Global Subsea Equipment Market: Size, Trends & Forecasts (2016-2020)
The report titled Global Subsea Equipment Market: Size, Trends & Forecasts (2016-2020), provides an in-depth analysis of the global subsea and subsea equipment market. The report also gives an insight of the global subsea equipment market by segments.
Furthermore, it assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global subsea equipment market has also been forecasted for the period 2016-2020, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
The competition in the global subsea equipment market is dominated by the three big players Aker Solutions, FMC Technologies, Inc. and Technip, who are also profiled with their financial information and respective business strategies.
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FMC Technologies, Inc.
The oil industry has been witnessing a major downturn for the first time in 30 years. This downturn has impacted the industry revenue for 2015 which was estimated to be lower than 2014, thus, making industry profits to shrink. The return on capital employed fell for the companies and it followed from falling commodity prices driven by a global supply of oil and natural gas and increased spending on more-complex capital intensive projects.
The subsea refers to the processes, technology, method or equipment that are used in the oil industry/ employed in undersea geology, under water mining, offshore oil and gas developments, etc. In the oil & gas industry, subsea relates to the drilling, exploration and development of oil & gas fields in underwater locations at shallow and deep water level. The subsea equipment market can be divided into four different sectors: the SURF, the subsea trees, the manifolds and the subsea control module system.
The global subsea equipment market has been estimated to increase at a significant CAGR during the years 2015-2020. The subsea and subsea equipment market is expected to increase due to increasing global energy demand, rising global population, discovery of deep water and undeveloped fields, etc. Yet the market faces some challenges such as, falling global oil prices, high maintenance of subsea equipment, supply chain constraints and harsh environmental conditions.
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