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Subsea Well Access and BOP System– New Revenue Pockets
Mounting safety concerns and production efficiency are some of the factors driving the market demand for subsea Well Access and Blowout Preventer (BOP) systems. The market is intended to grow with rapid development of offshore drilling activities. The tragic incident that happened four years ago in Gulf of Mexico, where explosive blowouts occurring due to the failure of BOP, destroyed the BP Plc.’s Macondo well, illustrates the need for safety in subsea environment. With increasing safety regulations being imposed and stringent penalties for non-compliance, oil and gas operators are forced to implement improved and effective drilling equipment. The subsea well access and BOP market is therefore expected to show sound growth in the coming years.
Europe is the largest market for subsea well access system followed by South America. Emerging markets include Asia-Pacific and Africa. Increasing offshore oil and gas exploration activities and higher efficiency in production result in greater need of well intervention, which in turn results in higher demand for well access systems. The global well intervention market is expected to grow at a CAGR of 7.8% in 2019 from 2014. This boom in the well intervention market provides a promising opportunity for well access systems manufacturers.
Asia-Pacific is the biggest market for subsea BOP followed by the the Middle East and South America. Emerging market includes Europe, North America, and Africa. The raising safety concerns and the lessons learnt from disasters like in BP Plc.’s Macondo well are some of the drivers, which are lifting up the demand for BOP in subsea drilling activities. With growing subsea drilling activities, the demand for offshore rigs is increasing, which in turn is resulting higher demand for BOP. The global offshore rigs demand is expected to increase at a CAGR of more than 5% in 2019 from 2014.
Subsea Well Access and BOP System Market by Type [Well Access System Type (Riserbased WAS and Riserless WAS) and BOP Type (Annular BOP and RAM Type BOP)] and Geography - Global Trends & Forecasts to 2019
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