Subsea Control Systems Market Overview
As per the recent studies conducted by Market Research Future (MRFR), the global Subsea Control Systems market has been estimated to develop at 9.15% CAGR over the forecast period.
Subsea control system is a framework which offers control and monitoring to oil & gas subsea assets such as subsea trees, valves, pipelines, and templates. This system requires obtaining and transmitting data between the subsea and surface systems. The primary elements of a typical subsea control system include master control stations, electrical power unit, subsea umbilical termination assembly, hydraulic power units, electrical & hydraulic flying leads, subsea control module, and umbilicals. The auxiliary monitoring devices and subsea control system can be installed close to subsea trees with modular designs and open architecture communications.
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Recent trends of ultra-deepwater and deepwater production is likely to propel the subsea control systems market. Additionally, need for rapid discovery of hydrocarbon reserves along with replacement of shallow water basin extend substantial opportunities for subsea control systems market. Moreover, growing markets of Asia-Pacific are coming up with several opportunities for subsea control systems market as Asia-Pacific is decreasing its dependency on imported oil & gas by surging its local production and offshore exploration activities.
For instance, Google Inc. developed its Asia Pacific cloud network in April 2018, with new subsea cables of 9,500 km installed undersea. This project has been likely to be completed by the last quarter of 2019. Besides, the US deepwater Gulf of Mexico has also started to witness a positive development after the struggling state faced during late 2014. In 2018, the production of oil & gas in deepwater had reached 1,935 kboe/d which is almost 13% higher than the earlier year. Additionally, the Mexican government has extended new avenues for oil & gas exploration including 10 deepwater exploratory wells in 2016. Additionally, almost 19 offshore oil & gas blocks in the Gulf of Mexico were formed. All these aspects are likely to boost the demand for subsea control systems. Global subsea control systems market has been estimated to witness a substantial growth over the forecast period owing to the surging offshore oil & gas sector. The current trends in ultra-deepwater & deepwater production also influences the market growth positively. Several key oil & gas brands across the world are spending in their respective subsea business in order to achieve a profitable share in the market.
Global Subsea Control Systems Industry Segmentation
Global subsea control systems market has been segmented based on component, type, region, and application.
Based on type, the market has been segmented into underwater control system and topside control system. The topside control system leads the market as these kind of control systems normally offer complete monitoring and control of both subsea device as well as surface electrical power units (EPU) including hydraulic power units (HPU).
Europe has been likely to lead the market for subsea control systems. Region wise, in 2017, Europe held the highest market share of the global subsea control systems market. The nations contributing to the key market share of the region include Norway and UK. The demand for subsea control systems, particularly in these regions can be increasingly attributed to the surging deepwater drilling activities in the region along with growing subsea outlays in these economies. These factors are propelling the demand for Subsea control systems in this region.
The global subsea control systems market has been dominated by key players such as Halliburton (US), FMC Technologies Inc. (US), Aker Solutions ASA (Norway), GE Oil & Gas Spa (US), Baker Hughes (US), OneSubsea (US), Proserve Group Inc. (UK), Kongsberg Gruppen (Norway), Siemens AG (Germany), Oceaneering International, Inc. (US), Hitec Products (Norway), and Weatherford International (US).
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