PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1258863
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1258863
Subsea Well Access System Market Forecasts to 2028 - Global Analysis By Blowout Preventer Type (Annular and RAM ), Technology, Location, End User and By Geography
According to Stratistics MRC, the Global Subsea Well Access System Market is accounted for $3.97 billion in 2022 and is expected to reach $5.89 billion by 2028 growing at a CAGR of 6.79% during the forecast period. A subsea well is one in which the entire production infrastructure is situated on the ocean floor. Facilities that are submerged in water are generally referred to as "Subsea." It can also be described as a well that was dug offshore (within the sea). The prefix is also used for projects, fields, and development. The use of a subsea well access system increases production effectiveness and safety precautions.
According to BP statistical review of world energy 2020, the oil consumption grew by an average of 1.4 million barrels per day i.e., by 1.5%, which leads to drive the subsea systems market.
Market Dynamics:
Driver:
Expansion of exploration activities in the oil & gas industry
The growing demand for increased production from the reserves and the rise in safety-related worries are both likely to have an impact on the global market for subsea well access systems. The global market for subsea well access systems is anticipated to grow as exploration activities in the oil and gas sector expand. The market is predicted to grow as offshore drilling and production activities increase. The demand for heavy intervention systems in the aging subsea wells has also increased as a result of an increase in offshore exploration, production, and drilling activities.
Restraint:
Concerns with high-temperature interventions
Successful High Pressure and High Temperature (HPHT) well intervention continues to be hampered by the impact of high temperatures on equipment. The challenges these wells pose to oil and service companies are distinctive. The biggest challenge is drilling and finishing a well in 4,000- to 7,500-foot-deep water. The depth makes it necessary for wells to flow at progressively higher rates without harming the wellbore, which raises the wellhead's temperature. The conditions around shale wells, which include battering from wind, cold temperatures, constant moisture from storms, and mist from high winds, are some of the roughest in the industry in North America. Such aspects are hindering the market's expansion.
Opportunity:
New off shore discoveries
Operators have heavily shifted to offshore exploration as a result of the growing demand for oil production, and they are continuously searching the deep seas for undiscovered oil reserves. The primary factors influencing exploration and production operators to explore new offshore regions are the unprecedented advancements in exploration technology for deep water exploration and production activities, declining oil reserves in shallow water, and the commercial viability of projects.
Threat:
Strict environmental regulations & fluctuating oil prices
The number of maturing wells has increased globally, which has increased demand for well access systems and the BOP market. However, factors like fluctuating oil prices, strict environmental regulations on energy activities, and difficulties with high temperatures are anticipated to limit market growth globally. The market price of oil is a major concern for the subsea oil production sector. The economics of oil production and oilfield development can be disrupted when factors beyond the control of production companies affect oil prices frequently.
COVID-19 Impact:
The market for subsea well access systems has been significantly impacted by the COVID-19 pandemic outbreak. The demand for subsea well access systems has decreased as a result of the pandemic because exploration and production activities have been hampered by the global lockdown imposed by various governments. Oil and gas demand has decreased as a result of the COVID-19 pandemic because it has had an impact on industrial and transportation activities. As a result, investment in exploration and production activities has decreased. Due to the lockdown, the North American and European regions, where the major producers of subsea well access systems are located, are experiencing supply chain issues.
The Rig-Based segment is expected to be the largest during the forecast period
Over the forecast period, it is predicted that the rig-based segment will hold the largest share of the market. Heavy intervention has used rig based subsea well access system. The development of the rig-based well access system increased as a result of the increase in production activities in the offshore sector. It takes less time and money to complete the process. The market for rig-based well access systems in the subsea well access system is predicted to grow as a result of factors like the rising demand from deep offshore oil and gas fields.
The Onshore segment is expected to have the highest CAGR during the forecast period
In terms of revenue share, onshore applications dominated the global market for subsea well access systems and were anticipated to witness lucrative growth during the projection period. The growth is attributed to the widespread use of rig- and vessel-based systems for onshore operations. Drilling, completions, cementing, and perforating services are the main onshore activities. Depending on how deep into the reservoir the drilling is going, rotary rigs are used for drilling, and conventional mud pumps or cementing machinery are used for completion operations.
Region with largest share:
North American region is anticipated to register the largest share during the forecast period. The maturing of offshore oilfields in the Gulf of Mexico, which has generated demand for a rig-based well access system, is the primary factor that will likely cause North America to dominate the global subsea well access system market during the forecast period. Furthermore, it is anticipated that the market in the region will benefit greatly from recent shale discoveries in Canada and Mexico.
Region with highest CAGR:
Due to China's high hydrocarbon production and recent discoveries, Asia-Pacific is predicted to experience the highest growth during the forecast period. One of the biggest consumers of oil and gas in the Asia Pacific region are developing nations like India and China. The expansion of drilling projects and oil exploration activities offshore, which will increase demand for the subsea well access system, is anticipated to provide the market in the region with a wealth of profitable opportunities.
Key players in the market:
Some of the key players profiled in the Subsea Well Access System Market include: Aker solutions, Baker Hughes Incorporated, Circle T Services & Rental Ltd., Diamond Offshore drilling Inc., GMC Deepwater, Grill-Quip Inc., Halliburton Corporation, Helix, Island Offshore, KIT Oil and Gas Equipment Industry, National Oil Varco, Riverstone holdings, Schlumberger Ltd., Subsea 7, TechnipFmc Technologies Inc., Tenaris, Vallourec and Weatherford International Ltd.
Key Developments:
In March 2023, Baker Hughes, an energy technology company, and HIF Global, the world's leading eFuels company, announced their agreement to cooperate on the development of technology to capture carbon dioxide directly from the atmosphere ("CO2 Direct Air Capture" or "DAC"). More specifically, HIF Global and Baker Hughes intend to test Baker Hughes' Mosaic DAC technology pilot units to accelerate DAC deployment at commercial scale.
In December 2022, Aker BP and its partners' submission of plan for development and operation (PDO), Aker Solutions and alliance partners today sign contracts for the field development projects Yggdrasil (formerly NOAKA), Valhall PWP-Fenris and Skarv Satellites. For Aker Solutions, these projects will combined represent close to NOK 50 billion of order intake in the fourth quarter of 2022, which will be the company's highest ever quarterly order intake. For the company, these contracts are expected to generate about 50,000 work-years including ripple effects to subcontractors and others.
Blowout Preventer (BOP) Types Covered:
- Annular (BOP)
- RAM (BOP)
Technologies Covered:
- Rig-Based
- Vessel Based
Locations Covered:
- Shallow Water
- Deep Water
- Ultra-deep Water
End Users Covered:
- Offshore
- Onshore
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Technology Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Subsea Well Access System Market, By Blowout Preventer (BOP) Type
- 5.1 Introduction
- 5.2 Annular (BOP)
- 5.3 RAM (BOP)
- 5.3.1 Pipe Rams
- 5.3.2 Shear Rams
- 5.3.3 Blind Rams
- 5.3.4 Blind Shear Rams
6 Global Subsea Well Access System Market, By Technology
- 6.1 Introduction
- 6.2 Rig-Based
- 6.3 Vessel Based
7 Global Subsea Well Access System Market, By Location
- 7.1 Introduction
- 7.2 Shallow Water
- 7.3 Deep Water
- 7.4 Ultra-deep Water
8 Global Subsea Well Access System Market, By End User
- 8.1 Introduction
- 8.2 Offshore
- 8.3 Onshore
9 Global Subsea Well Access System Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 Aker solutions
- 11.2 Baker Hughes Incorporated
- 11.3 Circle T Services & Rental Ltd.
- 11.4 Diamond Offshore drilling Inc.
- 11.5 GMC Deepwater
- 11.6 Grill-Quip Inc.
- 11.7 Halliburton Corporation
- 11.8 Helix
- 11.9 Island Offshore
- 11.10 KIT Oil and Gas Equipment Industry
- 11.11 National Oil Varco
- 11.12 Riverstone holdings
- 11.13 Schlumberger Ltd.
- 11.14 Subsea 7
- 11.15 TechnipFmc Technologies Inc.
- 11.16 Tenaris
- 11.17 Vallourec
- 11.18 Weatherford International Ltd.
List of Tables
- Table 1 Global Subsea Well Access System Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Subsea Well Access System Market Outlook, By Blowout Preventer (BOP) Type (2020-2028) ($MN)
- Table 3 Global Subsea Well Access System Market Outlook, By Annular (BOP) (2020-2028) ($MN)
- Table 4 Global Subsea Well Access System Market Outlook, By RAM (BOP) (2020-2028) ($MN)
- Table 5 Global Subsea Well Access System Market Outlook, By Pipe Rams (2020-2028) ($MN)
- Table 6 Global Subsea Well Access System Market Outlook, By Shear Rams (2020-2028) ($MN)
- Table 7 Global Subsea Well Access System Market Outlook, By Blind Rams (2020-2028) ($MN)
- Table 8 Global Subsea Well Access System Market Outlook, By Blind Shear Rams (2020-2028) ($MN)
- Table 9 Global Subsea Well Access System Market Outlook, By Technology (2020-2028) ($MN)
- Table 10 Global Subsea Well Access System Market Outlook, By Rig-Based (2020-2028) ($MN)
- Table 11 Global Subsea Well Access System Market Outlook, By Vessel Based (2020-2028) ($MN)
- Table 12 Global Subsea Well Access System Market Outlook, By Location (2020-2028) ($MN)
- Table 13 Global Subsea Well Access System Market Outlook, By Shallow Water (2020-2028) ($MN)
- Table 14 Global Subsea Well Access System Market Outlook, By Deep Water (2020-2028) ($MN)
- Table 15 Global Subsea Well Access System Market Outlook, By Ultra-deep Water (2020-2028) ($MN)
- Table 16 Global Subsea Well Access System Market Outlook, By End User (2020-2028) ($MN)
- Table 17 Global Subsea Well Access System Market Outlook, By Offshore (2020-2028) ($MN)
- Table 18 Global Subsea Well Access System Market Outlook, By Onshore (2020-2028) ($MN)
- Table 19 North America Subsea Well Access System Market Outlook, By Country (2020-2028) ($MN)
- Table 20 North America Subsea Well Access System Market Outlook, By Blowout Preventer (BOP) Type (2020-2028) ($MN)
- Table 21 North America Subsea Well Access System Market Outlook, By Annular (BOP) (2020-2028) ($MN)
- Table 22 North America Subsea Well Access System Market Outlook, By RAM (BOP) (2020-2028) ($MN)
- Table 23 North America Subsea Well Access System Market Outlook, By Pipe Rams (2020-2028) ($MN)
- Table 24 North America Subsea Well Access System Market Outlook, By Shear Rams (2020-2028) ($MN)
- Table 25 North America Subsea Well Access System Market Outlook, By Blind Rams (2020-2028) ($MN)
- Table 26 North America Subsea Well Access System Market Outlook, By Blind Shear Rams (2020-2028) ($MN)
- Table 27 North America Subsea Well Access System Market Outlook, By Technology (2020-2028) ($MN)
- Table 28 North America Subsea Well Access System Market Outlook, By Rig-Based (2020-2028) ($MN)
- Table 29 North America Subsea Well Access System Market Outlook, By Vessel Based (2020-2028) ($MN)
- Table 30 North America Subsea Well Access System Market Outlook, By Location (2020-2028) ($MN)
- Table 31 North America Subsea Well Access System Market Outlook, By Shallow Water (2020-2028) ($MN)
- Table 32 North America Subsea Well Access System Market Outlook, By Deep Water (2020-2028) ($MN)
- Table 33 North America Subsea Well Access System Market Outlook, By Ultra-deep Water (2020-2028) ($MN)
- Table 34 North America Subsea Well Access System Market Outlook, By End User (2020-2028) ($MN)
- Table 35 North America Subsea Well Access System Market Outlook, By Offshore (2020-2028) ($MN)
- Table 36 North America Subsea Well Access System Market Outlook, By Onshore (2020-2028) ($MN)
- Table 37 Europe Subsea Well Access System Market Outlook, By Country (2020-2028) ($MN)
- Table 38 Europe Subsea Well Access System Market Outlook, By Blowout Preventer (BOP) Type (2020-2028) ($MN)
- Table 39 Europe Subsea Well Access System Market Outlook, By Annular (BOP) (2020-2028) ($MN)
- Table 40 Europe Subsea Well Access System Market Outlook, By RAM (BOP) (2020-2028) ($MN)
- Table 41 Europe Subsea Well Access System Market Outlook, By Pipe Rams (2020-2028) ($MN)
- Table 42 Europe Subsea Well Access System Market Outlook, By Shear Rams (2020-2028) ($MN)
- Table 43 Europe Subsea Well Access System Market Outlook, By Blind Rams (2020-2028) ($MN)
- Table 44 Europe Subsea Well Access System Market Outlook, By Blind Shear Rams (2020-2028) ($MN)
- Table 45 Europe Subsea Well Access System Market Outlook, By Technology (2020-2028) ($MN)
- Table 46 Europe Subsea Well Access System Market Outlook, By Rig-Based (2020-2028) ($MN)
- Table 47 Europe Subsea Well Access System Market Outlook, By Vessel Based (2020-2028) ($MN)
- Table 48 Europe Subsea Well Access System Market Outlook, By Location (2020-2028) ($MN)
- Table 49 Europe Subsea Well Access System Market Outlook, By Shallow Water (2020-2028) ($MN)
- Table 50 Europe Subsea Well Access System Market Outlook, By Deep Water (2020-2028) ($MN)
- Table 51 Europe Subsea Well Access System Market Outlook, By Ultra-deep Water (2020-2028) ($MN)
- Table 52 Europe Subsea Well Access System Market Outlook, By End User (2020-2028) ($MN)
- Table 53 Europe Subsea Well Access System Market Outlook, By Offshore (2020-2028) ($MN)
- Table 54 Europe Subsea Well Access System Market Outlook, By Onshore (2020-2028) ($MN)
- Table 55 Asia Pacific Subsea Well Access System Market Outlook, By Country (2020-2028) ($MN)
- Table 56 Asia Pacific Subsea Well Access System Market Outlook, By Blowout Preventer (BOP) Type (2020-2028) ($MN)
- Table 57 Asia Pacific Subsea Well Access System Market Outlook, By Annular (BOP) (2020-2028) ($MN)
- Table 58 Asia Pacific Subsea Well Access System Market Outlook, By RAM (BOP) (2020-2028) ($MN)
- Table 59 Asia Pacific Subsea Well Access System Market Outlook, By Pipe Rams (2020-2028) ($MN)
- Table 60 Asia Pacific Subsea Well Access System Market Outlook, By Shear Rams (2020-2028) ($MN)
- Table 61 Asia Pacific Subsea Well Access System Market Outlook, By Blind Rams (2020-2028) ($MN)
- Table 62 Asia Pacific Subsea Well Access System Market Outlook, By Blind Shear Rams (2020-2028) ($MN)
- Table 63 Asia Pacific Subsea Well Access System Market Outlook, By Technology (2020-2028) ($MN)
- Table 64 Asia Pacific Subsea Well Access System Market Outlook, By Rig-Based (2020-2028) ($MN)
- Table 65 Asia Pacific Subsea Well Access System Market Outlook, By Vessel Based (2020-2028) ($MN)
- Table 66 Asia Pacific Subsea Well Access System Market Outlook, By Location (2020-2028) ($MN)
- Table 67 Asia Pacific Subsea Well Access System Market Outlook, By Shallow Water (2020-2028) ($MN)
- Table 68 Asia Pacific Subsea Well Access System Market Outlook, By Deep Water (2020-2028) ($MN)
- Table 69 Asia Pacific Subsea Well Access System Market Outlook, By Ultra-deep Water (2020-2028) ($MN)
- Table 70 Asia Pacific Subsea Well Access System Market Outlook, By End User (2020-2028) ($MN)
- Table 71 Asia Pacific Subsea Well Access System Market Outlook, By Offshore (2020-2028) ($MN)
- Table 72 Asia Pacific Subsea Well Access System Market Outlook, By Onshore (2020-2028) ($MN)
- Table 73 South America Subsea Well Access System Market Outlook, By Country (2020-2028) ($MN)
- Table 74 South America Subsea Well Access System Market Outlook, By Blowout Preventer (BOP) Type (2020-2028) ($MN)
- Table 75 South America Subsea Well Access System Market Outlook, By Annular (BOP) (2020-2028) ($MN)
- Table 76 South America Subsea Well Access System Market Outlook, By RAM (BOP) (2020-2028) ($MN)
- Table 77 South America Subsea Well Access System Market Outlook, By Pipe Rams (2020-2028) ($MN)
- Table 78 South America Subsea Well Access System Market Outlook, By Shear Rams (2020-2028) ($MN)
- Table 79 South America Subsea Well Access System Market Outlook, By Blind Rams (2020-2028) ($MN)
- Table 80 South America Subsea Well Access System Market Outlook, By Blind Shear Rams (2020-2028) ($MN)
- Table 81 South America Subsea Well Access System Market Outlook, By Technology (2020-2028) ($MN)
- Table 82 South America Subsea Well Access System Market Outlook, By Rig-Based (2020-2028) ($MN)
- Table 83 South America Subsea Well Access System Market Outlook, By Vessel Based (2020-2028) ($MN)
- Table 84 South America Subsea Well Access System Market Outlook, By Location (2020-2028) ($MN)
- Table 85 South America Subsea Well Access System Market Outlook, By Shallow Water (2020-2028) ($MN)
- Table 86 South America Subsea Well Access System Market Outlook, By Deep Water (2020-2028) ($MN)
- Table 87 South America Subsea Well Access System Market Outlook, By Ultra-deep Water (2020-2028) ($MN)
- Table 88 South America Subsea Well Access System Market Outlook, By End User (2020-2028) ($MN)
- Table 89 South America Subsea Well Access System Market Outlook, By Offshore (2020-2028) ($MN)
- Table 90 South America Subsea Well Access System Market Outlook, By Onshore (2020-2028) ($MN)
- Table 91 Middle East & Africa Subsea Well Access System Market Outlook, By Country (2020-2028) ($MN)
- Table 92 Middle East & Africa Subsea Well Access System Market Outlook, By Blowout Preventer (BOP) Type (2020-2028) ($MN)
- Table 93 Middle East & Africa Subsea Well Access System Market Outlook, By Annular (BOP) (2020-2028) ($MN)
- Table 94 Middle East & Africa Subsea Well Access System Market Outlook, By RAM (BOP) (2020-2028) ($MN)
- Table 95 Middle East & Africa Subsea Well Access System Market Outlook, By Pipe Rams (2020-2028) ($MN)
- Table 96 Middle East & Africa Subsea Well Access System Market Outlook, By Shear Rams (2020-2028) ($MN)
- Table 97 Middle East & Africa Subsea Well Access System Market Outlook, By Blind Rams (2020-2028) ($MN)
- Table 98 Middle East & Africa Subsea Well Access System Market Outlook, By Blind Shear Rams (2020-2028) ($MN)
- Table 99 Middle East & Africa Subsea Well Access System Market Outlook, By Technology (2020-2028) ($MN)
- Table 100 Middle East & Africa Subsea Well Access System Market Outlook, By Rig-Based (2020-2028) ($MN)
- Table 101 Middle East & Africa Subsea Well Access System Market Outlook, By Vessel Based (2020-2028) ($MN)
- Table 102 Middle East & Africa Subsea Well Access System Market Outlook, By Location (2020-2028) ($MN)
- Table 103 Middle East & Africa Subsea Well Access System Market Outlook, By Shallow Water (2020-2028) ($MN)
- Table 104 Middle East & Africa Subsea Well Access System Market Outlook, By Deep Water (2020-2028) ($MN)
- Table 105 Middle East & Africa Subsea Well Access System Market Outlook, By Ultra-deep Water (2020-2028) ($MN)
- Table 106 Middle East & Africa Subsea Well Access System Market Outlook, By End User (2020-2028) ($MN)
- Table 107 Middle East & Africa Subsea Well Access System Market Outlook, By Offshore (2020-2028) ($MN)
- Table 108 Middle East & Africa Subsea Well Access System Market Outlook, By Onshore (2020-2028) ($MN)
