According to the new market research report “Subsea
Systems Market by Subsea Production (Subsea Umbilicals, Risers,
Flowlines (SURF), Trees, Manifolds, Control System), Subsea Processing
(Boosting, Separation, Injection, Compression), and Region - Global
Forecast to 2021", published by
MarketsandMarkets™, the subsea systems market is expected to grow from
an estimated USD 15.78 Billion in 2016 to USD 17.44 Billion by 2021, at a
CAGR of 2.02% during the forecast period.
Despite steep
revenue declines 2015 onwards, the global market is set to witness
growth after 2018 due to the increasing production from deepwater
fields. Offshore exploration and production investments in Africa and
Asia-Pacific region will also boost the market growth.
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Subsea Production: The largest segment by type
The
subsea systems market has been broadly classified on the basis of type
into production system and processing system. Subsea production system
segment accounted for the largest share of the market in 2015, while
subsea processing system segment is projected to grow at a faster pace
among the two segments. Subsea production will witness demand from
continuing deepwater activities in Africa, the U.S. Gulf of Mexico, and
South America. The subsea processing system market will be driven by the
need for improving recovery rates in shallow water fields, particularly
across the North Sea.
Browse and in-depth TOC on “Subsea Systems Market”
69 - Tables
49 - Figures
159 - Pages
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SURF: Biggest market by subsea production technology
Subsea
Umbilicals Risers and Flowlines (SURF) are important equipment in
subsea production systems. Umbilical system is a bundled arrangement of
piping, tubing, and electrical conductors which are bounded in armored
sheath. The primary application of umbilical is to transmit control
fluids. It is also used to monitor pressures and inject fluids. The
rising focus on deepwater drilling is the major driver for the SURF
market. Moreover, the oil discoveries in emerging economies, especially
in Africa, provide further positive contributions to the subsea systems
market.
Europe: The largest market for subsea systems
The
European region was the largest estimated market for subsea systems in
2015, driven largely by the developments in Norway and the U.K. These
developments took place due to policy changes by governments to increase
the production. Moreover, the offshore oil reserves in the U.K. and
Norway provide attractive business opportunities for major oil operators
to invest which will further drive the subsea systems market.
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To
enable an in-depth understanding of the competitive landscape, the
report includes profiles of some of the top players in the subsea systems market.
These players include Subsea 7 (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.), and Kongsberg Oil & Gas
Technologies (Norway). Leading players are trying to penetrate
developing markets such as Africa and Asia-Pacific, and are adopting
various strategies to increase their market share.
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