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.
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.
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