Subsea systems are fully submerged equipment used for offshore drilling of oil reserves. On account of rapid depletion of onshore oil reserves the demand for extracting oil from deep sea wells is rising. The subsea systems consist of mainly two components which are subsea production systems and subsea processing system. The subsea production system is used for reduction of cost while subsea processing system enhances the offshore oil recovery process from mature wells.
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Subsea systems are used to extract oil and gas from offshore reserves. The oil extraction can range from single well to a cluster of interconnected wells. The extracted oil is then transferred to a fixed platform or FPSO (Floating Production Storage and Offloading). Based on oil extraction techniques the subsea production system can be segregated into two parts shallow water extracting systems (i.e jack-up drilling rigs, fixed offshore structure etc.) and deep water extracting systems (i.e floating drilling vessels, floating platforms, and remotely operated underwater vehicles). This is a specialized field which requires high engineering acumen and skills in simulation techniques. Modern data-driven technology is used for virtual testing of underwater equipment to detect faults at an earlier stage for various conditions under which the system is likely to operate.
Rising energy demand and depleting onshore oil reserves are driving the need for offshore oil extraction. The continuous technological development is helping to reduce the extraction cost and to enhance the oil recovery process. Favourable regulatory norms and massive investment from industrial giants are ensuring the growth of the requirement of subsea equipment. On the other hand, hard operating condition and strict environmental regulations are the main challenges for the industry.
Subsea systems market is mainly divided into two parts- subsea production systems and subsea processing systems. The subsea production system is further subdivided into Subsea Umbilical RIsers, Flowlines (SURF), manifolds, trees, multiphase pumps, and control system while subsea processing system market is consisting of subsea boosting system, subsea operation system, subsea injection system and subsea compression system. By market size the largest component is SURF.
The subsea systems market can be regionally segmented into five parts Europe (France, Germany, Italy, Spain, and U.K.) North America (US, Canada, Mexico), South America (i.e Brazil, Argentina), Asia Pacific (China, Japan, India and Australia) and Middle East & Africa. Europe is the current market leader. The growth in the European market is due to large offshore reserves in Norway and U.K. Technological advancement, massive capital investment, favorable govt. policies and increasing demand ensure the growth in European countries. Emerging economies like Africa is showing good prospects for the subsea systems market on account of oil discovery in deep seas.
Continous demand for energy, depletion of onshore oil reserves, technological advancement and favorable Govt. support for offshore oil extraction are creating lots of opportunities in the subsea systems market. Increasing capital expenditures in the countries like India, China, Nigeria, Ghana, and Angola explains promising market growth opportunities in near future.
Some of the major players in the market include Schlumberger Ltd., Aker Solutions, GE Energy, FMC Technologies, Baker Hughes Inc, Transocean, and Technip.
Report ContentsRegional AnalysisReport Highlights
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
US and Canada
Mexico, Brazil, Argentina and Rest of Latin America
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Rest of Eastern Europe
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
Rest of Middle East and Africa
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