LONDON--(BUSINESS WIRE)--The global subsea well access and blowout preventer system market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The presence of large untapped reserves has encouraged oil and gas companies to shift their focus from shallow water drilling to deepwater and ultra-deepwater drilling. Though offshore drilling, especially in ultra-deepwater environments is challenging and expensive, the recovery of crude oil prices has resulted in significant investments in such projects. Rising investments in offshore drilling will increase E&P activities in subsea wells, consequently driving the demand for subsea well access and blowout preventer systems.
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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 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
The high profitability of offshore drilling has led to an increase in demand for offshore drilling. Furthermore, the simplification and standardization of designs for offshore equipment and services have resulted in a reduction in the costs of offshore oil and gas drilling projects. This will further increase the profitability of offshore projects which will subsequently lead to an increase in subsea projects in the coming years. As a result, the demand for subsea well access and blowout preventer systems will also increase.
“Apart from the declining cost of offshore drilling projects, increasing demand for oil and natural gas coupled with safety and environmental concerns associated with subsea E&P activities will boost market growth during the forecast period,” says a senior analyst at Technavio.
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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 geographical regions (North America, Europe, APAC, South America, and MEA).
MEA region led the market in 2018, followed by APAC, Europe, North America, and South America respectively. During the forecast period, MEA is expected to maintain its dominance over the global market. This is due to the commencement of several new subsea projects and intervention efforts to enhance production from aging subsea infrastructure in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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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