Market Size of Deep Water Drilling Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 7.80 % |
| Fastest Growing Market | Middle-East and Africa |
| Largest Market | South America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Deep Water Drilling Market Analysis
The deepwater drilling market is expected to grow significantly with CAGR more than 7.8% along with the increasing offshore oil and gas exploration activities during the period of 2020-2025. Factors such as rising deepwater oil and gas activity especially in the Gulf of Mexico, Brazil and the North Sea, improved viability of deepwater and ultra-deepwater projects, and tightening supply-demand gaps are expected to drive the market during the forecast period. However, volatile crude oil prices, instability in the oil & gas industry, and higher challenges in developing deepwater prospects, are likely to affect the growth of the deepwater drilling market.
- The deepwater drilling sector is expected to witness a significant growth rate over the forecast period owing to the upcoming deepwater exploration and production projects in countries such as Brazil, Guyana, Nigeria, and others.
- Factors, such as technological improvements and increasing viability of deepwater and ultra-deepwater projects, several new markets, such as Gabon, Senegal, Guyana, Trinidad & Tobago, Egypt, and the Mexican side of 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.
- South America is going to dominate the market across the globe following with Middle East & Africa with the majority of the demand coming from Nigeria, Angola, and Egypt.
