Global Deepwater and Ultra-Deepwater Drilling Market 2019-2023

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.

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