The global subsea production systems market is expected to grow at a CAGR of more than 3% from 2018-2022, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global subsea production systems market 2018-2022 under their energy library. (Graphic: Business Wire)
Global subsea production systems market segmentation by equipment type and geography
Technavio’s report on the global subsea production systems market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by equipment type, including SURF, pressure control system, subsea trees, and manifold. As projected in 2017, around 41% of the market share originated from SURF. Subsea Umbilicals, Risers, and Flowline (SURF) pays a significant role in the production of crude oil. With the help of a subsea production system, the production fluids from deepwater and ultra-deepwater completions are sent to a processing facility.
Based on geography, the global subsea production systems market has been segmented into EMEA, the Americas, and APAC. As of 2017, 42% of the market share came from EMEA.
“Owing to the significant resource richness and offshore activities in EMEA, the market in the region is expected to witness a steady growth during the forecast period. The region is a lucrative market for subsea production systems due to the low-cost production capability of countries in the Middle East,” says a senior analyst at Technavio for oil and gas research.
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Subsea production systems market: competitive vendor landscape
Owing to the presence of limited vendors that have the required technology for dealing with challenges associated with offshore drilling and production, the global subsea production systems market is moderately consolidated. The market consists of some well-diversified international, regional, and local players. The key players in the market include Aker Solutions, GENERAL ELECTRIC, National Oilwell Varco, Schlumberger, and TechnipFMC. The global market is dependent on the upstream oil and gas industry. When compared to global players, local players provide subsea production systems such as SURF, subsea trees, manifolds, and control systems, with a high level of customization at a moderate price.
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Other topics covered in the report:
Market drivers:
- Rising deep and ultra-deepwater drilling projects
- Increase in global rig count
Market trends:
- ERD technology
- Industry 4.0: Trends impacting upstream producers
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