The subsea well access system market is expected to grow at a CAGR of 4.79%, from 2017 to 2022, to reach a market size of USD 3.62 billion by 2022. Increasing new offshore discoveries and demand for well access system in subsea would drive the subsea well access system market in North America during the forecast period.
Decrease in production from shallow water basins, large available reserves in deep water, and economic viability of offshore projects are driving major oil operators to focus on deep water drilling, which has positively contributed to the growth of the subsea well access system market. According to the World Bank, the total world population was 7.3 billion in 2014, and is growing at a rate of 1.14% per year. Growing infrastructural activities by emerging economies and their consequent energy demand is acting as a catalyst for more crude oil production and, subsequently, the growth of the subsea well access system market. The government of emerging economies are planning to invest in infrastructure to satisfy the primary energy demand, which would act as a catalyst for the subsea well access system market. As per the International Energy Agency (IEA), 30% of the global oil & gas reserves in the past five years were found in the African region. There have been increasing offshore discoveries in Mozambique, Kenya, Tanzania, Congo, and Ghana, which would further contribute to the growth of the subsea well access system market.
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The subsea well access system market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the subsea well access system market industry 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.
The rig-based well access system segment is estimated to be the fastest growing segment of the subsea well access system, by type from 2017 to 2022. This segment is expected to witness growth due to increase in demand for deep offshore oil and gas and need for production efficiency drive the demand for rig-based well access system.
Based on region, the subsea well access system in North America is projected to grow at the fastest rate from 2017 to 2022. 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. Growing refracturing activities in the U.S. would also drive the market for subsea well access in the region.
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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
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.