Subsea systems are used in offshore oil production where subsea production systems reduce costs associated with topside facilities, while subsea processing systems work as ideal solutions for enhanced oil recovery in matured offshore wells. Increasing oil production from offshore sources across the North Sea, Brazil, the U.S. Gulf of Mexico, and Angola is a major factor driving the subsea systems market.
The growth of the subsea systems market can be attributed to the Growing Focus in Deep Water Drilling and Rising Investments in Emerging Economies.
In the coming years, the market is expected to witness the highest growth rate in the Africa region. The growth is due to the rising investments in major oil producing African nations, namely, Angola, Ghana, Nigeria, and Equatorial Guinea, driven by large new offshore discoveries.
The research study of Subsea Systems further segmented into type, components, and technology
Type is classified into subsea production system and subsea processing system. Subsea production system had the largest market share in 2015, and the trend is likely to continue during 2016–2021. Since most offshore wells have not reached the maturity phase, the market for subsea processing system is considerably low when compared with subsea production system market.
The subsea system is further classified by the component is classified into SURF, subsea trees, control systems, and manifolds. SURF held the largest market share in subsea production system in 2015. Europe held the largest market share in the SURF market, followed by North America and South America. Africa is projected to witness the fastest growth for the SURF market during the forecast period. Europe and Africa are the two hotspots of subsea production system market, and provide lucrative opportunities soon.
The subsea system is classified based on its technology as subsea boosting, subsea injection, subsea compression, and subsea separation. Subsea boosting is the most preferred technology in subsea processing system. Subsea compression involves gas compression on the seabed rather than on topside facility. This technology is in the development stage, with limited application only in Norway North Sea, currently. South America provides attractive opportunities for the subsea processing system market, and Europe provides attractive opportunities for the subsea compression market. Liberalization in Mexican Oil & Gas Industry and New Offshore Discoveries are expected to create new opportunities for Subsea Systems. All these factors will drive the Subsea Systems market during the forecast period.
Subsea 7 (U.K.), FMC Technologies (U.S.), GE Oil & Gas (U.S.), Aker Solutions (Norway), One Subsea (U.S.), Technip (France), Dril-Quip, Inc. (U.S.), and Kongsberg Oil & Gas Technologies (Norway).
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