Halliburton Co.
Global Deepwater and Ultra-Deepwater Drilling Market: Growth Drivers
The depletion of oil reserves has compelled researchers to delve into the gravity of the problem. In most cases, drilling operations at the surface of the seabed fail to fetch oil or gas. Hence, ultra-deepwater drilling operations have gained popularity across the oil industry.
New drillships have come to the fore in recent times. The Maersk drillship created a world-record for the deepest digging operation. These oil exploration hacks have also played a vital role propelling the market demand.
Global Deepwater and Ultra-Deepwater Drilling Market: Regional Outlook
On the basis of geography, the global deepwater and ultra-deepwater drilling market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The expansive operations across the Gulf of Mexico have given a thrust to the market in Latin America.
The global deepwater and ultra-deepwater drilling market is segmented on the basis of:
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