Subsea Equipment Market Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3514
The subsea equipment market is set to grow on account of growing development of offshore fields along with technological challenges in the production and operations across a deep-water reservoir. Development of varied range of production systems and layouts will help the operators in exploring these fields and utilize the potential of previously untapped fields. Furthermore, key benefits including improved reservoir productivity, reduction on operating cost and enhanced reliability of subsea systems will complement the industry landscape.
The subsea equipment market is predicted to grow on account of growing requirement of extending the existing offshore platforms. Inability to reach certain reservoir from the surface using conventional horizontal wells or directional drilling measures can be resolved using these production systems. It comprises of drilling systems, Christmas trees & well head systems, manifolds, jumper systems, umbilical, risers, flowline, Tie-in, instrumentation & control systems and subsea installation and vessels.
Growing investment toward offshore exploration and production activities along with substantial reduction in operational cost owing to ongoing technological advancements will propel the subsea equipment market. Increased use of efficient monitoring and control systems along with robust development of automated devices will complement the business landscape. Furthermore, stringent government standards and industry requirements to ensure safe operations and oil productions in deep and ultradeep reservoirs will affect the industry growth.
Rapid discoveries in deep water seas along with rising energy demand across the emerging countries will propel the subsea equipment market. Majority of the onshore producing wells have reached their maturity resulting in declining production. As a result, the industry players are focusing toward developing offshore fields encouraging the product demand.
Growing focus toward managing the capital expenditure for offshore development along with recovering oil prices will drive the subsea equipment market. Increasing deployments of tie-backs along with gaining popularity of the equipment among the operators will augment the industry outlook. The architecture allows the companies to use the existing platform, pipelines and infrastructure with the new potential projects being tied into the old platform.
The Europe subsea equipment market size is anticipated to grow on account of rising E&P activities across Russia and Norway. Reduction in technology cost along with declining production from onshore oilfields will augment the industry landscape. However, strengthening oil prices are likely to boost drilling and production operations that will positively enhance the industry outlook.
Eminent players operating across the subsea equipment industry include Schlumberger, BHGE, Technip, FMC technologies, Aker Solutions, Transocean, National Oil Varco, Siemens, Dril-Quip Inc., Nexans and Oceaneering International.
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