The subsea well access and blowout preventer system market will register a CAGR of over 5% by 2023
NEW YORK, May 13, 2019 /PRNewswire/ --
About this market
Safety and environmental concerns associated with subsea E&P activities will drive the global subsea well access and blowout preventer system market. As subsea oil and gas E&P activities are conducted under the seabed, many safety issues arise due to complexities involved in operations. Reliable and safety installation of subsea equipment is a key factor involved in the development of subsea oil and gas wells. Analysts have predicted that the subsea well access and blowout preventer system market will register a CAGR of over 5% by 2023.
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Market Overview
Growing demand for oil and natural gas
Owing to improvements in global economic growth and strong cooling and heating requirement in several regions, the global demand for energy will grow. The rise in adoption of subsea oil and gas production will increase the need for subsea well access system and blowout preventer.
Complexities involved in subsea oil and gas production
Carrying out subsea drilling requires the utilization of oil rigs to extract crude oil. maintenance activities of subsea equipment involve high capital cost and are time consuming. The complexities involved in subsea oil and gas production will impede the global subsea well access and blowout preventer system market.
For the detailed list of factors that will drive and challenge the growth of the subsea well access and blowout preventer system market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several companies including TechnipFMC Plc, and Weatherford International Plc, the competitive environment is quite intense. Factors such as the safety and environmental concerns associated with subsea E&P activities and growing demand for oil and natural gas, will provide considerable growth opportunities to subsea well access and blowout preventer system manufactures. Baker Hughes, a GE Co. LLC, Halliburton Co., Oceaneering International Inc., Schlumberger Ltd., TechnipFMC Plc, and Weatherford International Plc, are some of the major companies covered in this report.
Read the full report: https://www.reportlinker.com/p05775111/?utm_source=PRN
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