Market Research Future published a Half Cooked research report on “Global Subsea System Market Research Report – Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Subsea 7 SA (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.), Oceaneering International, Inc. (U.S.), Proserv Group Inc. (U.K.) and Kongsberg Oil & Gas Technologies (Norway) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Subsea System Market.
Subsea System Market – Overview
A Subsea System is an equipment that is designed to increase oil recovery from deep water reservoirs. They increase the life of the existing oil fields and also help in reducing the capital and operating cost of the oil production facilities.
Globally there is an increase in Subsea Systems Market because of the increased customization of subsea production solutions. These options are available based on soil properties of the oil field extraction area. Oil exploration companies are focusing on developing and improving the oil extraction recovery techniques and Subsea System Market are the predominantly used in these applications. Offshore deep water basins are generally rich with hydrocarbon reserves and requires advance technology and capability to extract oil from these areas. Subsea Systems are increasingly used in these areas to enhance the hydrocarbon production level. These manifolds can be employed in harshest of environmental conditions and can be heavily customized based on soil and operational environments. In recent years major hydrocarbon discoveries are made in the deep water basins around the world. Subsea Systems are proving to be the main choice of oil extraction from these areas rather than conventional production technologies. For optimising the oil production operations, Subsea Systems are preferred by oil and gas companies to be operated in harshest environmental conditions and can enable direct flow of hydrocarbons from subsea production systems to production flow line headers. As per the study conducted by Market Research Future, the global market for subsea system is likely to grow at the CAGR of around 4%.
Based on type, the market has been segmented into subsea production, and subsea processing. Subsea production dominates the type segment of the market. On the basis of technology, boosting, separation, injection and compression system. With the need to enhance production and recovery from aging subsea fields, boosting technology is predicted to attain a large demand in the global subsea system market. On the basis of component, market has been segmented into Umbilicals, Manifolds, Trees, Flowlines and Others. Subsea trees are operate with the wellhead to control the flow of production or injection fluids and also connect tubing and other devices in the well to the seafloor and facilities above water. Umbilicals link surface and seafloor oil and gas equipment for controls, power or heat. They provide electric and fiber-optic signals, electrical power and hydraulic and chemical injection fluids to the subsea unit.
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Geographically, the global subsea system market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these regions, Currently, On the basis of region, subsea System market is dominated by Europe. Increasing deepwater drilling activities along with increasing spending for safety and security in Norway and the UK are expected to drive the growth of the market in the region. Europe was followed by Middle East & Africa (MEA) region. It is expected to be the fastest growing region for the market during the forecast period. In this region, Saudi Arabia and UAE, are the biggest oil and gas exporters and are planning on further expanding their oil and gas production infrastructure. Additionally, the rising investments in major oil producing African nations, namely, Angola, Ghana, Nigeria, and Equatorial Guinea, driven by large new offshore discoveries.
Latin America and Asia-Pacific region is also expected to contribute significantly during the forecast period. In Latin America, substantial oil and gas discoveries have taken place in the offshore regions of Rio de Janeiro, Perla Field in Gulf of Venezuela and in the Gulf of Mexico regions. Increasing energy demand from the countries such a countries such as China and India of Asia Pacific, is expected to fuel market growth over the forecast period.
In December, 2017 – Aker Solutions won orders from Aker BP for the Skogul and Valhall Flank West oil fields offshore Norway. The company will deliver two Subsea Systems, a controls system and umbilicals for Skogul, which will be tied back to the North Sea Alvheim field. It will also provide umbilicals and detailed engineering of the topside for a normally unmanned installation (NUI) for Valhall Flank West, which will be tied back to the Valhall field center.
In September, 2017 – Baker Hughes, a GE company (NYSE: BHGE) announced a major subsea contract from Petrobel for phase two of the “supergiant” Zohr Gas Field situated in the Mediterranean Sea, off the Egyptian coast. The project underscores the company’s position as the world’s first and only integrated fullstream provider of cutting-edge subsea technology, products, services and digital solutions.
In April, 2017 – Aibel has secured a contract from TechnipFMC to supply a Subsea System and structure for an integrated foundation for Oda field in the Norwegian North Sea.
In October, 2016 – Aker Solutions secured two contracts worth at least NOK 900 million from DEA Norge to deliver the subsea production system, maintenance and services at the Dvalin natural gas development offshore Norway.
Subsea System Market – Segmentation
The scope of global Subsea System market is segmented into one major segments which are explained below:
- Subsea Production
- Subsea Processing
- Compression System
Subsea System Market – Competitive Analysis
The global market for Subsea System is one of the most technological advance market. To maintain the market position and to drive the market growth, all the major players continuously strive for technological development in their Subsea System oil recovery systems. Market leaders are rigorously involved in R&D activities, so as to develop feasible product, which fulfils all the client requirement over their exploration and production operations. The Subsea Systems are designed and customized as per the requirements of the offshore operating company. With increasing demand for subsea technologies in Latin America, and Africa, major Subsea System manufacturing companies are starting fabrication centers near these areas. The major manufacturing companies prefer operating fabrication facilities near subsea development areas and procure raw materials from local companies to optimize production time. Investments in research and development activities is also a major factor which assists Subsea Systems manufacturing companies to securing supply contracts from hydrocarbon exploration companies.
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