Subsea Systems Market : Market Research By Knowledge Sourcing Intelligence
INTRODUCTION
The subsea systems market is
expected to grow at a CAGR of 1.84%, increasing from US$13.869 billion in 2017
to US$15.476 billion in 2023. The subsea system is referred to the set of
equipment which is required to develop an oil field. The subsea
developments are moving further offshore and into deep waters and are giving
rise to a wide range of subsea layouts and production systems which differing
greatly in complexity contributing to the growth of the global subsea systems
market.
The latest subsea technologies deal with the overall process and
equipment which are involved in drilling, field development, and field
operation. Growing focus on the deep-water drilling is driving the growth of
the global subsystems market in the forecast period. Market Research is done by knowledge sourcing industry due to huge scope with respective industry.
Sample View of Subsea Systems Market Share
SUBSEA SYSTEM MARKET
FORECAST BY TECHNOLOGY
By technology, the subsea system
market has been bifurcated as a subsea production system and subsea
processing system. These two segments have been further segmented into various
subcategories. Subsea production systems held a significant market share owing
to the regular maintenance of installed devices and rising investment
in deepwater drilling activities. The subsea processing system is
projected to grow at a substantial rate on account of the rising
popularity of these systems and their long-term cost-effectiveness. However,
the volatility in oil prices will severely affect the production of crude oil
and might limit the demand for subsea systems over the forecast period.
Sample View of Subsea Systems Market Share By Technology
The subsea system market for
the subsea production system is projected to grow at a CAGR of X.XX%,
rising from US$XX.XXX billion in 2017 to US$XX.XXX billion in 2023. Subsea
production systems are used as an economical solution to produce hydrocarbons,
which would not be feasible using an offshore platform. This segment has
been further segmented into subsea drilling systems, subsea manifolds and
jumper systems, subsea Christmas trees and wellhead systems, control systems
and others. Subsea Christmas trees held a significant market share owing to the
high initial investment of these systems. The demand for subsea drilling
systems and control systems will grow at an impress rate on account of
increasing expenditure on oil and gas exploration activities worldwide.
GROWING FOCUS ON DEEP
WATER DRILLING
There is a growing focus on the
deep-water drilling where the newly approved projects have become cheaper and
simpler in comparison to those previously sanctioned due to the higher oil
prices. All the oil majors are returning to deep-water drilling which includes
Schlumberger, one of the largest oil services company and has returned to a
high-cost, a high-risk area which was abandoned at the time of oil price slump.
The company’s executive vice-president stated that they are preparing
themselves for deep-water. Also, the other companies such as Shell and Equinor
among others are involved in the redesigning of projects in order to reduce
complexity and make better utilization of the existing infrastructure.
U.S. Subsea System market is
projected to grow at a CAGR of XX% during the forecast period, reaching a total
market size of US$XX billion in 2017 to US$XX billion in 2023. Uptick in oil
prices coupled with companies’ growing ability to cut down costs to
improve the profitability of their projects is boosting the investments
in deepwater oil and gas production. This, in turn, is escalating the
demand for subsea systems in the country. According to the EIA, the combined
production from oil sands, tight oil, and offshore deepwater is projected
to reach 21 million barrels per day (b/d), accounting for almost a quarter of
the world’s total crude oil production.
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