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Subsea Well Access and BOP System Market - Growth, Trends, and Forecast (2020 - 2025)
The 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
- ABOUT THIS REPORT
- Market Snapshot
- Market Overview
- Scope of the Report
- Key Market Trends
- Competitive Landscape
- Major Players
- TABLE OF CONTENTS
Market Snapshot
Study Period:
2018-2025
Base Year:
2019
Fastest Growing Market:
South America
Largest Market:
Europe
CAGR:
Greater Than 6 %
Major Players:
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Market Overview
The global subsea well access and BOP system market is expected to grow at a CAGR of 6% over the period of 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 is expected to have maximum share in the global subsea well access system market and 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 2018. 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 | |
| Ram BOP |
| Geography | |||||||
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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.
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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. Whereas daily oil production in the country is about 11.4 million barrel, and annual export is of 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.
To understand geography trends, Download Sample Report.
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. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Market Dynamics
4.4.1 Drivers
4.4.2 Restraints
4.5 Supply Chain Analysis
4.6 Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitutes Products and Services
4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Subsea Well Access System - By Type
5.1.1 Vessel-based Well Access Systems
5.1.2 Rig-based Well Access Systems
5.2 Subsea BOP System - By Type
5.2.1 Annular BOP
5.2.2 Ram BOP
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Russia
5.3.2.2 United Kingdom
5.3.2.3 Norway
5.3.2.4 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 Australia
5.3.3.2 China
5.3.3.3 India
5.3.3.4 Indonesia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Venezuela
5.3.4.3 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 Saudi Arabia
5.3.5.2 Iran
5.3.5.3 Qatar
5.3.5.4 Egypt
5.3.5.5 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Aker Solutions ASA
6.4.2 Baker Hughes, a GE Co.
6.4.3 Halliburton Company
6.4.4 Schlumberger Limited
6.4.5 Weatherford International PLC
6.4.6 National-Oilwell Varco Inc.
6.4.7 Oceaneering International
6.4.8 TechnipFMC PLC
6.4.9 Kerui Group Co. Ltd
6.4.10 Rongsheng Machinery Manufacture Ltd
6.4.11 Expro Holdings UK2 Limited
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability
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