REPORT HIGHLIGHT
Deepwater Hydrocarbons Exploration Market size was valued at USD 4,870.2 Million in 2022, expanding at a CAGR of 12.3% from 2023 to 2030.
Deepwater exploration drilling is the method of using the ocean floor to recover oil and gas from under the earth's surface. Large volumes of natural gas and oil are extracted from and stored on oil platforms that are carefully positioned in sea bodies before being transported to the shore for refinement. Finding inaccessible oil and gas sources is helped by this approach. These resources are discovered by drilling on land-based and ship-based rigs that are placed using dynamic positioning techniques.
Deepwater Hydrocarbons Exploration Market - Market Dynamics:
- Increasing demand for automated drilling rigs propels market growth
- Industrial automation has altered business practices across all end-user industries. Automated drilling is becoming more common in the oil and gas sector. To increase reliability and improve production processes, a variety of industrial control systems and automation technologies, including DCS, PLC, SCADA, and HMI, are crucial. These technologies help to reduce human error. The drilling industry has also benefited from improved worker safety due to computer-controlled operations and robotic drilling equipment. The advancements in record management and security of crucial data in the energy business have attracted the attention of several government organizations, including ISOs and utility operators. Thus, this is expected to drive the market growth over the forecast period.
Deepwater Hydrocarbons Exploration Market - Key Insights:
- As per the analysis shared by our research analyst, the global Deepwater Hydrocarbons Exploration market is estimated to grow annually at a CAGR of around 12.3% over the forecast period (2023-2030)
- The Deepwater Hydrocarbons Exploration industry is projected to grow at a significant rate owing to the increasing investments in offshore projects
- Based on service, the deepwater exploration segment is expected to dominate the market during the forecast period
- Based on region, North America is expected to dominate the market over the forecast period
Deepwater Hydrocarbons Exploration Market- Segmentation Analysis:
- The Global Deepwater Hydrocarbons Exploration Market is segmented based on service, water depth, drilling rigs, type, and region.
- Based on service, the market is bifurcated into drilling, deepwater hydrocarbon production, and deepwater exploration. The deepwater exploration segment is expected to dominate the market during the forecast period. A key element of the deepwater hydrocarbon exploration market, deepwater exploration provides access to substantial hydrocarbon deposits in difficult offshore locations. Deepwater exploration is a crucial component of fulfilling the world's energy needs while tackling the technical and environmental difficulties connected with offshore drilling as technology and industry practices develop. Thus, this is expected to drive the segment growth during the forecast period.
Deepwater Hydrocarbons Exploration Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market over the forecast period. The region is home to some of the largest oil and gas companies in the world, which are heavily investing in deepwater exploration and production. One of the primary deepwater exploration locations in North America, the Gulf of Mexico, is said to have large untapped oil and gas deposits. Additionally, the US government has taken a variety of actions to promote deepwater exploration, including relaxing regulatory standards and offering tax benefits. It is projected that these actions will hasten the market's growth in the region.
Deepwater Hydrocarbons Exploration Market- Competitive Landscape:
Leading companies in the worldwide Deepwater Hydrocarbon Exploration market are stepping up their R&D efforts to diversify their product offerings. Additionally, these market participants use strategic alliances and partnerships that promote growth. The key players operating in the market include Petrobras, Schlumberger Ltd, Brazilian Petroleum Corporation, Petroliam Nasional Berhad, Oceaneering International Inc., Trico Marine Services Inc, Transocean Ltd, SBM Offshore, Shell plc, Subsea 7S.A., CNOOC Limited, SeaBird Exploration, PGS, Aker Solutions, Nabors Industries Ltd., Shelf Drilling Ltd, Sapura Energy Berhad, Saipem SpA, Noble Corporation and Valaris Limited.
Recent Developments:
In August 2022, a heads of agreement (HoA) for oil and gas exploration off the east and west coasts of India has been signed by ONGC and ExxonMobil. The two companies will carry out exploratory operations, concentrating on the Kutch-Mumbai region in the western offshore area and the Krishna Godavari and Cauvery basins in the eastern offshore area.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL DEEPWATER HYDROCARBONS EXPLORATION MARKET KEY PLAYERS
- Petrobras
- Schlumberger Ltd
- Brazilian Petroleum Corporation
- Petroliam Nasional Berhad
- Oceaneering International Inc.
- Trico Marine Services Inc
- Transocean Ltd
- SBM Offshore
- Shell plc
- Subsea 7S.A.
- CNOOC Limited
- SeaBird Exploration
- PGS
- Aker Solutions
- Nabors Industries Ltd.
- Shelf Drilling Ltd
- Sapura Energy Berhad
- Saipem SpA
- Noble Corporation
- Valaris Limited
GLOBAL DEEPWATER HYDROCARBONS EXPLORATION MARKET, BY SERVICE
- Drilling
- Deepwater Hydrocarbon Production
- Deepwater Exploration
GLOBAL DEEPWATER HYDROCARBONS EXPLORATION MARKET, BY WATER DEPTH
- Ultra-Deep Water
- Deep Water
GLOBAL DEEPWATER HYDROCARBONS EXPLORATION MARKET, BY DRILLING RIGS
- Complaint Tower Rigs
- Spar Platforms
- Jack-Up Rigs
- Fixed Platform Rigs
- Subsea Systems
GLOBAL DEEPWATER HYDROCARBONS EXPLORATION MARKET, BY TYPE
- Floating Operating System
- Drilling System
- Seismic Submarket
GLOBAL DEEPWATER HYDROCARBONS EXPLORATION MARKET, BY REGION
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA