Global demand for subsea systems is expected to grow moderately in 2021, according to new Fact.MR data.
The subsea systems industry's momentum strengthens as the COVID-19-induced slowdown eventually fades.
Historical data from 2016 to 2020, as well as estimates for 2021 to 2031, are included in the Subsea systems industry study report.
Key Developments Undertaken by Subsea System Manufacturers
The latest subsea safety solutions from Halliburton are designed for a variety of uses, including exploration, appraisal, completion, and intervention.
Their solutions address deep water safety problems while also providing the well control required in highly regulated areas. Halliburton subsea systems keep wells running without causing environmental damage, from emergency well shutoffs to active monitoring.
Likewise, OneSubsea's latest Agile Subsea Production Systems (SPS) provide the responsiveness, functionality, and surety that a lifetime of subsea production demands.
By utilizing the industry's most dynamic and flexible subsea production systems, Agile SPS improves subsea performance from appraisal to abandonment, allowing the field to reach its full economic potential.
Similarly, Ocean Power Technologies (OPT) has been awarded a contract to investigate the deployment and operational needs of their PB3 PowerBuoy for providing "remotely regulated zero-carbon power" for subsea oil production.
The research will look into employing OPT's PB3 PowerBuoy and a subsea battery to lower the cost and carbon emissions associated with traditional subsea oil and gas production equipment powering and control.
Saipem, an Italian oilfield service provider, has won a contract to build a rigid riser-based subsea system for the Bzios pre-salt project off the coast of Brazil.
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Subsea processing systems can be defined as the treatment and handling of produced fluids for reducing flow issues prior to reaching onshore facility or production platform.
Subsea systems mainly consist of two components, a production system and a processing system. They are typical wells situated on deep or shallow water sea beds. They are also called floating production systems.
Modern subsea production systems encompass subsea wells, seabed wellheads, subsea tie-in to flow line system, subsea tree, subsea equipment and control facilities to operate the well.
Due to increasing demand of oil, its production is moving into deeper water, increasing the required cost of production. So, in order to control the increasing cost, subsea systems are a key development allowing industries to operate in deeper water.
The global market for subsea systems is majorly driven by the rising need for deep water oil and gas production and exploration activities.
Additionally, increasing investments by energy intensive economies for offshore exploration projects plays an important role in driving demand for subsea systems.
Increased petrochemical consumption across different industries, considering the paints and coatings, energy, transportation, textiles and plastic, is expected to increase oil exploration activities, leading to extensive uptake of high-grade subsea systems.
Technological advancements and strong financial backups have increased ultra-deep and deep oil exploration, which is further catalyzing adoption of subsea systems.
Difficulty in maintaining and manufacturing the subsea systems equipment is expected to hamper demand over the forecast period.
According to BP Statistical Review of World Energy 2019, oil consumption grew by an average of 1.4 million barrels per day i.e. by 1.5%, implying that extensive exploration and extraction activities have taken place, driving sales of subsea systems.
China and the U.S. are the largest contributors to growth of subsea systems demand during the forecast period.
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The market is segmented into seven regions: North America (USA, Canada), Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, and Eastern Europe), Middle East and Africa (GCC Countries), East Asia (Japan, South Korea, and China), South Asia (India, Thailand, Malaysia, Indonesia and Rest of South Asia), Oceania (Australia, New Zealand) and Latin America (Brazil, Mexico and Rest of Latin America).
Amongst all regions, East Asia offers lucrative prospects, with China being the largest contributor to market growth followed by Europe.
The Middle East and Africa region is estimated to account for a significant subsea systems revenue share due to industrial activities in the GCC, such as Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates (UAE).
Since 50% of the world’s oil reserves are located here, this region important geographical zone in case of subsea systems market.
South Asia is also expected to be one of the fastest growing market, due to increasing focus on utilization and exploration of deep and ultra-deep oil and gas reserves in developing countries like Malaysia and India.
China, US and India together accounted for more than two-thirds of global increase in energy demand and is still expected to increase the demands further during forecast period and will play an important role to raise subsea systems market during the forecast period.
The prominent players of global subsea systems landscape are as follows:
- Drill-Quip Inc.
- GE Oil & Gas
- Aker Solutions,
- FMC Technologies Inc.
- Weatherford International Ltd.
- Oceaneering International
- Proserv Group
- Kongsberg Oil and Gas Technologies
The research report presents a comprehensive assessment of the global subsea systems market and contains thoughtful insights, facts and historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies.
The report provides analysis and information according to market segments such as type, subsea production components, subsea processing technology.
An Adaptive Approach to Modern-day Research Needs
Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe)
- East Asia (Japan, China, South Korea)
- South Asia (India, Thailand, Malaysia, Indonesia, Philippines, Rest)
- Oceania (Australia, New Zealand)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
The subsea systems report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The subsea systems report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments.
The subsea systems report also maps the qualitative impact of various market factors on market segments and geographies.
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- A Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
The global subsea systems market is segmented on the basis of type, subsea production components and subsea processing technology.
Based on types, the global subsea systems is segmented as follows,
- Subsea Production System
- Subsea Processing System
Based on subsea production components, the global subsea systems is segmented as follows:
- Subsea Trees
- SURF (Subsea Umbilical, Rivers, Flow line)
- Subsea manifolds
- Subsea Control System
Based on subsea processing technology, the global subsea systems is segmented as follows:
- Subsea Separation System
- Subsea Boosting System
- Subsea Compression System
- Subsea Injection System
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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