The report "Subsea Well Access System Market by Type (Rig-Based and Vessel-Based), and Region - Global Forecasts to 2022", The subsea well access system market is expected to grow from an estimated USD 2.86 Billion in 2017 to USD 3.62 Billion by 2022, at a CAGR of 4.79%. The subsea well access system market is set to witness growth, due to increasing new offshore discoveries and demand for well access system in subsea.
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The rig-based well access system is expected to hold the largest share of the subsea well access system market, by type, during the forecast period
The rig-based well access system dominated the subsea well access system market during the forecast period. The market in Europe is the largest market consisting large number of existing wells which require substantial overhaul. The increase in demand from deep offshore oil & gas fields, is expected to drive the rig-based well access system segment.
North America: The leading market for the subsea well access system market
The market in North America is expected to dominate the global subsea well access system market, given growing unconventional hydrocarbon production in the region. The region is the new swing producer in global oil markets owing to the boom in production from both shale operations and deepwater exploration and production in the Gulf of Mexico. Exploration and production activities in the region are also expected to gain momentum with increased capital spending by major oil companies. All these factors are expected to drive the North American subsea well access system market.
To enable an in-depth understanding of the competitive landscape, the report includes some of the top players in the subsea well access system market. These players include Aker Solutions (Norway), Baker Hughes Incorporated (U.S.), Circle T Service & Rental, Ltd. (Canada), COR International, LLC (U.A.E.), Diamond Offshore Drilling, Inc. (U.S.), Drilling Services Limited (U.K.), Dril-Quip, Inc. (U.S.), GE Oil & Gas (U.K.), Halliburton Company (U.S.), Island Offshore (Norway), Key Energy Services (U.S.), KIT Oil and Gas Equipment Industry, LLC (U.A.E.), National Oilwell Varco, Inc. (U.S.), Oceaneering International, Inc. (U.S.), Optime Subsea Services (U.S.), Parker Hannifin, Corp. (U.K.), Proserv (U.S.), Rongsheng Machinery Manufacture, Ltd. Of Huabei Oilfield Hebei (China), Schlumberger Limited (U.S.), TechnipFMC, PLC (U.S.), Tenaris (Luxembourg), UZTEL S.A. (Romania), Vallourec (France), Weatherford International Limited (U.S.), and 4Subsea (Norway) among others. Leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market share.
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