Global Subsea Well Access and Blowout Preventer System Market 2019-2023| Declining Cost of Offshore Drilling Projects to Boost Growth| Technavio

The global subsea well access and blowout preventer system market is
expected to post a CAGR of more than 5% during the period 2019-2023,
according to the latest market research report by Technavio.

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Technavio has published a new market research report on the global subsea well access and blowout preventer system market from 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the global subsea well access and
blowout preventer system market is the rise in deepwater and
ultra-deepwater E&P activities. For decades, oil and gas upstream
companies have been extracting oil and natural gas from onshore
locations. However, in recent years, the focus of companies has shifted
from shallow water resources drilling to deepwater and ultra-deepwater
resources drilling owing to large untapped reserves in the latter. As a
result, deepwater and ultra-deepwater oil and gas projects have been
increasing in number over the past few years. Moreover, the investments
in offshore drilling are increasing significantly which will propel E&P
activities in subsea wells. This, in turn, will stimulate the need and
demand for subsea well access systems and blowout preventers during the
forecast period.

As per Technavio, the declining cost of offshore drilling projects will
have a positive impact on the market and contribute to its growth
significantly over the forecast period. This global
subsea well access and blowout preventer system market 2019-2023
research report also analyzes other important trends and
market drivers that will affect market growth over 2019-2023.

Global subsea well access and blowout preventer
system market: Declining cost of offshore drilling projects

Offshore drilling requires significant investments owing to the long
timeline of projects, from production to decommissioning, and added
risks. Offshore drilling projects involve high complexities and require
additional equipment and methods for processing and transportation after
extraction. As a result, the costs incurred in offshore drilling
projects are high compared with onshore drilling projects. However, the
cost of offshore oil and gas drilling projects has been decreasing over
the last few years with designs of offshore equipment becoming
standardized, simplified, and downsized. As the cost of offshore
drilling projects is decreasing, many subsea projects are expected to
begin, which increases the need for subsea well access systems and
blowout preventers.

“Apart from the declining cost of offshore drilling projects, factors
such as the advances in subsea processing and blowout preventers, safety
and environmental concerns associated with subsea E&P activities will
have a significant impact on the growth of the subsea well access and
blowout preventer system market during the forecast period,” says a
senior research analyst at Technavio.

Global subsea well access and blowout preventer
system market: Segmentation analysis

This market research report segments the global subsea well access and
blowout preventer system market by product (subsea blowout preventers
and subsea well access systems) and geographic regions (North America,
APAC, Europe, South America, and MEA).

The MEA region led the market in 2018, followed by APAC, Europe, North
America, and South America respectively. In 2018, Angola and Saudi
Arabia were the key countries that contributed toward the growth of the
subsea well access and blowout preventer system market in this region.
The market growth in MEA can be further attributed to the significant
number of upcoming offshore deepwater projects.

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Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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