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Subsea Systems Market Size to Reach $17.44 Billion by 2021

Author: Siddhant Dongare
by Siddhant Dongare
Posted: Aug 30, 2019

The subsea systems market is projected to grow from an estimated USD 15.78 Billion in 2016 to USD 17.44 Billion by 2021, at a CAGR of 2.02% from 2016 to 2021. Despite steep revenue declines 2015 onwards, the global market is set to witness growth after 2018 due to the increasing production from deepwater fields. Offshore exploration and production investments in Africa and Asia-Pacific region will also boost the market growth.

The subsea systems market has been broadly classified on the basis of type into production system and processing system. Subsea production system segment accounted for the largest share of the market in 2015, while subsea processing system segment is projected to grow at a faster pace among the two segments. Subsea production will witness demand from continuing deepwater activities in Africa, the U.S. Gulf of Mexico, and South America. The subsea processing system market will be driven by the need for improving recovery rates in shallow water fields, particularly across the North Sea.

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Subsea Umbilicals Risers and Flowlines (SURF) are important equipment in subsea production systems. Umbilical system is a bundled arrangement of piping, tubing, and electrical conductors which are bounded in armored sheath. The primary application of umbilical is to transmit control fluids. It is also used to monitor pressures and inject fluids. The rising focus on deepwater drilling is the major driver for the SURF market. Moreover, the oil discoveries in emerging economies, especially in Africa, provide further positive contributions to the subsea systems market.

Europe: The largest market for subsea systems

In this report, the subsea system market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, the Middle East, South America, and Africa. The European region led the subsea system market with the largest market share in 2015, and the trend is projected to continue till 2021. This growth can be attributed to the subsea production activities in offshore Norway and the U.K. Major reforms have been done by both the governments for increasing oil production which would provide significant growth of the subsea system market.

Africa is the fastest growing market in the subsea production system during the forecast period. The growth is due to the rising investments in major oil producing African nations, namely, Angola, Ghana, Nigeria, and Equatorial Guinea, driven by large new offshore discoveries.

Some of the top players in the subsea systems market include Subsea 7 (U.K.), FMC Technologies (U.S.), GE Oil & Gas (U.S.), Aker Solutions (Norway), One Subsea (U.S.), Technip (France), Dril-Quip, Inc. (U.S.), and Kongsberg Oil & Gas Technologies (Norway).

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About the Author

Currently working as a Senior Research Associate with hands on experience in Market Research, Business Research, Consumer Research and Process Research

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Author: Siddhant Dongare

Siddhant Dongare

Member since: Feb 06, 2019
Published articles: 108

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