The subsea well access system market is estimated to grow at a CAGR of 4.79% from 2017 to 2022. The market in North America is likely to be the largest market for subsea well access system. The subsea well access system market is mainly driven by growth in rising offshore investments in growing economies, revitalization of aging oil fields or wells, and increase in the oil & gas production.
The subsea well access system market is dominated by a few global players. Key players operating in the market include Schlumberger Limited (U.S.), Halliburton Company (U.S.), GE Oil & Gas (U.K.), Baker Hughes Incorporated (U.S.), and National Oilwell Varco (U.S.), among others. Major strategies adopted by players in the subsea well access system market includes contracts & agreements and new product launches. Contracts & agreements was the most commonly adopted strategy from 2014 to May 2017. Industry players also adopted new product launches, which was the second most widely followed strategy from 2014 to May 2017.
Schlumberger Limited (U.S.) is a leading provider of products, services, technology, information solutions, and integrated project management solutions for the oil & gas industry. The company mainly offers its products under four segments namely, production, drilling, reservoir characterization, and Cameron. The company operates its business in 85 countries globally and have 80 research and engineering technology centers. New products, recently launched by the company, generated approximately 20% of the group revenue in 2016. The company recently launched AvantGuard advanced flow back services in 2016.
Halliburton Company (U.S.) is one of the leading service providers and product suppliers in the upstream sector of the oil & gas industry. The company provides Product Service Lines (PSLs) under two main divisions, namely, drilling and evaluation and completion and production. The company operates its business in 80 countries across the globe. The company has manufacturing operations in the U.S., China, Singapore, Canada, Malaysia, and the U.K. The long-term strategy of the company is to focus on three areas, namely, international business opportunities, applied technology, and integrated solutions. In March 2017, the company launched spectrum fusion service, to provide downhole data for customizing well intervention and maximizing production.
This report also includes the study of Blowout Preventers (BOP) Market.
Subsea Well Access System Market by Type (Rig-Based and Vessel-Based), and Region - Global Forecasts to 2022
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