- The key vendors in the global subsea BOP market 2015-2019 are Cameron, GE Energy, National Oilwell Varco and Rongsheng
London, 22 April 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global subsea BOP market 2015-2019. Technological innovations are one of the major trends being witnessed in the market. Continuous research and development has led to the development of BOPs that can withstand high-temperature and -pressure conditions, while retaining metallurgical integrity. The global subsea BOP market is expected to grow at a CAGR of 6.5% during the forecast period of 2014-2019.
In recent years, maturing onshore oil reserves have triggered a shift to offshore reserves, such as deepwater and ultra-deepwater reserves, to augment oil and gas production. Thus, subsea production activities are growing because of the depletion of oil reserves worldwide, and the production levels of oil and gas will rise significantly owing to a greater focus on offshore oil reserves.
“The production capacity of subsea wells has been considerably lower than platform-based wells due to a lack of intervention,” says Faisal Ghaus, Vice President of Technavio Research.
“Consequently, oil companies have started to focus on subsea wells recently in order to increase their production capacity, especially since global energy demands are on the rise.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
