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Subsea well access system market by technology covers Rig Based Well Access System and Riserless Light Well Intervention (RLWI). http://www.micromarketmonitor.com/market/north-america-subsea-well-access-system-was-7102578278.html
(PRWEB) July 06, 2014
The trend of intervention is expected to change with riserless light well intervention, which is expected to increase exponentially. The expensive and time-consuming rig-based intervention technique is expected to show a declining trend. With the increasing demand of energy, the offshore is emerging as a new avenue of investment, thus escalating the number of well interventions. This in turn will lead to higher demand of well access systems. As the age of a well amplifies, the necessity for intervention also raises. The pulling out of oil from over a long period of time decreases the pressure level of the reservoir, along with various other issues. To fix these troubles, intervention is must in the brown fields. Thus, mature wells are main entities for the well access market.
North America had a share of around 13% in the global subsea well access system market in 2013. North America market is expected to grow from an estimated $391.1 million in 2013 to $523 million by 2019, at a moderate CAGR of 7.7%. The main drivers for the growth are the trivial costs for WAS in comparison to other available technologies, and the expected technical growth of the system. The new riserless intervention technology is more supportive in cost savings and time saving in the intervention, as compare to the rig based arrangement, consequently boosting the RLWI market. Riserless light well intervention and rig based technology had nearly equal share in the North American region in 2013.
Browse through the market data tables, figures and detailed ToC on the North America Subsea Well Access System (WAS) Market.
Asia-Pacific Subsea Well Access System (WAS) Market
Asia-Pacific had a share of around 7% in the global subsea well access system market in 2013. Asia-Pacific market is expected to grow from an estimated $213.7 million in 2013 to $311.7 million by 2019 at a CAGR of 7.6%. The major drivers for growth of the subsea WAS market in APAC would be the high growth in the offshore market of China, India, and Thailand. Well intervention is executed on matured wells to amplify the oil recovery rate and expand the manufacture life. The rising global demand for energy has shifted the focal point to the offshore wells, which are rising as a probable market. The need for amplified creation from the offshore fields is thus driving the subsea well access systems market. The rise in the number subsea wells is also one of the main reason since it will lead to the amplified subsea intervention. Rig based technology dominates the Asia-Pacific subsea well access system market. It accounted for around 82% market share in 2013.
Middle East Subsea Well Access System (WAS) Market
The Middle East had a less share of around 5% in the global subsea well access system market in 2013. Middle East is expected to grow from an estimated $177.5 million in 2013 to $137.2 million by 2019 at a CAGR of 8.1%. Riserless systems are best cost alternative solutions to rig based systems. Riserless light well intervention would change the entire WAS market with the development of heavy well intervention technology. The Middle East has shallow waterbeds with heavy wells, hence, using rig-based WAS has been the only choice.
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