The global deepwater and ultra-deepwater exploration and production market size is projected to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising R&D activities to enhance the deepwater oil and gas activities.
Deepwater exploration is the investigation and research of various conditions on the seabed for numerous scientific or commercial purposes. The sea and the ocean still remain largely unexplored as this type of exploration is relatively new, and relies heavily on modern equipment. The increasing demand for fossil fuels has intensified the deepwater and ultra-deepwater exploration by the petroleum companies. The exploration requires precise and elaborate methods with minimal scope for errors, as the conditions are quite extreme.
The end-users for the deep water and ultra-deepwater activities’ include oil & gas sector companies. These companies require the underwater research to find feasible and profitable zones for offshore drilling activities. Archaeology is another industry in which various historical facts are researched. The tourism industry also utilizes deep-water research to a certain extent which includes adventurous activities such as scuba diving.
The deepwater and ultra-deepwater exploration and production market remains to be challenged by the supply chain and value chain of numerous businesses and associated economic impacts of the COVID-19 pandemic. The sudden outbreak of the coronavirus pandemic has affected the global market as the governments are implementing lockdown actions and limiting the movement of the masses. These actions are having a significant effect on deepwater and ultra-deepwater exploration and production as business are facing supply chain interruptions, including suppliers, manufacturers, vendors, distributors, and end-users.
Market Trends, Drivers, Restraints, and Opportunities
- Growing demand for energy is driving the research, which is expected to boost the deepwater and ultra-deepwater exploration and production market.
- Rapid urbanization and industrialization are key factors fueling the market growth.
- Unpredictability in the high costs in the oil and gas sector can restrain the growth of the market
- Government projects are utilizing services of deep water and ultra-deep water research activities, which have been driving the growth of the deepwater and ultra-deepwater exploration and production market.
- Technological advancements is estimated to play a major role in the growth of the market in the projected timeline.
Scope of the Report
The report on the deepwater and ultra-deepwater exploration and production market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Deepwater and ultra-deepwater exploration and production Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Water Depths (Deepwater and Ultra-deepwater)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Royal Dutch Shell PLC; Exxon Mobil Corporation; BP PLC; Chevron Corporation; and China National Offshore Oil Corporation.
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Deepwater and Ultra-deepwater Exploration And Production Market Segment Insights
Ultra-deepwater segment is expected to grow at a rapid pace
Based on water depths, the market is divided into deepwater and ultra-deepwater. The ultra-deepwater segment is estimated to expand at a rapid pace due to increased demand for energy security and increase oil & gas production. Additionally, deepwater and ultra-deepwater oil and gas projects have been expanding in the past few years due to rise in investments in deepwater and ultra-deepwater drilling activities.
The Middle East & Africa is anticipated to constitute a large market share
In terms of regions, the global market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Middle East and Africa is anticipated to expand at a rapid pace during the forecast period as it provides a lot of scope for underwater research as a major part of the continent is surrounded by water bodies. Middle East & Africa dominated the market across the globe, with majority of demand coming from Nigeria, Angola, and Egypt.
Segments
Segments Covered in the Report
The global deepwater and ultra-deepwater exploration and production market has been segmented on the basis of
Water Depths
- Deepwater
- Ultra-deepwater
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Royal Dutch Shell PLC
- Exxon Mobil Corporation
- BP PLC
- Chevron Corporation
- China National Offshore Oil Corporation
Competitive Landscape
Key players competing in the deepwater and ultra-deepwater exploration and production market are Royal Dutch Shell PLC; Exxon Mobil Corporation; BP PLC; Chevron Corporation; and China National Offshore Oil Corporation.
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