Subsea Well Access System Market, predicted to grow at more than 4.9% by 2027 :
Market Research Future published a half cooked research report on global Subsea Well Access System market. The Subsea Well Access System market is expected to grow at ~ 4.9% CAGR during the period 2018 to 2023.
Market Highlights
The subsea well access systems are installed on the sea beds where successful exploration has been carried out for extending life of existing oil wells and production of oil wells from new oil wells. Subsea well access systems are segmented on the basis of technology, as rig based systems and rig-less systems. Rig based subsea systems are further segmented into Landing string systems and workover completion, which enable heavy well intervention in the harsh subsea beds. Rig-based systems have higher cost than rig-less systems due to their complex and heavy structure. The primary function of rig-based systems is drilling, casing, and well head installation at the existing wells or new wells.
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On the basis of products, the subsea well access system market in segmented into blow out preventers, RAM Blowout preventers and annular blowout preventers. The main objective of the blowout preventers is to control the flow of formation liquids. In 2016, GE had a deal with Diamond offshore on the service based subsea blowout preventers. As there is increasing demand for oil from the developing countries and the time of OPEC production cut has been expanded, there will be new projects in the offshore. Asia Pacific region including Gulf of Thailand, and Caspian Sea are resource rich areas are not much explored yet. Projects from these regions will drive the market supported by enhancement in technology.
The projects of subsea well access systems around the regions such as North Sea and Gulf of Mexico and Gulf of Thailand are increasing creating higher demand for Rig based well access systems. The subsea well access systems are facing high competition from well access systems used for onshore projects in terms of prices. Also, the higher installation cost for the subsea well drilling is a major restraint for the subsea well access system market. MRFR predicts that recent price recovery of oil and high bidding costs for offshore projects would make subsea wells access systems, cost-effective.
The global subsea well access system market is expected to expand at ~ 4.9% CAGR during the forecast period.
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Market Research Analysis
North Sea from Europe region and Gulf of Mexico from North America region are witnessing to capture the major market share.
Europe and North America are anticipated to have a higher number of ageing oil wells and new discoveries in the North Sea and Gulf of Mexico, which have a huge potential for oil. Subsea well access systems are technologically upgraded to withstand the tough operations in the deep water and ultra-deep water projects. They help in drilling the wells in the harsher sea beds, putting wellhead, Christmas tree installation, installing the blowout preventers to maintain the pressure of the oil wells.
Scope of the Report
This report provides an in-depth analysis of the global subsea well access system market, tracking four market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the subsea well access system market by its solar technology type, tracking Type, drive system type, end-use industry type, and by region.
By Technology Type
Rig-less
Completion workover
Landing string
By Location Type
Shallow water
Ultra-deep water
By Products Type
Blowout preventers
Annular blowout preventers
By Regions
North America
Europe
Rest of the World
Key Players
The key players of the global Subsea Well Access Systems market are National Oil Varco (U.S), GE Oil and Gas (U.S.), Riverstone holdings (Singapore), Subsea 7 (U.K.) and TechnipFmc Technologies Inc. (U.K.). Helix (U.K.), Schlumberger Ltd.(U.S.), Halliburton Corporation (U.S.), Baker Hughes (U.S.), Aker solutions (Norway), GMC Deepwater (U.K.), and Tenaris (U.S.) are among others.