Subsea Well Access and BOP System Market segmented by well access type (Vessel-based well access system, Rig-based well access system); subsea BOP type (Annular BOP market, RAM type BOP market) - Global Demand Analysis & Opportunity Outlook 2027

Global Subsea Well Access and BOP System Market Overview

Subsea well access and BOP are controlling equipment for flow rate of oil and gas at well head sub surface. A blow out preventer is mechanical device used to seal, off the well tubing’s and casing pipes.  Regular monitoring of well for preventing the uncontrolled flow of oil and gas in drilled wells. Blow out preventer can be used with koomey unit for backup in controlling flow pressure.

Blow out preventers have several rams such as pie rams, shear rams, blind ram and variable bore rams used according to need of operation. Well head system is just fitted above the well to check flow rate, pressure and temperature of well to access drilling or work over operation safely. Standard wellhead subsea equipment consist of Drilling guide base, Low-pressure housing, High-pressure wellhead housing (typically 18¾ inch.), Casing hangers (various sizes, depending on casing program), Metal-to-metal annulus sealing assembly, Bore protectors and wear bushings, Running and test tools.

Market Size & Forecast

The Global Subsea Well Access and BOP System market is expected to reach around USD 13 billion in 2027 at a CAGR of 4.9 %.till the period of 2018-2027.On the basis of regional platform, Global Subsea Well Access and BOP System market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

North America is expected to hold the largest share in Global Subsea Well Access and BOP System Market till the expected forecast period i.e. 2018-2027. Additionally, increased drilling and exploration activities in Canada is adding to significant growth rate of Subsea Well Access and BOP System market. Moreover, development of new fields and shale gas extraction at offshore is also expected to propel the growth of market at a significant rate. Furthermore, new innovations in R&D technology for enhanced oil recovery is vigorously propelling the growth of market in forecasted period.

Asia pacific region is also slated for steady growth rate in Subsea Well Access and BOP System Market backed by approval from government to drill and explore about 132 blocks in China. Additionally, production of methane gas in India and Australia is also expected to escalate the market growth till forecast period of 2018-2027.

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Market Segmentation

Our-in depth analysis of the Global Subsea Well Access and BOP System Market includes the following segments:

By well access Type

• Vessel-based well access system

• riser based well access system
  • completion work over riser system
  • landing string system

By BOP type

• Annular BOP
• Ram BOP

By Region

Global Subsea Well Access and BOP System market is further classified on the basis of region as follows:

• North America ( U.S. and Canada)
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
• Europe: (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe)
• Asia-Pacific: (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
• Middle East and Africa: (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa)

Growth Drivers & Challenges

According to “World Oil Forecast Data 2017” numbers of wells expected and drilled at year in North America region was (4414-expected) and (3612- drilled),  Africa region it was (767-expeceted) and (772-drilled) and in Middle East region (3002-expected) and (3096-drilled).

Fuel demand

Demand for energy is constantly increasing year over year with development and rise in infrastructure and power sector. Additionally, production of oil and gas has been increased to fulfil the demand of energy, which is expected to robust the growth of market.

Development of oil and gas hydrate wells in Asia Pacific oceans

Development of oil and gas wells in china with highly matured reserves is driving the growth of market. Additionally, innovations in extraction process founded new wells in oceans for recovering  gas hydrates from ice blocks is also expected to witness the promising growth in subsea well access and BOP system market in future.

Increasing offshore opportunity in US

Increasing extraction process of natural oil and gas from offshore especially in US is expected to escalate the growth of subsea well access and BOP system market. Additionally, new development in offshore reservoir with enhanced oil recovery technique is positively supporting the growth of the market.

Challenges

Oil prices

One of the challenging factor that hampers the growth of subsea well access and BOP system market is low oil prices and substitutes of crude oil. Additionally, price in 2014 for crude oil was above USD 110 and in 2018 it reached around USD 50-60 per barrel of crude oil.

Key Players

• Baker Hughes, a GE Company
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis
• Aker Solutions ASA
• Halliburton Company
• Schlumberger Limited
• Weatherford International Plc
• National-Oilwell Varco Inc.
• Oceaneering International
• TechnipFMC PLC
• Kerui Group Co. Ltd.
• Rongsheng Machinery Manufacture Ltd.