Subsea Systems Market Scope
The subsystems which are positioned on the seabed in deep or shallow water to improve the oil extraction and recovery process are known as Subsea Systems. These systems assist in providing cost effective solutions and assists in maintaining the stability of the respective basins. With increase in industrialization as well as rising automation has ultimately effected on up-surging demand for oil and gas products. This will help in fueling the growth of global subsea systems market.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Largest Market | South America |
Unit | Value (USD Million) |
Key Companies Profiled | Subsea 7 (United Kingdom), Technip (France), FMC Technologies (United States), GE Oil & Gas (United States), Aker Solutions (Norway), Dril-Quip (United States), National Oilwell Varco (United States), Oceaneering (United States), Kongsberg Gruppen (Norway) and Nexans (France) |
CAGR | 2.3% |
According to AMA, the Global Subsea Systems market is expected to see growth rate of 2.3%
Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Subsea Systems market throughout the predicted period.
Subsea 7 (United Kingdom), Technip (France), FMC Technologies (United States), GE Oil & Gas (United States), Aker Solutions (Norway), Dril-Quip (United States), National Oilwell Varco (United States), Oceaneering (United States), Kongsberg Gruppen (Norway) and Nexans (France) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Parker Hannifin (United States), Vallourec (France), Onesubsea (United States) and Proserv (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Subsea Systems market by Type (Subsea Boosting System, Subsea Separation System, Subsea Injection System and Subsea Compression System), by Application (Subsea Processing, Subsea Chemical Distribution and Subsea Power Distribution) and Region with country level break-up.
On the basis of geography, the market of Subsea Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). South America region held largest market share in the year 2021.
On 26th November 2018, Subsea 7 S.A. has announced the award of a sizeable three-year extension of an existing DSVi frame agreement, with seven North Sea clients including Chevron North Sea Limited, Dana Petroleum (E&P) Limited, Hess Denmark APS, Nexen Petroleum U.K. Limited, Repsol Sinopec Energy UK Limited, Shell UK Limited and TAQA Bratani Limited. In addition to this agreement it has announced a contract on the Jubilee field offshore Ghana to work in water depths of up to 1000 meters.
The hydrocarbons’ extraction and transport from offshore environments is a hazardous activity due to the operational difficulties and unfriendly environments. The regulatory authorities and the respective industry associations should safeguard & keep a balance between risk and project economics. After the Deepwater Horizon accident in 2010, there has been a growing focus in many countries, especially in developed countries like the United States on safety and environmental aspects of offshore oil and gas operations. That has effected on adoption of new regulations governing oil and gas offshore operations. Recent regulations in the United States have started using a hybrid approach of prescriptive as well as performance-based by the introduction of Safety and Environmental Management Systems (SEMS).
Market Trend
- Subsystems with Optimized Drilling Processes and Production Planning
- Adoption of Highly Automated and Safety Subsea Systems
Market Drivers
- Enhancement in Deep Water Drilling Activities
- Increasing Marine Infrastructures and Under Water Research and Development
Opportunities
- Increasing Demand for Oil and Gas Products
- Rising Investment in Subsea Systems
Restraints
- Comparatively Expensive Marine and Underwater Equipment
- Continues Maintenance of Subsea Systems Required
Challenges
- Very Negligible Tolerance Level for Marine or Underwater Equipment
- Stringent Environmental & Safety Regulations
Key Target Audience
Underwater Research Associations, Drilling Contractors and Production Planning Consultancies, Government and research organizations, Institutional investors, National and local government organizations, National Oil Companies (NOCs), Oilfield service companies, Private E&P companies, Subsea systems equipment manufacturers and Others