Subsea Well Access System Market: Introduction
- The global subsea well access system market is primarily driven by decreasing production from oil and gas reserves and aging offshore fields. Shift toward subsea regions is an emerging trend in the oil & gas production sector, marking an important divergence from the usual methods of production.
- Some of the subsea environment exists in unexplored and extremely remote parts of the earth. Working in such an environment renders intervention and monitoring extremely difficult. It poses environmental issues and unique challenges for the workers and companies alike.
Key Drivers and Restraints of Subsea Well Access System Market
- The global subsea well access system market is likely to be influenced by the rise in concern for safety and growth in need for increased production from the reserves. Expansion of exploration activities in the oil & gas industry is also anticipated to boost the global subsea well access system market. Rise in offshore exploration and production, and drilling activities is also estimated to augment the market. Rise in offshore exploration and production, and drilling activities has also led to an increase in demand for heavy intervention systems in the aging subsea wells. This is projected to open up new opportunities for the global subsea well access system market during the forecast period.
- Safety measures and production efficiency can be improved with the use of subsea well access system. Based on type, the market can be divided into rig-less and rig-based well access systems. Rig-based access system is extremely costly and is used in heavy well intervention. Rig-less well access system is cost effective and is employed in medium and light well interventions.
- Rig-based system can be sub-divided into landing string systems and completion workover riser. However, expensive and lengthy rig-based well access system is likely to offer ample opportunities for the rig-less systems. Furthermore, increase in demand for energy is likely to necessitate the usage of offshore interventions. This is expected to boost the global subsea well access system market.
- On the other hand, environmental issues pertaining to the use of the system are anticipated to hamper the global subsea well access system market
Global Subsea Well Access System Market Segmentation
- The global subsea well access system market can be segmented based on type
- In terms of type, the subsea well access system market can be bifurcated into rig-based and rig-less. Rig-based was a highly lucrative segment of the market in 2020. Demand for rig-based well access system has been rising since the last few years owing to an increase in investment in offshore activities. Thus, the rig-based segment is anticipated to expand considerably during the forecast period.
Global Subsea Well Access System Market: Regional Segmentation
- Based on region, the global subsea well access system market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America is likely to lead the global subsea well access system market during the forecast period primarily due to maturing of offshore oilfields in the Gulf of Mexico. Furthermore, recent shale discoveries in Mexico and Canada are expected to offer immense lucrative opportunities for the market in the region.
COVID-19 Impact on Subsea Well Access System Market
- The COVID-19 pandemic has adversely impacted the world due to the stringent lockdowns in all major countries. It has put the global economy in major distress. Demand for oil and gas declined significantly due to lockdowns. Furthermore, the supply of oil and gas was hampered, as various countries were under lockdown. Investments in new projects were put on hold, while some projects were cancelled. However, governments of various countries across the world have eased lockdown restrictions. Demand for petroleum products has been rising steadily. This is expected to drive the demand for subsea well access system during the forecast period.
Key Players Operating in Market
- Halliburton Company
- Weatherford International Limited
- National Oil Well Verco Inc.
- Baker Hughes Company
- Schlumberger Limited
- GE
- TechnipFMC plc
Global Subsea Well Access System Market: Research Scope
Global Subsea Well Access System Market, by Type
Global Subsea Well Access System Market, by Region
- North America
- Europe
- U.K.
- Norway
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- Nigeria
- South Africa
- Rest of Middle East & Africa
