Subsea Fasteners Market to receive overwhelming hike in Revenues by 2026
Global Subsea Fasteners Market: Overview
Subsea fasteners are used for critical offshore drilling operations. The major challenge in subsea fastener is in terms of material selection, quality assurance/control, traceability and documentation for manufacture and delivery, to ensure adequate performance, integrity and avoidance of costly failures. Critical subsea fastener is pressure containing and primary load bearing forgings, but may affect functionality of valves, equipment, and instruments for safe, reliable, and cost-effective operations.
New oilfield discoveries on offshore are expected to boost the demand for subsea fasteners. Rapid depletion of oil reserves is influencing the outlook of the global oil & gas industry. Efforts are being taken to explore new oilfield reserves, particularly in North Sea, South China Sea, Gulf of Mexico, and the Persian Gulf. This, in turn, is anticipated to offer substantial growth opportunities to the subsea fasteners market in the near future.
Global Subsea Fasteners Market: Drivers & Restraints
Revitalization of aging field wells is anticipated to drive offshore activities. This increase in offshore production is estimated to augment the demand of subsea fasteners. Subsea offers several challenges for oil & gas exploration. This requires advance planning. The oil & gas industry is engaged in identifying advanced techniques and technologies that can help it maximize revenues from existing brownfields and new assets by enhancing their output. Several major oil & gas industries still do not have established subsea intervention policies.
However, this scenario is gradually changing. Increase in number of oil & gas companies have begun to realize the need for regular interventions in their growing portfolios of subsea wells. This is expected to drive the subsea fasteners market in the near future. However, volatility of crude oil prices can hinder the subsea fasteners market. Subsea fasteners affects the exploration and production oil companies and EPC or service provider companies.
Global Subsea Fasteners Market: Key Segments
The subsea fasteners market can be segmented based on type, application, and region. Based on type, the subsea fasteners market can be divided into all thread stud bolts, engineer stud bolts, double-ended stud bolts, waisted engineer stud bolts, socket caps crews, heavy hexagon bolts and setscrews (hex head capscrews), bi-hex bolts & screws (ferry heads or 12-point bolts), hook bolts, tee bolts, u-bolts, heavy hex nuts, and washers. Based on application, the subsea fasteners market can be divided into oil & gas, power generation, petrochemical, and others. The oil and gas segments accounted major share for subsea fasteners market.
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Global Subsea Fasteners Market: Regional Outlook
Based on region, the subsea fasteners market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America held the major share of the subsea fasteners market in 2017, followed by Asia Pacific and Middle East & Africa. North America dominated the subsea fasteners market in 2017, owing to the presence of a large number of rig wells in the U.S. and Canada. The U.S. had more than 850 rigs, while Canada owned more than 200 rigs in 2017.
This offers key opportunities to the subsea fasteners market in the region. Middle East & Africa is a rapidly expanding region of the subsea fasteners market. Nigeria accounts for prominent share of the subsea fasteners market in the region. In terms of value, Asia Pacific constituted substantial share of the global subsea fasteners market in 2017, owing to the discovery of a large number of offshore reserves in the region.
Global Subsea Fasteners Market: Key Players
Key players operating in the global subsea fasteners market include LSP Holding (UK) LTD, Hague Fasteners Ltd., Doxsteel Fasteners, Thomas Smith Fasteners, HCL Fasteners Ltd, and MARO Fasteners B.V.