Rising safety concerns, efficient production and increasing global exploration & production activities are expected to augment subsea well access market growth over the next six years. Stringent safety norms coupled with large penalties imposed on oil & gas operators in past few years have spurred subsea well access systems demand. Increasing offshore E&P and drilling activities have led to a surge in subsea wells and heavy intervention systems demand in mature subsea wells. This trend is estimated to positively impact market penetration in the next few years.
Application of subsea well access system improves production efficiency and safety measures. On the basis of product types, subsea well access market has been segmented into rig based and rig less well access systems. Rig based access systems are used for heavy well intervention and are highly cost-intensive. Rig less well access system is used for medium and light well intervention and is very economic. Rig based well access system has been further segmented into completion workover riser and landing string systems. Costly and time consuming rig based well access system is expected to provide high growth opportunities for rig fewer systems over the foreseeable future. Growing energy demand is expected to facilitate offshore interventions and in turn, is expected to drive market growth.
Europe was one of the largest subsea well access market in 2013 on account of large number of mature wells which require well interventions. The European market is estimated to witness average growth rates and is expected to lose share to high growth regions such as Asia Pacific and Middle East & Africa. North America is expected to emerge as the largest subsea well access market in next six years owing to maturing offshore oilfields particularly in the Gulf of Mexico. Recent shale reserve discoveries in Canada and Mexico are poised to have immense potentials for market penetration over the next few years. Asia Pacific and Middle East & Africa are projected to witness significant growth over the forecast period. Innovative technologies by the key market players are expected to positively affect overall operability of subsea well access systems.
Major players in global subsea well access market include Weatherford International Limited, Aker Solutions, FMC Technologies, National Oil Well Verco Inc., Cameron International Corporation, Proserve and Uztel Limited.
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The ongoing pandemic has led to a decline in exploration activities in the oil & gas sector. A number of EPC projects have also witnessed an indefinite pause that has transpired into a slump in the requirement for drilling and excavation services. Economic repercussions of the trend are expected to be highly evident in the Middle East. The report will account for Covid19 as a key market contributor.