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Subsea Well Access System Market Research Report – Segmented By Type (Rig based and Rig-Less/Vessel) Size, Share, Trends and Growth Analysis Report and Region - Industry Forecast | 2023 to 2028

Published: March, 2023
ID: 11152
Pages: 150
Formats: report pdf report excel report power bi report ppt

Subsea Well Access System Market Size (2023-2028):

The Global Subsea Well Access System Market is predicted to grow from USD 3.73 billion in 2022 and is anticipated to reach a valuation of USD 5.2 billion by 2028, at a compound annual expansion rate (CAGR) of 5.80% over the foreseen period 2023-2028.

New discoveries at sea, and the growing call for subsea well access systems, would stimulate the market for subsea well access systems. Subsea well access systems address various portfolio technologies as a complete solution for oil well drilling and offshore wellhead systems. The upstream worldwide oil industry is experiencing stringent regulations for oil spill prevention and drilling tool management following heightened awareness of the safety of oil field operations. For example, the deep-water horizon oil spill accident led to strict safety regulations for offshore operations to eliminate oil spill incidents. This has led to the development of new technologies by the main oil service operating companies to provide access solutions to subsea oil wells.

Market Trends:

The most critical factor in the development of subsea oil and gas fields is the safe and reliable installation of subsea equipment with an increased need for interventions as the field matures. Additionally, operators are under great pressure to maximize recovery rates from difficult obstacles, as the average age of subsea wells is more than 10 years. Stakeholders in the subsea well access system invest in cutting-edge technologies to ensure safe and effective solutions to overcome the challenges they may encounter during offshore campaigns. Different subsea wells have different durations and characteristics, and therefore constructing subsea well access systems to ensure productivity involves substantial effort.

Market Drivers:

With oil reserves and prices falling, major oil and gas companies have turned to technological advancements by inventing tools and techniques. Presently, firms are concentrating on escalating recovery and extending the life of mature wells, exceeding natural production levels. Increased water outages with limited surface facilities, increased flow assurance challenges, increased operating costs, and integrity issues, due to aging facilities, are the main factors that have led to the maturity of wells. These factors also become operational and economically unsustainable over time. This has led to a growing call for a well-access system. Apart from this, landline services also help oil and gas operators to lower down-the-well metering devices, such as those employed in logging wells.

Market Restraints:

One of the main concerns of the subsea oil production industry is the price of oil in the market. Oil prices are often affected by factors beyond the control of producing companies, which can disrupt the economics of production and development of oil fields. Since subsea production involves comparatively more exploration, drilling, production, and transportation costs, a long-term drop in oil prices can negatively affect offshore production more than traditional onshore production. Exploration and production work in offshore wells take time, and the payback time is close to a decade for deepwater drilling which is two times that of onshore works that involve shale operations. Financial risks for operators are greatest in offshore wells.

Market Opportunities:

With the growing need for oil production, operators have turned to large-scale offshore exploration and are constantly on the lookout for untapped oil reserves in deep waters. Unprecedented advancements in exploration technology for deep-water exploration and production activities, declining shallow-water oil reserves, and the commercial viability of projects are major drivers of E&P operators to explore new offshore regions. Advances in exploration technology for deep-sea exploration and production activities are contributing to new discoveries of subsea oil reserves. For instance, in the year 2014, Statoil Petroleum AS declared the discovery of new reserves in 2014 near the Grane field in the North Sea. The discovered reserve was evaluated in 1992 but later deemed insignificant. Thanks to new technologies and the revaluation of assets, the estimated reserves were ten times greater than those projected. Hence, the latest offshore oil discoveries with the assistance of better technology show a huge opportunity for the subsea well access system and the BOP industry in the coming years.

Market Challenges:

The effect of high temperature on equipment remains a challenge in successful high-pressure, high-temperature (HPHT) well intervention. These wells present unique challenges for oil and service companies. The biggest challenge is drilling and completing a well at water depths of 4,000 to 7,500 feet. Depth forces wells to flow at a higher rate without damaging the well, which raises the temperature of a wellhead. Some of the toughest industrial environments in North America include conditions around shale wells, such as gales, cold temperatures, constant humidity from storms, and fog from high winds. It also includes the geophysical conditions of the Gulf of Mexico.

Market Recent Developments:

  • Norwegian engineering and outsourcing company Aker Solutions has introduced a workover system designed to enable faster and more cost-effective scheduled interventions for offshore oil and gas fields.
  • Halliburton launches a new subsea well control software package. Boots and Coots Services, a Halliburton company, has developed the Worldwide Rapid Response Package, a set of services employed in subsea well control events.

SUBSEA WELL ACCESS SYSTEM MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 – 2028

Base Year

2022

Forecast Period

2023 - 2028

CAGR

5.80%

Segments Covered

By Type, and Region

 

Various Analyses Covered

Global, Regional and country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

 

 

 

 

 

Market Leaders Profiled

Aker Solutions (Norway), Baker Hughes Incorporated (U.S.), Circle T Service & Rental, Ltd. (Canada), COR International, LLC (U.A.E.), Diamond Offshore Drilling, Inc. (U.S.), Drilling Services Limited (U.K.), Dril-Quip, Inc. (U.S.), GE Oil & Gas (U.K.), Halliburton Company (U.S.), Island Offshore (Norway), Key Energy Services (U.S.), KIT Oil and Gas Equipment Industry, LLC (U.A.E.), National Oilwell Varco, Inc. (U.S.), Oceaneering International, Inc. (U.S.), Optime Subsea Services (U.S.), Parker Hannifin, Corp. (U.K.), Proserv (U.S.), Rongsheng Machinery Manufacture, Ltd. Of Huabei Oilfield Hebei (China), Schlumberger Limited (U.S.), TechnipFMC, PLC (U.S.), Tenaris (Luxembourg), UZTEL S.A. (Romania), Vallourec (France), Weatherford International Limited (U.S.), and 4Subsea (Norway) and Others.

 

Market Segmentation:

Subsea Well Access System Market - By Type:

  • Rig-based subsea well access systems
  • Rig-less subsea well access systems

Market Regional Analysis:

The Subsea Well Access System Market Report includes the segmentation of Regions:

  • North America 
  • Europe 
  • Asia Pacific
  • Latin America 
  • Middle East & Africa 

The North American market is currently the largest market for subsea well access systems and BOPs, followed by the Middle East and Asia-Pacific. Increased oil and gas production activities in the United States are driving the subsea well access system and the base of the pyramid market. The United States market is estimated to be the fastest-growing market in the region, followed by the Canadian market, during the foreseen period. The Europe region and the North American region are predicted to dominate the subsea well access systems market with increased offshore activities in the North Sea and the Gulf of Mexico. Furthermore, with the number of mature oil fields escalating in these regions, many upstream oil companies are predicted to continuously turn to subsea well access systems methods to scale up well intervention projects. The Asia-Pacific region is predicted to closely follow these regions, and countries such as Thailand also hope to implement subsea well access systems in their offshore oil fields.

Impact of COVID-19 on the Subsea Well Access System Market:

In India, all forms of public transport by rail, road, and air have been suspended until May 17, 2020. Call for fossil fuels, except for LPG and domestic natural gas, is plummeting. As a result of the development, refineries are forced to immediately reduce their performance by 25-30%. Oil-importing countries can benefit from a low oil price while exporting countries will have to find a way to generate revenue from an alternative mechanism. Covid-19 will seriously push the oil industry into the intensive care unit, where the lack of ventilators will seriously harm the industry. During COVID-19 and beyond, lawmakers must take care of the oil industry because the survival of the oil industry is key to reviving economies.

Market Key Players:

  1. Aker Solutions (Norway)
  2. Baker Hughes Incorporated (U.S.)
  3. Circle T Service & Rental, Ltd. (Canada)
  4. COR International, LLC (U.A.E.)
  5. Diamond Offshore Drilling, Inc. (U.S.)
  6. Drilling Services Limited (U.K.)
  7. Dril-Quip, Inc. (U.S.)
  8. GE Oil & Gas (U.K.)
  9. Halliburton Company (U.S.)
  10. Island Offshore (Norway)
  11. Key Energy Services (U.S.)
  12. KIT Oil and Gas Equipment Industry
  13. LLC (U.A.E.)
  14. National Oilwell Varco, Inc. (U.S.)
  15. Oceaneering International, Inc. (U.S.)
  16. Optime Subsea Services (U.S.)
  17. Parker Hannifin, Corp. (U.K.)
  18. Proserv (U.S.)
  19. Rongsheng Machinery Manufacture, Ltd
  20. Huabei Oilfield Hebei (China)
  21. Schlumberger Limited (U.S.)
  22. TechnipFMC, PLC (U.S.)
  23. Tenaris (Luxembourg)
  24. UZTEL S.A. (Romania)
  25. Vallourec (France)
  26. Weatherford International Limited (U.S.)
  27. 4Subsea (Norway)

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FAQ's

What is the Subsea Well Access System Market growth rate during the projection period?

The Global Subsea Well Access System Market is expected to grow with a CAGR of 5.80% between 2023-2028.

What can be the total Subsea Well Access System Market value?

The Global Subsea Well Access System Market size is expected to reach a revised size of USD 5.2 billion by 2028.

Name any three Subsea Well Access System Market key players?

Proserv (U.S.), Rongsheng Machinery Manufacture, Ltd, and Huabei Oilfield Hebei (China) are the three Subsea Well Access System Market key players.

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