Deepwater and Ultra-Deepwater Drilling Market to grow at a CAGR of 4.97% from 2022 to 2027|Increasing demand for oil and gas will drive market growth -Technavio

NEW YORK, July 31, 2023 /PRNewswire/ -- The deepwater and ultra-deepwater drilling market is estimated to grow at a CAGR of 4.97% between 2022 and 2027. The market size is forecast to increase by USD 3,708.2 million, according to Technavio - View the Sample report

Deepwater and Ultra-Deepwater Drilling Market Insights -

• Vendors: 15+, Including Aban Offshore Ltd., Baker Hughes Co., Chevron Corp., Diamond Offshore Drilling Inc., Dolphin Drilling AS, Eni SpA, Halliburton Co., Nabors Industries Ltd., Noble Corp. Plc, Oceaneering International Inc., Schlumberger Ltd., Seadrill Ltd., Transocean Ltd., Valaris Ltd., and Aker Solutions ASA, among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: application (deepwater drilling and ultra-deepwater drilling), type (drillships and semisubmersible), and geography (North America, APAC, Europe, Middle East and Africa, and South America)

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Deepwater and Ultra-Deepwater Drilling Market - Vendor Insights

The growing competition in the market is compelling vendors to adopt various growth strategies, such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors, including - Aban Offshore Ltd., Baker Hughes Co., Chevron Corp., Diamond Offshore Drilling Inc., Dolphin Drilling AS, Eni SpA, Halliburton Co., Nabors Industries Ltd., Noble Corp. Plc, Oceaneering International Inc., Schlumberger Ltd., Seadrill Ltd., Transocean Ltd., Valaris Ltd., and Aker Solutions ASA.

Deepwater and Ultra-Deepwater Drilling Market – Market Dynamics

Key Driver

The increasing demand for oil and gas is a key factor driving market growth. The consumer demand for oil and gas is increasing due to growth in global population growth and economic development. Developing countries such as China and India are experiencing unprecedented increases in energy demand. The increasing use of oil and gas in various sectors, such as manufacturing, power generation, and transportation, also contributes to this increase in demand.

Furthermore, the deepwater and ultra-deepwater drilling market is becoming increasingly important to meet the growing demand for oil and gas. These untapped reserves offer strategic solutions. The Gulf of Mexico, which is a major region for deepwater drilling, currently accounts for 20% of all U.S. crude oil production, underscoring the critical role deepwater drilling plays in meeting the world's energy needs. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

The growing adoption of digital technologies is a major trend in the market. The increasing use of digital technologies such as machine learning and artificial intelligence is contributing to the efficiency of corporate processes. For example, ExxonMobil partnered with Microsoft in 2021 to use cloud-based technologies such as AI and machine learning to improve reservoir performance and reduce drilling costs. The use of digital technology enables companies to effectively monitor and analyze large amounts of data in real time, identify potential issues, and make informed decisions to optimize drilling operations. Hence, these factors are expected to drive deepwater and ultra-deepwater drilling market growth during the forecast period.

Significant Challenges

The high initial investment and operational costs are significant challenges restricting the market growth. High initial investment and operating costs are the main reasons for the challenges of deepwater drilling. This specialized form of drilling requires extensive infrastructure, such as offshore platforms, subsea pipelines, and wellhead systems, which can cost billions of dollars to develop and maintain. ExxonMobil, for example, is investing $10 billion in developing the Payara field off Guyana, which includes deepwater drilling to depths of over 1,500 meters. These high initial costs can make it difficult for SMEs to enter the market and compete with established players. In addition, high initial costs can threaten profitability in the event of a sudden drop in oil prices or an increase in operating costs, making return on investment difficult. Hence, these factors are expected to drive deepwater and ultra-deepwater drilling market growth during the forecast period.

Drivers, Trends & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a sample report!

The deep-water and ultra-deepwater drilling market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.

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What are the key data covered in this Deepwater And Ultra-Deepwater Drilling Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the deepwater and ultra-deepwater drilling market between 2023 and 2027
• Precise estimation of the size of the deepwater and ultra-deepwater drilling market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the deepwater and ultra-deepwater drilling market across North America, APAC, Europe, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of deepwater and ultra-deepwater drilling market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market Overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global deepwater and ultra-deepwater drilling market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global deepwater and ultra-deepwater drilling market 2017 - 2021 ($ million)

• 4.2 Application Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Deepwater drilling - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Deepwater drilling - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Deepwater drilling - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Deepwater drilling - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Deepwater drilling - Year-over-year growth 2022-2027 (%)

• 6.4 Ultra-deepwater drilling - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Ultra-deepwater drilling - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Ultra-deepwater drilling - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Ultra-deepwater drilling - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Ultra-deepwater drilling - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Application 
• Exhibit 42: Market opportunity by Application ($ million)
• Exhibit 43: Data Table on Market opportunity by Application ($ million)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 44: Chart on Type - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 46: Chart on Comparison by Type
• Exhibit 47: Data Table on Comparison by Type

• 7.3 Drill ships - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Drill ships - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Drill ships - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Drill ships - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Drill ships - Year-over-year growth 2022-2027 (%)

• 7.4 Semisubmersible - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Semisubmersible - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Semisubmersible - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Semisubmersible - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Semisubmersible - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 56: Market opportunity by Type ($ million)
• Exhibit 57: Data Table on Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 63: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027 
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 75: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027 
• Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 Saudi Arabia - Market size and forecast 2022-2027 
• Exhibit 83: Chart on Saudi Arabia - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on Saudi Arabia - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on Saudi Arabia - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Saudi Arabia - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027 
• Exhibit 87: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Mexico - Market size and forecast 2022-2027 
• Exhibit 91: Chart on Mexico - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on Mexico - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on Mexico - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Mexico - Year-over-year growth 2022-2027 (%)

• 9.11 Norway - Market size and forecast 2022-2027 
• Exhibit 95: Chart on Norway - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on Norway - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on Norway - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Norway - Year-over-year growth 2022-2027 (%)

• 9.12 China - Market size and forecast 2022-2027 
• Exhibit 99: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ million)
• Exhibit 104: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 Aban Offshore Ltd.
• Exhibit 111: Aban Offshore Ltd. - Overview
• Exhibit 112: Aban Offshore Ltd. - Product / Service
• Exhibit 113: Aban Offshore Ltd. - Key offerings

• 12.4 Aker Solutions ASA
• Exhibit 114: Aker Solutions ASA - Overview
• Exhibit 115: Aker Solutions ASA - Business segments
• Exhibit 116: Aker Solutions ASA - Key news
• Exhibit 117: Aker Solutions ASA - Key offerings
• Exhibit 118: Aker Solutions ASA - Segment focus

• 12.5 Baker Hughes Co.
• Exhibit 119: Baker Hughes Co. - Overview
• Exhibit 120: Baker Hughes Co. - Business segments
• Exhibit 121: Baker Hughes Co. - Key news
• Exhibit 122: Baker Hughes Co. - Key offerings
• Exhibit 123: Baker Hughes Co. - Segment focus

• 12.6 Chevron Corp.
• Exhibit 124: Chevron Corp. - Overview
• Exhibit 125: Chevron Corp. - Business segments
• Exhibit 126: Chevron Corp. - Key news
• Exhibit 127: Chevron Corp. - Key offerings
• Exhibit 128: Chevron Corp. - Segment focus

• 12.7 Diamond Offshore Drilling Inc. 
• Exhibit 129: Diamond Offshore Drilling Inc. - Overview
• Exhibit 130: Diamond Offshore Drilling Inc. - Product / Service
• Exhibit 131: Diamond Offshore Drilling Inc. - Key offerings

• 12.8 Dolphin Drilling AS
• Exhibit 132: Dolphin Drilling AS - Overview
• Exhibit 133: Dolphin Drilling AS - Product / Service
• Exhibit 134: Dolphin Drilling AS - Key offerings

• 12.9 Eni SpA
• Exhibit 135: Eni SpA - Overview
• Exhibit 136: Eni SpA - Business segments
• Exhibit 137: Eni SpA - Key offerings
• Exhibit 138: Eni SpA - Segment focus

• 12.10 Halliburton Co.
• Exhibit 139: Halliburton Co. - Overview
• Exhibit 140: Halliburton Co. - Business segments
• Exhibit 141: Halliburton Co. - Key news
• Exhibit 142: Halliburton Co. - Key offerings
• Exhibit 143: Halliburton Co. - Segment focus

• 12.11 Nabors Industries Ltd. 
• Exhibit 144: Nabors Industries Ltd. - Overview
• Exhibit 145: Nabors Industries Ltd. - Business segments
• Exhibit 146: Nabors Industries Ltd. - Key news
• Exhibit 147: Nabors Industries Ltd. - Key offerings
• Exhibit 148: Nabors Industries Ltd. - Segment focus

• 12.12 Noble Corp. Plc
• Exhibit 149: Noble Corp. Plc - Overview
• Exhibit 150: Noble Corp. Plc - Business segments
• Exhibit 151: Noble Corp. Plc - Key news
• Exhibit 152: Noble Corp. Plc - Key offerings
• Exhibit 153: Noble Corp. Plc - Segment focus

• 12.13 Oceaneering International Inc. 
• Exhibit 154: Oceaneering International Inc. - Overview
• Exhibit 155: Oceaneering International Inc. - Product / Service
• Exhibit 156: Oceaneering International Inc. - Key offerings

• 12.14 Schlumberger Ltd.
• Exhibit 157: Schlumberger Ltd. - Overview
• Exhibit 158: Schlumberger Ltd. - Business segments
• Exhibit 159: Schlumberger Ltd. - Key news
• Exhibit 160: Schlumberger Ltd. - Key offerings
• Exhibit 161: Schlumberger Ltd. - Segment focus

• 12.15 Seadrill Ltd.
• Exhibit 162: Seadrill Ltd. - Overview
• Exhibit 163: Seadrill Ltd. - Business segments
• Exhibit 164: Seadrill Ltd. - Key offerings
• Exhibit 165: Seadrill Ltd. - Segment focus

• 12.16 Transocean Ltd.
• Exhibit 166: Transocean Ltd. - Overview
• Exhibit 167: Transocean Ltd. - Product / Service
• Exhibit 168: Transocean Ltd. - Key offerings

• 12.17 Valaris Ltd.
• Exhibit 169: Valaris Ltd. - Overview
• Exhibit 170: Valaris Ltd. - Business segments
• Exhibit 171: Valaris Ltd. - Key offerings
• Exhibit 172: Valaris Ltd. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 173: Inclusions checklist
• Exhibit 174: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 175: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 176: Research methodology
• Exhibit 177: Validation techniques employed for market sizing
• Exhibit 178: Information sources

• 13.5 List of abbreviations
• Exhibit 179: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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