Subsea Well Access Market Expected to Rise at A High CAGR, Driving Robust Sales and Revenue till 2026
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Subsea Well Access Market.
It was estimated prior to this unanticipated outbreak Subsea Well Access Market will reach CAGR of 4.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Market Insights
Subsea Well Access Market is likely to witness an impressive CAGR of 4.8% during the forecast period. A subsea well improves productivity with greater pressure and eliminates fluids. Further, it also allows pigging to control wax deposition in oil pipelines. These are the key drivers underpinning the market during the forecast period.
Segment Analysis
Subsea Well Access Market Share: By Blowout Preventer Type
Based on the blowout preventer type, the market is segmented as annular BOP and ram BOP. The annular BOP segment holds the major share of the market and is estimated to lead the market during the forecast period. The mounting demand from developing economies is driving the market on account of increasing exploration, which is likely to raise the demand for annular BOPS.
Subsea Well Access Market Share: By End-User Type
Based on the end-user type, the market is segmented as onshore and offshore. The onshore segment accounted for the major share of the market in 2020, and is expected to lead the market during the forecast period. On the other hand, offshore wells are costlier to operate and require twice the time to regain the efficiency that is obtained from onshore wells.
Subsea Well Access Market Share: By Region
In terms of regions, North America is estimated to lead the subsea well access market during the forecast period. The USA and Canada are the growth engines of the region as they offer lucrative growth opportunities. Asia-Pacific is expected to witness the highest growth during the forecast period owing to the largest production of hydrocarbons and new discoveries made in China.