Global Deepwater Hydrocarbon Exploration Market – Industry Trends and Forecast to 2029

Global Deepwater Hydrocarbon Exploration Market, ByService (Deepwater Exploration, Deepwater Drilling and Deepwater Production), Depth (Deep Water, Ultra Deep Water), Drilling Rigs (Fixed Platform Rig, Jack up Rig, Compliant Tower Rig, Subsea Systems, Spar Platforms) Industry Trends and Forecast to 2029.

Deepwater Hydrocarbon Exploration Market Analysis and Size

Deepwater hydrocarbon exploration market has witnessed significant growth in upcoming years due to the ever increasing demand for conventional hydrocarbons such as natural gas and crude oil particularly in developing markets.  According to Energy Information Administration (EIA) analysis, more than 11 percent of the proven global oil and gas reserves are deepwater reservoirs.  Furthermore, intensive research and development activities by several major companies in the deepwater hydrocarbon exploration field is projected to open new opportunities for new and existing market players.

Data Bridge Market Research analyses that the deepwater hydrocarbon exploration market was valued at USD 10.10 billion in 2021 and is expected to reach USD 18.97 billion by 2029, registering a CAGR of 8.20% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Deepwater Hydrocarbon Exploration Market Scope and Segmentation

Market Definition

Hydrocarbons found under the ocean floor are the only source of the oil and gas. These compounds are untouched whereas the oil and gas reserves are being depleted. Therefore, they are gaining popularity in the oil and gas sector. In current period, nearly 11% out of all the hydrocarbon reserves on the earth’s surface contain deep-water reserves.

Global Deepwater Hydrocarbon Exploration Market Dynamics

Drivers

• Rising demand for automated drilling rigs

In every end user industry, industrial automation has changed their corporate operations. The oil and gas industry is witnessing an increase in automated drilling. Numerous industrial control systems and automation technologies, such as DCS, PLC, SCADA, and HMI, play a vital role in improving dependability and enhancing manufacturing processes by reducing human error. Computer-controlled operations and robotic drilling machines have also aided to improve worker safety in the drilling sector. Government agencies such as ISOs, and utility operators have all conveyed an extreme interest in the advances in record management and security of essential data in the energy industry

Moreover, increasing investment in the respective projects and rise in the number of research and development projects to explore other unconventional hydrocarbon deepwater sources influence the growth of the deepwater hydrocarbon exploration market. Also, the increasing population and high consumption of energy positively affects the deepwater hydrocarbon exploration market. 

Opportunities

• Miscellaneous factors associated with deepwater hydrocarbon exploration

The deepwater hydrocarbon exploration market gained significant in last few years due to growing crude oil costs which led to the economic viability of deep-sea drilling and was further reinforced by technological advancement in the deepwater hydrocarbon exploration market. Moreover, growing number of major market players shifting their focus toward the unexplored ultradeep and deepwater hydrocarbon traps have further boosted the market's growth. This trend will create several opportunities for the market in upcoming years.  Furthermore, growing requirement and awareness for apposite regulatory framework is projected to further support the market growth during forecast period.

 Restraints/ Challenges

• Disadvantages associated with deepwater hydrocarbon exploration market

The implementation of strict environmental and HSE rules associated with drilling and exploration activities is anticipated to hinder the growth of the deepwater hydrocarbon exploration market. Also, consumer demand for sustainable and renewable energy sources is expected to challenge the global deepwater hydrocarbon exploration market during the forecast period of 2022-2029.

This deepwater hydrocarbon exploration market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the deepwater hydrocarbon exploration market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Deepwater Hydrocarbon Exploration Market Scope

The deepwater hydrocarbon exploration market is segmented on the basis of service, depth and drilling rigs. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Service

• Deepwater Exploration
• Deepwater Drilling
• Deepwater Production

Depth

• Deep Water
• Ultra Deep Water

 Drilling Rigs

• Fixed Platform Rig
• Jack up Rig
• Compliant Tower Rig
• Subsea Systems
• Spar Platforms

Deepwater Hydrocarbon Exploration Market Regional Analysis/Insights

The deepwater hydrocarbon exploration market is analyzed and market size insights and trends are provided by country, service, depth and drilling rigs as referenced above.

The countries covered in the deepwater hydrocarbon exploration market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the deepwater hydrocarbon exploration market in terms of revenue and market share due to the majority of deep sea activities which have been identified in North Sea regions and Gulf of Mexico. Also, growing technological developments and increasing oil and natural gas production will likely boost the market's growth in this region.

Asia-Pacific is anticipated to be the fastest developing during the forecast period of 2022-2029 due to the increase in investment by production and exploration industry. Moreover, increasing drilling activities and favourable government policies will likely boost the market's growth in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Deepwater Hydrocarbon Exploration Market Share Analysis

The deepwater hydrocarbon exploration market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to deepwater hydrocarbon exploration market.

Some of the major players operating in the deepwater hydrocarbon exploration market are:

• Oceaneering International, In (U.S.)
• Transocean Ltd. (Switzerland)
• Seadrill Limited (Bermuda)
• Noble Corporation (U.K.)
• Valaris Limited (U.K.)
• Saipem SpA (Italy)
• Sapura Energy Berhad (Malaysia)
• Nabors Industries Ltd. (Bermuda)
• Shelf Drilling Ltd (UAE)
• Aker Solutions (Norway)
• CGG (France)
• MODEC, INC. (Japan)
• PGS (Norway)
• SBM Offshore (Netherlands)
• Shell plc (U.K.)
• Subsea 7S.A. (U.K.)
• CNOOC Limited (China)
• SeaBird Exploration (Cyprus)
• Petroliam Nasional Berhad (PETRONAS) (Malaysia)