Market Size of Deepwater and Ultra-Deepwater Exploration and Production Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 10.50 % |
| Fastest Growing Market | Middle East and Africa |
| Largest Market | Middle East and Africa |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Deepwater and Ultra-deepwater Market Analysis
The deepwater and ultra-deepwater exploration and production market is expected to register a CAGR of more than 10.5% during the forecast period of 2022 - 2027. With the COVID-19 outbreak in Q1 of 2020, exploration and production companies were forced to delay turnarounds and postpone new operations due to the high risks of coronavirus. Factors such as rising deepwater oil and gas exploration activities, especially in the Gulf of Mexico and the North Sea, and improved viability of deepwater and ultra-deepwater projects are expected to drive the market during the forecast period. However, stringent environmental and safety regulations for oil and gas exploration and production activities to limit the carbon footprint and increasing demand for renewable and sustainable energy resources are expected to hinder the market's growth during the forecast period.
- The deepwater segment is expected to witness a significant growth rate during the forecast period.
- Factors such as technological improvements and the discovery of new oil & gas fields in Gabon, Senegal, Guyana, Trinidad & Tobago, Egypt, and the Gulf of Mexico are actively promoting the development of deepwater and ultra-deepwater reserves. This, in turn, is expected to create significant opportunities for the operating countries in the near future.
- Middle-East and Africa dominated the global market, with the majority of demand coming from Nigeria, Angola, and Egypt.
