Subsea Well Access and BOP System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Subsea Well Access and BOP System Market is segmented by Subsea Well Access System Type (Vessel-based Well Access Systems and Rig-based Well Access Systems), Subsea BOP System Type (Annular BOP and Ram BOP), and Geography (North America (United States, Canada, Rest of North America), Europe (Russia, United Kingdom, Norway, Rest of Europe), Asia-Pacific (Australia, China, India, Indonesia, Rest of Asia-Pacific), South America (Brazil, Venezuela, Rest of South America), Middle-East and Africa (Saudi Arabia, Iran, Qatar, Egypt, Rest of Middle-East and Africa))

Market Snapshot

Subsea Well Access and BOP System Market - Market Summary
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: South America
Largest Market: Europe
CAGR: <6 %

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Market Overview

The subsea well access and BOP system market is expected to register a CAGR of less than 6% during 2020-2025. Rising deepwater offshore development activities, owing to the increasing viability of the offshore oil and gas projects, is expected to drive the subsea well access and BOP system market, globally. The costs of several offshore oil and gas projects have reduced significantly, as the upstream companies have been ensuring the viability in a lower price environment, such as shale oil and gas play. However, higher oil price volatility during the recent years, owing to the supply-demand gap, geopolitics, and several other factors, has been restraining the growth of the subsea well access and BOP system market.

  • Vessel-based well access systems are expected to have maximum share in the global subsea well access system market and the annular BOP system is expected to have maximum share in the global subsea BOP system market, in 2018.
  • Europe is estimated to have the maximum share of the subsea well access and BOP system market, in 2019. Additionally, the growth rate of the South America region is expected to be the highest during the forecast period, primarily due to the rapidly developing offshore activities in the region, over the forecast period.
  • Digitalization and advancements in bop technology, after the Deepwater Horizon oil spill of April 2010, to efficiently prevent accident, is expected to act as an opportunity for subsea well access and BOP system market.

Scope of the Report

The subsea well access and BOP system market report include:

Subsea Well Access System - By Type
Vessel-based Well Access Systems
Rig-based Well Access Systems
Subsea BOP System - By Type
Annular BOP
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Rest of Asia-Pacific
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
Rest of Middle-East and Africa

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Key Market Trends

Vessel-based Well Access Systems to Dominate the Market

  • The oil and gas industry is engaged in a growing movement to identify new techniques and technologies, which can help them to maximize revenues from existing brownfields and new assets by enhancing their output.
  • Hence, the industry is moving toward the vessel-based/ rigless well access system. The rigless well intervention is a system, in which smaller vessels and light well access technology are used to perform well operations, avoiding the need for a larger drillship or rig and associated riser pipework.
  • Vessel-based well access systems have lower operating expenditure (OPEX) than rig-based well access systems and contain multipurpose vessel-based services, which reduces mobilization/demobilization costs. With cost-effective well intervention and decommissioning, for many operators, rigless technology offers a route to realizing greater efficiencies.
  • Hence, with the increasing deepwater and ultra-deepwater activities in the South American, North American, and European regions. Moreover, the production from the deepwater fields is expected to reach 7.6 million barrel per day by 2025 and 9 million barrels per day by 2040. The need for a vessel-based well access system is expected to increase in the coming years on account of opportunities offered by the upcoming discoveries and drilling activities.
Subsea Well Access and BOP System Market - Revenue Share, by Type

Europe to Dominate the Market

  • Europe is expected to dominate the subsea well access and BOP system market and to grow at a significant rate over the forecast period.
  • Russia had a 106.2 billion barrel proved reserve, as of 2018. The daily oil production in the country is about 11.4 million barrel, and annual export is approximately USD 129.2 billion. There are already more than 9,500 wells drilled as of 2019.
  • In total, 102 wells were drilled on the UKCS in 2018 (85 development, eight explorations, and nine appraisals). With the most recent tax break, production activities in discoveries, as mentioned earlier, are expected to commence during the forecast period.
  • The Norwegian parliament has opened most of the North Sea, the Norwegian Sea, and the Barents Sea South (including Southeast) for petroleum activities. The Norwegian Petroleum Directorate has estimated that around 47% of all the remaining resources on the shelf are still undiscovered. In the Norwegian shelf, between 2007 and 2017, about 380 wildcat wells were completed. More than 50%, of which, have resulted in discoveries, which is a high success rate per wildcat well by international standards.
  • Therefore, rising offshore oil and gas activities in the region are expected to increase the demand for subsea well access and BOP system market over the forecast period in the European region.
Subsea Well Access and BOP System Market - Growth Rate by Region

Competitive Landscape

The subsea well access and BOP system market is partially consolidated, due to the small number of companies operating in the industry. The key players in this market include Baker Hughes Company, Schlumberger Limited, National Oilwell Varco Inc., Shandong Kerui Holding Group Co. Ltd, and Weatherford International PLC.

Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Market Dynamics

      1. 4.4.1 Drivers

      2. 4.4.2 Restraints

    5. 4.5 Supply Chain Analysis

    6. 4.6 Porter's Five Forces Analysis

      1. 4.6.1 Bargaining Power of Suppliers

      2. 4.6.2 Bargaining Power of Consumers

      3. 4.6.3 Threat of New Entrants

      4. 4.6.4 Threat of Substitutes Products and Services

      5. 4.6.5 Intensity of Competitive Rivalry


    1. 5.1 Subsea Well Access System - By Type

      1. 5.1.1 Vessel-based Well Access Systems

      2. 5.1.2 Rig-based Well Access Systems

    2. 5.2 Subsea BOP System - By Type

      1. 5.2.1 Annular BOP

      2. 5.2.2 Ram BOP

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Rest of North America

      2. 5.3.2 Europe

        1. Russia

        2. United Kingdom

        3. Norway

        4. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. Australia

        2. China

        3. India

        4. Indonesia

        5. Rest of Asia-Pacific

      4. 5.3.4 South America

        1. Brazil

        2. Venezuela

        3. Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. Saudi Arabia

        2. Iran

        3. Qatar

        4. Egypt

        5. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Aker Solutions ASA

      2. 6.4.2 Baker Hughes Company

      3. 6.4.3 Halliburton Company

      4. 6.4.4 Schlumberger Limited

      5. 6.4.5 Weatherford International PLC

      6. 6.4.6 National-Oilwell Varco Inc.

      7. 6.4.7 Oceaneering International

      8. 6.4.8 TechnipFMC PLC

      9. 6.4.9 Kerui Group Co. Ltd

      10. 6.4.10 Rongsheng Machinery Manufacture Ltd

      11. 6.4.11 Expro Holdings UK2 Limited

    5. *List Not Exhaustive

**Subject to Availability

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Frequently Asked Questions

The Subsea Well Access and BOP System Market market is studied from 2016 - 2026.

The Subsea Well Access and BOP System Market is growing at a CAGR of <6% over the next 5 years.

South America is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2020.

Baker Hughes Company, Schlumberger Limited, National Oilwell Varco Inc., Shandong Kerui Holding Group Co. Ltd, Weatherford International Plc. are the major companies operating in Subsea Well Access and BOP System Market.

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