The global subsea systems market is anticipated to grow at a CAGR of 5.5% during the forecast period (2022-2028). The demand for subsea production and processing systems has been driven by increased drilling and completion activities around the world. However, the recent volatility in oil prices, owing to the supply-demand gap, geopolitics, and a variety of other factors, has increased demand for subsea production and processing systems. There is a significant rise in deep water exploration and production activities around the world, which in turn, is driving the market growth.
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Deep-water and ultra-deep-water activities have a direct impact on the offshore industry for subsea production and processing systems. Many countries shifted to onshore projects after oil prices fell in 2014, however, it turned out that onshore projects have a return period of 10 to 15 years. As a result, countries such as Brazil, the United States, and Egypt began deep-water and ultra-deep-water explorations, which have a return period of 5 to 6 years, are more profitable and are expected to drive the subsea production and processing system market during the forecast period. After 2015, the global offshore rig count increased significantly, which is expected to have a positive impact on offshore subsea production and processing systems. In December 2019, Chevron Corp. announced that it will develop the Anchor Project in the Gulf of Mexico, which will be the oil and gas industry’s first deep-water and high-pressure project. For the high-pressure environment, this project will necessitate advancement in the subsea production and processing system, and it is expected to drive the subsea production and processing system market during the forecast period. Egypt’s West Delta Deep Marine project is still in the planning stages. The Montu well, which will be Egypt’s deepest well, will be drilled by Royal Dutch Shell in 2019. This opens up a number of opportunities for the adoption of subsea production and processing system.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Component
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Subsea 7 SA, Aker Solutions ASA, and Akastor ASA, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Subsea Systems Market Report by Segment
By Type
- Subsea Production
- Subsea Processing
By Component
- Subsea Umbical Riser and Flowlines (SURF)
- Trees
- Wellhead
- Manifolds
- Others
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