Critical for off-shore drilling operations, subsea fasteners contain pressure and bear load, ensuring proper functioning of equipment, and valves, making off-shore drilling operations safe and reliable. And, as gas and oil exploration takes off substantially, the global subsea fasteners market would see a higher growth trajectory from 2018 to 2026.
It is also worth noting here that the fact that subsea fasteners enable adequate performance, and help prevent failures that can prove costly in terms of both money and human life, is massively working in favor of their use over the forecast period.
Some of the significant factors of growth are outlined below:
- In 2019, various leases were shelled out and the number broke records – 50. Players are highly focused on certain regions, seen as hotbeds, such as Africa, Latin America, and the Mediterranean region, known to lead the exploration landscape. In terms of BOE (Barrels of Oil Equivalent), a four-year record was broken in 2019 with a BOE of 12.2 billion. Out of total, 26 new discoveries we made in the aforementioned hotbeds. These discoveries come to 100 BOE. This proves that a high trajectory is taken by these discoveries.
- Population will touch the 9.7 billion mark – an additional 2 billion - by 2050. This population will need oil and gas for a number of reasons such as vehicular fuel, products such as detergents, and personal care products such as lotions. They will also need houses and heating mechanisms in the houses. All, this is a perfect foundation for a massive increase in demand for oil, leading to exploration and drilling activities. This, in turn, will lead to a healthy demand for subsea fasteners, helping the global subsea fasteners market chart an upward facing curve, steep and sturdy over the forecast period.
Global Subsea Fasteners Market: Overview
Subsea fasteners are used for critical offshore drilling operations. The major challenge in subsea fastener is in terms of material selection, quality assurance/control, traceability and documentation for manufacture and delivery, to ensure adequate performance, integrity and avoidance of costly failures. Critical subsea fastener is pressure containing and primary load bearing forgings, but may affect functionality of valves, equipment, and instruments for safe, reliable, and cost-effective operations. New oilfield discoveries on offshore are expected to boost the demand for subsea fasteners. Rapid depletion of oil reserves is influencing the outlook of the global oil & gas industry. Efforts are being taken to explore new oilfield reserves, particularly in North Sea, South China Sea, Gulf of Mexico, and the Persian Gulf. This, in turn, is anticipated to offer substantial growth opportunities to the subsea fasteners market in the near future.
Global Subsea Fasteners Market: Drivers & Restraints
Revitalization of aging field wells is anticipated to drive offshore activities. This increase in offshore production is estimated to augment the demand of subsea fasteners. Subsea offers several challenges for oil & gas exploration. This requires advance planning. The oil & gas industry is engaged in identifying advanced techniques and technologies that can help it maximize revenues from existing brownfields and new assets by enhancing their output. Several major oil & gas industries still do not have established subsea intervention policies. However, this scenario is gradually changing. Increase in number of oil & gas companies have begun to realize the need for regular interventions in their growing portfolios of subsea wells. This is expected to drive the subsea fasteners market in the near future. However, volatility of crude oil prices can hinder the subsea fasteners market. Subsea fasteners affects the exploration and production oil companies and EPC or service provider companies.
Global Subsea Fasteners Market: Key Segments
The subsea fasteners market can be segmented based on type, application, and region. Based on type, the subsea fasteners market can be divided into all thread stud bolts, engineer stud bolts, double-ended stud bolts, waisted engineer stud bolts, socket caps crews, heavy hexagon bolts and setscrews (hex head capscrews), bi-hex bolts & screws (ferry heads or 12-point bolts), hook bolts, tee bolts, u-bolts, heavy hex nuts, and washers. Based on application, the subsea fasteners market can be divided into oil & gas, power generation, petrochemical, and others. The oil and gas segments accounted major share for subsea fasteners market.
Global Subsea Fasteners Market: Regional Outlook
Based on region, the subsea fasteners market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America held the major share of the subsea fasteners market in 2017, followed by Asia Pacific and Middle East & Africa. North America dominated the subsea fasteners market in 2017, owing to the presence of a large number of rig wells in the U.S. and Canada. The U.S. had more than 850 rigs, while Canada owned more than 200 rigs in 2017. This offers key opportunities to the subsea fasteners market in the region. Middle East & Africa is a rapidly expanding region of the subsea fasteners market. Nigeria accounts for prominent share of the subsea fasteners market in the region. In terms of value, Asia Pacific constituted substantial share of the global subsea fasteners market in 2017, owing to the discovery of a large number of offshore reserves in the region.
Global Subsea Fasteners Market: Key Players
Key players operating in the global subsea fasteners market include LSP Holding (UK) LTD, Hague Fasteners Ltd., Doxsteel Fasteners, Thomas Smith Fasteners, HCL Fasteners Ltd, and MARO Fasteners B.V.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.