Subsea Well Access and BOP System Market Share

North American Market Analysis

The subsea well access and blowout preventer system market in the North America region will encounter the greatest surge during the forecast period and hold almost 39% of revenue share by the end of 2037. This market growth will be noticed due to the increasing offshore activities in the Gulf of Mexico. The Straits of Florida is a series of waterways that link the Gulf of Mexico to the Atlantic Ocean, and the Yucatan Channel links the Gulf to the Caribbean Sea. The Gulf has a complete area of roughly 1,680,000 square kilometers (650,000 square miles) and an utmost capacity of roughly 7,020 meters (23,000 ft). The platforms are massive, and they are a chance for boats and ships. To hinder collisions, the United States Coast Guard manages a system of traffic lanes all over the platforms. These lanes are represented by buoys, and boats and ships must listen to them.

European Market Statistics

The Europe region will encounter huge market growth during the forecast period and will hold the second position in the subsea well access and blowout preventer system market. This market growth can be noticed due to the huge discoveries of oil and gas in this region. Most importantly, more than 14 trillion cubic feet of gas explored in the East Mediterranean in Cyprus has yet to be cultivated. Other key projects other than the core North Sea countries (Norway, the UK, and Denmark) are situated in the Black Sea in Romania and Turkey, and the Dutch and German segments of the North Sea. Turkey’s massive state-belonged Sakarya area is specifically remarkable, having gone from exploration to assigning in less than three years. Generally, Turkey’s state oil organization TPAO suggests a massive 25 trillion cubic feet (710 billion boe) of gas in its Deepwater Black Sea areas.