subsea well access systems market share is projected to expand at 4.9% CAGR during the forecast period 2022-2030.
Due to the pandemic, there has been a decline in oil reserves and prices. This has pushed major oil & gas companies have shifted their attention toward technological advancements in inventing tools and techniques. Due to aging facilities, increased water cut with constrained topside facilities, increasing flow assurance challenges, growing operating costs, and integrity challenges is major factors that led to mature wells. They are also becoming operational and economically unviable as there are developments and entries of players with strong investments in the Subsea Well Access Systems Market.
The costs of several offshore oil and gas projects have been reduced significantly. The upstream companies have ensured viability in a lower price environment, such as shale oil and gas play. Vessel-based good access systems have lower operating expenditure (OPEX) than rig-based good access systems and contain multipurpose vessel-based services, which reduces mobilization/demobilization costs. With cost-effective good intervention and decommissioning, ringless technology offers a route to realizing greater efficiencies for many operators.
The key players of the global subsea well access systems market are National Oil Varco (U.S), GE Baker Hughes(U.S.), Riverstone holdings (Singapore), Subsea 7 (U.K.) TechnipFmc Technologies Inc. (U.K.), and Helix (U.K.). Schlumberger Ltd.(U.S.), Halliburton Corporation (U.S.), Weatherford international(U.S.), Aker solutions (Norway), GMC Deepwater (U.K.), and Tenaris (U.S.) are among others.
Statoil Petroleum AS had announced the new reserves discovery near the Grane field in the North Sea. The assessment of the reservoir was done before as well, but, it was declared insignificant, back then. With the help of new technologies and reassessment of assets, the estimated reserves were ten times larger than what was projected. Thus, new offshore oil discoveries with the help of better technology present a huge opportunity for the Subsea Well Access Systems Market and BOP market in the future. Schlumberger Limited (U.S.) offers a qualitative series of products, services, technology, information solutions, and integrated project management solutions for the oil & gas industry. The company mainly offers its products under four segments: production, drilling, reservoir characterization, and Cameron. It operates its business in 85 countries globally and has 80 research and engineering technology centers. Also, the company's new developments and products recently launched generated approximately 20% of the group revenue.
Well access systems are technologies that include products to facilitate the exploration, drilling and field development of the oil and gas resources. Usually, oil is produced from oil fields, which are located either onshore or offshore. The subsea well access system are carried out on both shallow water and deep water oil resources. For oil production, the basic well access involves the installation of the wellhead along with the completion equipment.
On the basis of technology, the subsea well access systems market is segmented by type that includes Rig based subsea well access systems and Rig-less/Vessel based subsea well access systems. The rig based subsea well access system market is further segmented into two technologies as completion and workover risers and Landing string technology. Rig based access systems are predominantly used when the existing rig is removed from its operations and well is intervened again.
The global subsea well access systems market to grow at 4.9% CAGR, driven by the fact that there are increasing number of ageing oil wells in the offshore region around the world. Oil filed operators are implementing complete well intervention technologies that include the well access system products and services. For instance, Norwegian continental shelf in the North Sea has around 50 wells that are maturing at a faster pace. The global subsea well access systems market is further segmented as by products (include products). One of the well access system product is blowout preventer, which is required when wells get mature, so that the pressure in the wells can be maintained with blowout preventers. The blowout preventer is expected to command a larger market share because of the fact that with. The other major driver for the market of subsea well access systems is the declining shallow water resources, which have spurred technological development. This allows offshore well access systems in deeper, harsher environments around the particular regions such as North Sea and Gulf of Mexico. Besides, the increasing demand for oil from developing nations such as China and India, there are increasing oil exploration and drilling projects in the offshore sector that will require field development and well access in the subsea bed.
Subsea Well Access Systems deal with various technologies that form a portfolio as a complete solution for oil well drilling and wellhead systems in the offshore. The global oil upstream industry is witnessing strict regulations relating to oil spill preventions and rig tools management after the increasing awareness for safety of oil field operations. For instance the oil spill accident in the deep water horizons lead to strict safety regulations for operating offshore to eliminate oil spillage incidents. This has resulted in the development of new technologies by major oilfield service operator companies to provide solutions for subsea oil well access. Besides, most of the oil wells around the world are already nearing their end of operational life and oil production from these wells are constantly declining. To optimize oil production from these wells, the well intervention techniques are used in the new and mature oil wells, therefore oil field service provider and manufacturers are investing in the subsea well access systems.
The Europe region and the North American region is expected to dominate the subsea well access systems market with increasing offshore activities in the North Sea and the Gulf of Mexico. Also, the number of mature oil fields are on the rise in these regions, it is expected that, many upstream oil companies would increasingly look into the subsea well access systems methods for increased projects for well intervention. The Asia Pacific region is expected to closely follow these regions with countries such as Thailand is also looking forward implement subsea well access systems in their offshore oil fields.
|Market Size||2030: Significant Value|
|CAGR||4.9% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Product and Location|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||National Oil Varco (U.S), GE Baker Hughes(U.S.), Riverstone holdings (Singapore), Subsea 7 (U.K.) TechnipFmc Technologies Inc. (U.K.), and Helix (U.K.). Schlumberger Ltd.(U.S.), Halliburton Corporation (U.S.), Weatherford international(U.S.), Aker solutions (Norway), GMC Deepwater (U.K.), and Tenaris (U.S.)|
|Key Market Opportunities||New product launches and R&D amongst major key players|
|Key Market Drivers||Increasing number of ageing oil wells in the offshore region around the world|
The global Subsea well access systems is expected to record a substantial market valuation.
The global Subsea well access systems is projected to register a moderate 4.9% CAGR in the forecast period.
A few major market players operating in the global Subsea well access systems are GE Baker Hughes(U.S.), National Oil Varco (U.S), Riverstone holdings (Singapore), Subsea 7 (U.K.) among others.
The rig-based subsea well acess systems segment is slated to expand as the fastest-growing segment.
The landing string technology segment is slated to expand as the fastest-growing segment.