New York , March 18, 2024 (GLOBE NEWSWIRE) -- The global subsea well access and blowout preventer system market size is estimated to attain at 4% CAGR from 2024 to 2036. The market is expected to garner a revenue of USD 6 billion by the end of 2036, up from a revenue of USD 3 billion in the year 2023. The major element to dominate the market revenue is growing requirement to reduce carbon emission. For instance, in 2022 the emission from carbon dioxide from energy combustion and industrial process rose by about 0.8% or close to 320 Mt. Therefore, the market demand for subsea well access and blowout preventer system is estimated rise since it provides eco-friendly solutions and drive sustainable practice.
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Additionally, there has been surging need for the exploration of oil & gas on account of growing demand oil & gas in the world. For instance, the demand for crude oil in the globe reached to approximately 98 million barrels per day in the year 2022 and its was estimated to rose to over 100 million barrels per day by the year 2023. As a result, the deployment of subsea well access and blowout preventer system is set to rise in oil exploration in order to avoid blowout.
Subsea Well Access and Blowout Preventer System Market: Key Takeaways
- The North America market to generate the largest share in the market.
- The Deepwater segment to gather the highest market share.
- Europe market to experience notable rise.
Rising Population to Boost the Growth of Global Well Access and Blowout Preventer System Market
In the globe, the population is surging at a rate of about 0.90%. Moreover, it is predicted that every year about 72 million of individuals is added. As a result, the consumption for oil & gas is also surging. Hence, there has been growing investment made in oil & gas exploration by government which is further projected to boost the growth of well access and blowout preventer system market.
Subsea Well Access and Blowout Preventer System Industry: Regional Overview
The global subsea well access and blowout preventer system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surging Urban Population to Drive the Market Growth in North America
The North America market for subsea well access and blowout preventer system is projected to generate the highest market share of about 39% over the forecast period. This surge in the market share in this region is set to be dominated by growing urban population. In 2022, the urban population in North America rose to over 308,798,138. This indicates the rise of approximately 0.76% when compared the year 2021.
Growing Adoption of Automotive to Encourage the Market Expansion in Europe
The Europe subsea well access and blowout preventer system market is set to have significant growth in the revenue during the forecast period. This growth is set to set to be encouraged by growing demand for automotive which is further boosting demand for oil. For instance, in Europe the sale of cars reached to over 11 million units in the years 2023. Therefore, the market demand for subsea well access and blowout preventer system is also projected to rise in this region.
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Subsea Well Access and Blowout Preventer System Segmentation by Location
- Shallow Water
- Deepwater
- Ultra-Deep Water
The deepwater segment in subsea well access and blowout preventer system market is predicted to gather the largest revenue share of 46% during the forecast period. This growth of the segment is set to be dominated by rising deepwater production. In the world, the deepwater production has increased to about 17 MMboe/d by 2030.
Subsea Well Access and Blowout Preventer System Segmentation by Subsea Well Access System Type
- Vessel-Based Well Access Systems
- Rig-Based Well Access Systems
The vessel-based well access systems segment in subsea well access and blowout preventer system market is predicted to generate the highest revenue share of 58% during the forecast period. The major factor to dominate this segment growth in growing demand for electricity. The consumption of electricity across the world has rose to over 25,499 terawatt-hours in 2022. Hence, with the demand for oil & gas is also surging which is why the market for subsea well access and blowout preventer system is also predicted to rise.
Subsea Well Access and Blowout Preventer System Segmentation by Subsea BOP System Type
- Annular BOP
- Ram BOP
A few of the well-known market leaders in the global subsea well access and blowout preventer system market that are profiled by Research Nester are Aker Solutions ASA, Baker Hughes Co., Dril Quip Inc., Eaton Corp. Plc, Halliburton Co., Helix Energy Solutions Group Inc., KOSO Kent Introl Ltd., NOV Inc., Oceaneering International Inc., RMZ Oilfield Engineering Pte Ltd., Schlumberger Ltd., Japan Petroleum Exploration Co., Ltd., Japan Drilling Co., Ltd., JGC Holdings Corporation, Kawasaki Kisen Kaisha, Ltd., and others.
Recent Development in the Market
- A front-end engineering and design (FEED) deal has been contracted by Aker Solutions ASA with Marine Energy Test Center (METCenter) in Norway, in order to handle novel subsea power system technology. This is estimated to reduce the price and intricacy of Offshore wind farms.
- An establishment of first cut of steel and an offshore module is done by Aker Solutions ASA in costal Norway for the estimated increase in jobs, expansion of industry and the energy transition.
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