LONDON--(BUSINESS WIRE)--The global deepwater and ultra-deepwater drilling market is expected to post a CAGR of more than 8% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global deepwater and ultra-deepwater drilling market size is the rise in deepwater and ultra-deepwater E&P activities. The growing population and industrial developments are increasing the global demand for energy. Thus, governments of various countries are taking initiatives to improve energy security by increasing oil and gas production. Moreover, deepwater and ultra-deepwater oil and gas projects have been increasing over the past few years owing to rising investments in deepwater and ultra-deepwater drilling. Hence, the rise in E&P activities will drive the growth of the deepwater and ultra-deepwater drilling market during the forecast period.
As per Technavio, the advances in offshore pressure control technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global deepwater and ultra-deepwater drilling market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Deepwater And Ultra-Deepwater Drilling Market: Advances in Offshore Pressure Control Technologies
A majority of the incidents and fatal accidents on the rig floor happen due to the manual handling of rig equipment. This is pushing oil and gas operators and regulators to enhance oilfield safety by adopting new technologies which meet the safety requirements in deepwater and ultra-deepwater oil and gas operations. Some of the oil and gas companies are focusing on constructing revolutionary pressure control equipment that allows well operators to see inside the wellhead. Many companies are focusing on improving equipment such as offshore blowout preventer (BOP) systems to tackle the challenges posed by ultra-deepwater oilfield reservoirs. Such advances in drilling technologies are expected to enhance the safety of deepwater and ultra-deepwater well drilling activities.
“Apart from the advances in offshore pressure control technologies, other factors such as the technological advances in deepwater and ultra-deepwater drilling rigs, and declining costs of offshore drilling projects will have a significant impact on the deepwater and ultra-deepwater drilling market growth during the forecast period,” says a senior analyst at Technavio.
Global deepwater and ultra-deepwater drilling market: Segmentation analysis
This market research report segments the global deepwater and ultra-deepwater drilling market by application (deepwater drilling, and ultra-deepwater drilling) and geographic regions (North America, Europe, APAC, South America, and MEA).
The MEA region led the deepwater and ultra-deepwater drilling market in 2018, followed by South America, North America, APAC, and Europe respectively. The rising global demand for oil and gas is spurring capacity expansion of the oil and gas industries in the Middle East. This is expected to fuel the demand for drilling activities in the region, which will drive the growth of the deepwater and ultra-deepwater drilling market during the forecast period.
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Five Forces Analysis
- Regional comparison
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- Vendors covered
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- Competitive scenario
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