The report presents an in-depth assessment of the Global Subsea Systems including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Global Subsea Systems investments from 2020 till 2025.
The global subsea systems market is expected to grow at a CAGR of more than 6% over the period of 2020-2025.
As oil prices are gaining momentum after the downturn period, investment in the offshore sector has registered an uptake, which is expected to be one of the major drivers for the offshore oil and gas equipment and services market, and in turn, the subsea systems market, during the forecast period. Moreover, improving viability of offshore projects and rising activity in deepwater and ultra-deepwater reserves is likely to promulgate the market. However, the high installation cost of subsea equipment, along with risks associated with offshore drilling and production is expected to hinder the growth of the subsea systems market.
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Top Leading Manufactures-
Akastor ASA, Subsea 7 SA, TechnipFMC PLC, National-Oilwell Varco Inc, Baker Hughes Co, Schlumberger Ltd., Halliburton Co., Oceaneering International, Kerui Group Co. Ltd, Dril-Quip Inc.
– Subsea production segment is expected to dominate the market, owing to increased offshore activity, coupled with declining offshore production cost which is expected to drive the offshore drilling during the forecast period.
– Increasing deep-water activities in countries like Brazil, Egypt, the United States, Iran, and Qatar is likely to create several opportunities for the subsea systems market players.
– South America is expected to be the largest and the fastest growing market for the subsea systems, with majority of demand coming from Brazil due to its recent activities in the deep-water and ultra-deepwater and several upcoming projects.
Subsea Production Segment to Dominate the Market
– With the rising number of maturing onshore oilfields in recent years, there has been growth in the offshore exploration and production (E&P) activities. For instance, in the Permian Basin, currently the most important basin in terms of crude oil production, the production from old wells has started to decline, and there is little scope for new discovery in these areas.
– The increasing deepwater and ultra-deepwater activities in the South American, North American, and European region, the production from the deepwater fields is expected to reach 7.6 million barrel per day by 2025 and 9 million barrels per day by 2040. Hence, the demand for subsea production systems is expected to increase, further driving the market.
– In December 2019, Chevron Corporation announced to develop the Anchor Project in the Gulf of Mexico, which will be the first deep-water and high-pressure project of the oil and gas industry. This project will be needing advancement in the subsea control for the high-pressure environment and is expected to drive the subsea systems market during the forecast period.
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The subsea systems market is moderately consolidated. Some of the key players in the market include Subsea 7 SA, TechnipFMC PLC, Akastor ASA, National-Oilwell Varco Inc., and Baker Hughes Co.
What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a Global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Global Subsea Systems Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
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All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supplychain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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