MarketsandMarkets released the report “Subsea Well Access and BOP System Market Global Trends & Forecasts to 2019” which defines and segments the global well access and BOP market with analysis and forecasts of the global revenue.
The global subsea well access market is estimated to grow from over $3.2 Billion in 2014 to nearly $4.1 Billion by 2019, at a CAGR of over 5.1%. The global BOP market is estimated to grow over $3.9 Billion in 2014 to nearly $5.8 Billion by 2019, at a CAGR of over 7.7%.
Increased subsea drilling activities and requirement for efficient oil and gas production drive the need for equipment like subsea well access and BOP systems. The demand for hydrocarbons escalates drilling activities, which sequentially lead to higher demand for equipment like drilling rigs and BOP. Efficient oil and gas production on subsea wells is very important in order to optimize cost and expenditure. Well access system plays a very important role for the optimization of cost. Rising safety regulations and attention towards higher production efficiency plays a key role in the growth of well access and BOP systems.
Currently Europe is the largest market for subsea well access systems with largest number of subsea wells eligible for intervention. This market is growing at a very high growth rate and will maintain its statues until 2019. South America holds the second position in the market; however, Africa will replace it by 2019. The rising need for production efficiency in order to maximize oil and gas production is resulting in enlarged well intervention demand. Subsequently, an amplified demand for the well access system is being expected with mounting well intervention demand.
Strict and stringent safety regulations are being imposed in subsea drilling activities due to high risk of unusual accidents. One of such accidents is BP Plc.’s Macondo well’s explosive blowouts due to the failure of BOP. Subsea drilling operators are emphasizing more on safety equipment such as BOP, in order to maximize safety and operational efficiency. The demand of BOP is increasing with rising safety concerns as most current modern rigs are loaded with additional BOPs to provide extra safety. Asia-Pacific is currently dominating the BOP market followed by the Middle East, and North America. Africa, Europe, and South America are the emerging markets for BOP. The golden triangle of Brazil, the U.S., Gulf of Mexico, and West Africa, which have large-scale offshore drilling activities are some of the key markets for BOP.
The Subsea Well Access and Blowout Preventer (BOP) System Market report analyzes and projects the subsea well access and BOP system market by type, and geography. The well access market by type includes riser based well access system, which can further be classified as completion work over riser system, landing string system, and through tube rotary drilling system, and riser less well access system (also known as riser less light well intervention system). The subsea BOP market by type includes Annular BOP market and RAM type BOP market. The market by geography includes Asia-Pacific, Europe,Africa, the Middle East, North America, and South America.
The report also includes market share, supply chain and value chain analyses, Porters five force analysis, and market metrics such as drivers, restraints, burning issues, winning imperative, and opportunities. In addition, it presents a competitive landscape and company profiles of 10 key players in the market that include major companies, which provide well access system and BOP equipment manufacturers.