Oil and Gas Subsea Power Grid Market Impact of Industry Size, Shares, and Impact Y-o-Y

Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled "Oil and Gas Subsea Power Grid Market (Component: Variable Speed Drivers, Transformers, Switch Gear, Power Cables, Connectors, Others; Configuration: Topside/Shore, Seabed; End User: Production Facilities, Drilling Rigs, Floating Production System, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2022 - 2030", estimates that the global market of oil and gas subsea power grid is expected to reach the market value of nearly 6,273 Million by 2030 and is expected to grow at CAGR of around 10.9% in terms of revenue during the period 2022 - 2030. The report comprises the actual historical market size for the period 2022 - 2030 and forecast for the period 2022 - 2030 of the global oil and gas subsea power grid.

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Investor Corner

Subsea power grid offers widespread opportunity for oil and gas industries as to maximize the returns and surge recovery rate from current fields. The power generation and distribution is an important factor for subsea production amenities. The inclination of gas exploration and deep sea oil has stimulated the development of subsea power grid. The oil and gas players are now engrossed in subsea power grid technology that can operate at ultra-deep sea level remotely. This could be a challenge as well as an opportunity for the manufacturing companies to create an eco-friendly power grid system that can initiate power generation at seabed thus reducing topside or shore-based power system. The technology forerunner such as ABB has conjoined with oil and gas conglomerates Statoil under joint industry program to grow subsea power grid solution. Analogous programs have been approved by other players as well.

Insights on Market Segments

The oil and gas subsea power grid market is segmented based on component, configuration, end user, and geography. Based on component, it is classified into variable speed drivers, transformers, switch gear, power cables, connectors, others. On the basis of configuration, the market is divided into topside/shore and seabed. End user segment is further segmented into production facilities, drilling rigs, floating production system and others. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa (MEA) and Rest of the World (RoW). Furthermore, North America is segmented into U.S., Canada and Mexico. Also, Europe is bifurcated into major countries such as Norway, U.K., Russia and Rest of Europe. Asia-Pacific is sub-classified into China, India, Australia, Malaysia and Rest of Asia-Pacific. Middle East and Africa (MEA) is further segmented Nigeria, UAE, Saudi Arabia, Abu Dhabi, Angola and Rest of MEA. Rest of the World (RoW) is sub-classified into Brazil, Argentina and Rest of the World (RoW).

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Second largest region for oil and gas subsea power grid market is South America. The progression of oil and gas subsea power grid market in the region is impelled by capital investments in subsea power grid project completions. The European oil and gas subsea power grid market is primarily driven by increase in investments for research and development programs introduced by companies and governments combined with heavy offshore infrastructure growth in the region.

The major companies profiled in the report include Expro International Group Holdings Limited, Subsea Technology Group AS, General Electric, Aker Solutions, Drill-Quip Inc., Siemens, Cameron International Corporation, FMC Technology, ABB and Schneider Electric among others.

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