Subsea Well Access and Blowout Preventer (BOP) System Market Worth $10 Billion by 2019 - a Report by MarketsandMarkets
(PR Web Via Acquire Media NewsEdge) (PRWEB) June 21, 2014
The report "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" defines and segments the global market and analyzes the forecasts of its global revenue. The global subsea well access market is estimated to grow from over $3.2 billion in 2014 to nearly $4.1 billion by 2019, at a CAGR of over 5.1%. The global BOP market is estimated to grow over $3.9 billion in 2014 to nearly $5.8 billion by 2019, at a CAGR of over 7.7%.
Browse 68 market data tables and 44 figures spread through 187 pages and in-depth TOC on "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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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 report expects this market 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. Thus as per the report the subsea well access and BOP market is expected to show sound growth in the coming years.
According to the report, Europe is the largest market for subsea well access system followed by South America. Emerging markets include Asia-Pacific and Africa. It suggests that increasing offshore oil and gas exploration activities and higher production efficiency result in greater need for 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 Middle East and South America. As per the report the 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. It suggests that with growing subsea drilling activities, the demand for offshore rigs is increasing, which in turn is resulting in higher demand for BOP. The global demand for offshore rigs is expected to increase at a CAGR of more than 5% in 2019 from 2014.
The report analyzes and projects the subsea well access and BOP system market by type, and geography. Riserbased well access system is the basic type of system in the well access market, which can further be classified into completion workover riser system, landing string system, through tube rotary drilling system and riserless well access system (also known as riserless light well intervention system). Based on the types, the report categorizes the subsea BOP market into Annular BOP market and RAMS type BOP market. Geographic regions covered in the report include Asia-Pacific, Europe, Africa, the Middle East, North America, and South America.
The report also includes market share, supply chain and value chain analyses, Porters five force analysis, and market metrics such as drivers, restraints, burning issues, winning imperative, and opportunities. In addition, it presents a competitive landscape and company profiles of 10 key players in the market that include major companies, which provide well access system and BOP equipment manufacturers.
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