Press release
Subsea System Industry Key Growth Drivers, Challenges, Demand, Upcoming Trends and Foresight to 2023
Market HighlightsWith increasing new discovery of offshore oil reserves in North Sea, South China Sea and other regions of the globe, driving the growth of the market. Additionally, with advancements in drilling technology, companies are moving towords deep and Ultra-deep offshore drilling activities. This also provide further boot to the growth of the market. However, stringent government regulations and high capital cost for drilling may hamper the growth of the market.
With the increase in the energy consumption across the globe, the focus on offshore drilling is on the rise, which will drive the growth of the market. According to OPEC, world oil demand averaged 93.0 mb/d in 2015, with the highest rises taking place in the Asia Pacific region, particularly India and China, North America, Western Europe, the Middle East and Africa. However, high cost of offshore drilling may hamper the growth of the market.
Global Subsea System Market is projected to grow at a CAGR of 2% during the forecast period.
The key players of global subsea system market are 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).
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European region dominates the global Subsea System market
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.
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Scope of the Report
This study provides an overview of the global subsea system market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, South America, Europe, Asia Pacific (APAC) and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global subsea system market by its on type, components, technology and region.
By Type
• Subsea Production System
• Subsea Processing System
• Component
• Umbilicals
• Manifolds
• Trees
• Flowlines
• Others
By Technology
• Boosting
• Separation
• Injection
• Compression System
By Region
• North America
• South America
• Asia-Pacific
• Europe
• Middle East & Africa
Key questions answered in this report
• What will the market size be in 2023 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the key vendors?
• What are the strengths and weaknesses of the key vendors?
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MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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Market Research Future
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