Research and Markets: Subsea Well Access at $4 Bln by 2019

Research and Markets has released the addition of the “Subsea Well Access and BOP System Market by Type, BOP Type and Geography – Global Trends & Forecasts to 2019” report.

The blowout preventer systems market is expected to reach $5.8 billion by 2019 at a CAGR of 7.7%.

Leading manufacturers in the subsea well access system market are Cameron International Corporation (U.S.), National Oilwell Varco Inc. (U.S.), Proserv (U.K.), Rongsheng Machinery Manufacturer Ltd (China) and UZTEL Ltd (Romania).

The subsea well access system market is growing with increased safety regulations, offshore drilling activities, and rising need of production efficiency. Well access takes place while drilling and performing intervention activities in a well. Its market witnessed a high growth and is expected to increase in future, due to increased requirement for new subsea wells and growth in need for intervention in old subsea wells. Onshore wells have a 20-30% more recovery rate because intervention is easily possible. Thus, companies are trying hard to come up with dynamic systems, which can perform intervention efficiently, saving time and cost. The well access system plays a very important role in this scenario. The market is estimated to reach about 4 billion by 2019.

The trend of intervention is expected to change with vessel based also known as Riserless light well intervention is expected to increase exponentially. Costly and time-consuming rig-based intervention techniques will show a declining trend. With the increasing demand of energy, offshore is emerging as a new avenue of investment, thus escalating the number of well interventions, which in turn will lead to higher demand for well access systems.

In a similar way, the blowout preventer market witnessed high growth in recent years due to increased safety concerns and drilling activities conducted by various National Oil Companies (NOC). Blowout preventer systems can be classified into two types- Annular Type and RAM type. The RAM type BOP can be of three types- Pipe RAM, Blind RAM, and Shear RAM.

The report focuses on subsea well access system market by type and geography. The value of the market for well access system is analyzed in detail for all major countries. The study covers different strategies such as contract agreements, equipment supply, mergers & acquisition, geographical expansions, and others. FMC Technologies, Aker Solutions, Weatherford International Limited, GE Energy, Tenaris, and Cross Group are the dominant market leaders that provide this equipment.

As per the rig count analysis, Asia-Pacific is the biggest market in terms of drilling activities followed by the North America and the South America. However, as per the value market, the CAGR of Europe is the highest which is 8.6% followed by the Middle East and Africa regions. By the end of 2019, the second market is expected to be dominated by the Middle East region.

Press Release, May 08, 2014