Deepwater Hydrocarbons Exploration Market Size & Share to Surpass $ 9.83 Billion by 2030 | Zion Market Research
Zion Market Research
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Zion Market Research
According to Zion Market Research, the global deepwater hydrocarbons exploration market size is projected to reach USD 9.83 billion by 2030 from its value of USD 4.19 billion in 2022, at a CAGR of 11.39% during the forecast period.
SAN FRANCISCO, U.S., July 26, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Deepwater Hydrocarbons Exploration Market - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts, 2023-2030” in its research database. According to the latest research study, the global deepwater hydrocarbons exploration market size was valued at approximately USD 4.19 billion in 2022. The market is expected to grow above a CAGR of 11.39% and is anticipated to reach over USD 9.83 billion by 2030.
Deepwater exploration drilling refers to the extraction of oil and gas from beneath the surface of the earth via the seafloor. The oil platforms are firmly anchored in water bodies that store and extract vast quantities of natural gas and crude oil before transporting it to shore for refining. This method is useful for identifying inaccessible hydrocarbon and gas reserves. These resources are discovered through drilling on ship-based and land-based platforms positioned using dynamic positioning techniques.
Key Insights from Primary Research
As per the analysis, the deepwater hydrocarbons exploration market share is likely to grow above a CAGR of around 11.39% between 2023 and 2030.
The Deepwater Hydrocarbons Exploration market size was worth around USD 4.19 billion in 2022 and is estimated to hit approximately USD 9.83 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
The high demand for automated drilling rigs is likely to boost the global hydrocarbon exploration market growth.
Based on the service, the deepwater exploration segment accounts for the largest share of the global deepwater hydrocarbon exploration market.
Based on the water depth, the deepwater segment dominates the global deepwater hydrocarbon exploration market.
Based on drilling rigs, the spar platforms segment holds the largest share of the global market.
Based on type, the drilling system is the fastest-growing segment of the global market.
Based on region, North America is expected to dominate the market during the forecast period.
Competitive Players:
The report contains qualitative and quantitative research on the global deepwater hydrocarbons exploration market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global deepwater hydrocarbons exploration market include;
Demand for autonomous drilling rigs will drive global market expansion
In all end-user industries, industrial automation has revolutionized corporate operations. Automated drilling is anticipated to increase significantly in the gas and oil industry. Widespread automated technology and industrial control systems, such as HMI, SCADA, PLC, and DCS, play a crucial role in advancing manufacturing processes and improving reliability by reducing human error. Additionally, robotic drilling devices and computer-controlled operations have enhanced the security and safety of drilling industry workers.
Multiple government agencies, such as ISO, are becoming increasingly interested in advancing record administration in the energy industry. This scenario is anticipated to stimulate the expansion of the global deepwater hydrocarbon exploration market. Increasing research and development efforts are anticipated to further stimulate the expansion of the global market.
Deepwater hydrocarbon exploration is likely to slow worldwide market growth
The HSE regulations and stringent environmental regulations associated with exploration and drilling are likely to impede the expansion of the global deepwater hydrocarbons exploration market. In addition, the rising demand for renewable, sustainable energy sources is anticipated to further retard the global market's growth trajectory.
The global hydrocarbon exploration market can be segmented into service, water depth, drilling rigs, type, and region.
On the basis of service, the market can be segmented into drilling, deepwater hydrocarbon production, and deepwater exploration. The deepwater exploration segment accounts for the largest share of the global market. It refers to searching for resources and acquiring them from the deep waters. According to the ISO, deep water is said to be between 200-2000 meters below sea level.
On the basis of water depth, the market can be segmented into ultra-deep water and deep water. The deepwater segment dominates the global deepwater hydrocarbon exploration industry due to the discovery of new gas & oil fields in potential regions.
On the basis of drilling rigs, the market can be segmented into complaint tower rigs, spar platforms, jack-up rigs, fixed platform rigs, and subsea systems. The spar platforms segment holds the largest share of the global market. These spar platforms are majorly utilized in gas and oil extraction, particularly offshore ones.
On the basis of type, the hydrocarbon exploration industry is divided into floating operating system, drilling system, and seismic submarket. The drilling system is the fastest-growing segment of the global market.
North America to capture substantial market share during the forecast period
North America dominates the worldwide deepwater hydrocarbons exploration market throughout the projection period because most exploration is in the Gulf of Mexico and North Sea. The region's rising natural gas and oil output may significantly boost the regional market during the predicted period.
Gas and oil production is expected to boost growth in the Middle East and Africa. Ultra-deep and deep-water offshore oil projects are growing. Due to encouraging drilling findings, the Angolan offshore is the most anticipated region for investment. The discovery of many high-impact drilling locations is making it the world's leading deepwater hydrocarbons exploration zone. The region's top drillers include Total, Statoil, Mobil, Exxon, Eni, Chevron, and others. Nigeria has deepwater condensate and crude oil reserves in the top ten.
Due to increased gas and oil exports, Asia Pacific is likely to grow rapidly. Exploration will also be driven by rising investments. Recent government initiatives encouraging market expansion are likely to boost regional exploration. High demand for conventional hydrocarbons like natural gas and crude oil is also projected to boost the regional market. Due to strong demand for modern tech to speed up and simplify the process, research and development will also enhance regional market growth throughout the forecast period.
Report Scope:
Report Attribute
Report Details
Market Size in 2022
USD 4.19 Billion
Market Forecast in 2030
USD 9.83 Billion
Growth Rate
CAGR of 11.39%
Base Year
2022
Forecast Years
2023- 2030
Key Companies Covered
Brazilian Petroleum Corporation, Trico Marine Services Inc, Petrobras, Transocean Ltd, Oceaneering International Inc., Schlumberger Ltd, Petroliam Nasional Berhad, SeaBird Exploration, CNOOC Limited, Subsea 7S.A., Shell plc, SBM Offshore, PGS, Aker Solutions, Shelf Drilling Ltd, Nabors Industries Ltd., Sapura Energy Berhad, Saipem SpA, Valaris Limited, Noble Corporation, Seadrill Limited, Transocean Ltd., and Oceaneering International Inc.
Segments Covered
By Service, By Water Depth, By Drilling Rigs, By Type, and By Region
Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
Customization Scope
Avail customized purchase options to meet your exact research needs.
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Recent Industry Developments:
CNOOC Limited initiated the work on Lingshui 17-2 gas field in July 2021. This gas field is positioned in the Qiongdongnan Basin in the Northern Sea and is said to have a water depth of around 1,560 meters.
TotalEnergies commenced exploration on the ultra-deepwater Venus-1X well, which is an offshore site in Namibia. The process is being processed through a Maersk Drilling-owned drillship.
The global deepwater hydrocarbons exploration market is segmented as follows:
What is the market size and growth rate forecast for Deepwater Hydrocarbons Exploration industry?
What are the main driving factors propelling the Deepwater Hydrocarbons Exploration Market forward?
What are the leading companies in the Deepwater Hydrocarbons Exploration Industry?
What segments does the Deepwater Hydrocarbons Exploration Market cover?
How can I receive a free copy of the Deepwater Hydrocarbons Exploration Market sample report and company profiles?
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