The subsea well access market is expected to observe USD 10 billion by the end of 2019. This is due to increasing exploration activities, improvements in subsea infrastructure and growing safety concerns. Subsea well access is an essential equipment adopted for successful production and subsea drilling opeartions.
The pivotal factors driving the subsea well access market are increasing efficiency in the output of offshore wells, convenient alternative solutions over costly rig based systems and rising safety concerns. However, huge installation costs and operational risks are expected to restrain the market over the forecast period.
The subsea well access market can be bifurcated into types and geographies. The market, on the basis of types, can be fragmented further into vessel-based well access systems and rig-based well access systems. Vessel-based well access systems are used for light and medium well interventions. Rig- based well access systems are used for intense well interventions.
Geographically, the subsea well access market can be segmented further into key regions, including North America, Asia Pacific, South America, Europe and rest of the world (ROW). Europe leaded the market in 2013. This is due to the presence of matured wells needing interventions in the region. It was followed by South America.
The emerging regions, including Asia Pacific and Africa are predicted to observe huge growth for the subsea well access market over the coming years. These markets are likely to dominate the worldwide market on account of developments in subsea infrastructure, rising exploration activities and increasing safety concerns.
Posted on Apr 20, 2015 | Category Chemical