LONDON--(BUSINESS WIRE)--The global subsea well access and blowout preventer system market is expected to post a CAGR of more than 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global subsea well access and blowout preventer system market is the rise in deepwater and ultra-deepwater E&P activities. For decades, oil and gas upstream companies have been extracting oil and natural gas from onshore locations. However, in recent years, the focus of companies has shifted from shallow water resources drilling to deepwater and ultra-deepwater resources drilling owing to large untapped reserves in the latter. As a result, deepwater and ultra-deepwater oil and gas projects have been increasing in number over the past few years. Moreover, the investments in offshore drilling are increasing significantly which will propel E&P activities in subsea wells. This, in turn, will stimulate the need and demand for subsea well access systems and blowout preventers during the forecast period.
As per Technavio, the declining cost of offshore drilling projects will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global subsea well access and blowout preventer system market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global subsea well access and blowout preventer system market: Declining cost of offshore drilling projects
Offshore drilling requires significant investments owing to the long timeline of projects, from production to decommissioning, and added risks. Offshore drilling projects involve high complexities and require additional equipment and methods for processing and transportation after extraction. As a result, the costs incurred in offshore drilling projects are high compared with onshore drilling projects. However, the cost of offshore oil and gas drilling projects has been decreasing over the last few years with designs of offshore equipment becoming standardized, simplified, and downsized. As the cost of offshore drilling projects is decreasing, many subsea projects are expected to begin, which increases the need for subsea well access systems and blowout preventers.
“Apart from the declining cost of offshore drilling projects, factors such as the advances in subsea processing and blowout preventers, safety and environmental concerns associated with subsea E&P activities will have a significant impact on the growth of the subsea well access and blowout preventer system market during the forecast period,” says a senior research analyst at Technavio.
Global subsea well access and blowout preventer system market: Segmentation analysis
This market research report segments the global subsea well access and blowout preventer system market by product (subsea blowout preventers and subsea well access systems) and geographic regions (North America, APAC, Europe, South America, and MEA).
The MEA region led the market in 2018, followed by APAC, Europe, North America, and South America respectively. In 2018, Angola and Saudi Arabia were the key countries that contributed toward the growth of the subsea well access and blowout preventer system market in this region. The market growth in MEA can be further attributed to the significant number of upcoming offshore deepwater projects.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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