Transparency Market Research has published a new report "Rig Based Well Access System Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2014 - 2020" to its report store.
Albany, NY -- (SBWIRE) -- 07/20/2016 -- Rig based well access systems, is the oldest type of subsea well access system which uses a rig while drilling and intervention of subsea wells. The increasing production activities in deep offshore locations have led to the increasing development of the global rig based well access systems market. Rig based well access systems ensure that the subsea drilling and intervention activities are carried out efficiently. These systems are utilized to achieve maximum safety and reliability which in turn ensures maximum output during production. The market for rig based well access systems is anticipated to rise at a substantial pace in the predicted period owing to the increasing demand from deep offshore oil and gas drilling activities. There is also a growing requirement for intervention in old subsea wells, especially in Europe and South American regions; this would further encourage the adoption of these systems.
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Due to the competitive nature of the oil & gas market, there is an accelerated focus on improving production efficiency. The requirement of improvised production efficient equipments and increasing development of deepwater oil and gas reserves are the primary drivers for the rig based well access systems market. The need to boost recovery rates from the subsea wells will enhance the market growth of these systems. The old offshore wells require regular intervention to maintain the production rates, thus the need for rig based well access systems increases in such scenarios. All the major exploration companies have invested huge amounts in offshore locations; reliable installation of subsea equipments is a critical component for efficient production of oil and gas in these locations.
Rig based well access systems are specially utilized in large offshore oil and gas reserves. However, the rapid development of riserless light well intervention will hamper the further market growth of these systems in the future. The high installation and operational risks associated with rig based well access systems also act as a restraint for this market.
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The market for rig based well access systems can be segmented into three broad categories based on the systems used for subsea well access. Completion riser systems are primarily designed for safe installation and intervention of subsea trees. Landing string systems are implemented within the drilling vessel system to interface subsea completion and intervention. Whereas, tubing rotary systems are used in heavy tubing operations.
As oil and gas operators continue to explore reserves in deepwater areas, the market for rig based well access system continues to grow at an increasing pace. The rising discovery rate of offshore fields in the Latin American region will provide the major market for this market in the coming future. Europe is also one of the markets for rig based well access systems primarily due to a large number of historically existing wells which require significant overhaul. The market is expected to grow further in Europe, especially in the U.K and Norwegian markets. Many prospective offshore gas wells in Africa will be a potential factor for the growth of this market segment in future. Asia Pacific and Middle East are the other potential regions which are anticipated to increase investment in rig based well access systems market.
Some of the major global players competing in the rig based well access systems market are FMC Technologies, Schlumberger, Aker Solutions, Proserv, Cameron International, Tenaris, National Oilwell Varco and Weatherford Solutions.
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