ID: MRFR/E&P/4602-HCR | February 2021 | Region: Global | 100 pages
subsea well access systems market is projected to expand at ~ 4.9% CAGR during the forecast period.
Global Subsea Well Access Systems Market
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.
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.
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 is 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.
The global subsea well access systems market is projected to expand at ~ 4.9% CAGR during the forecast period.
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.
|Market Size||2027: Significant Value|
|CAGR||4.9% CAGR (2020-2027)|
|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|
Frequently Asked Questions (FAQ) :
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.
The landing string technology segment is slated to expand as the fastest-growing segment.
The rig-based subsea well acess systems segment is slated to expand as the fastest-growing segment.
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.