With increasing new discovery of offshore oil reserves in North Sea, South China Sea and other regions of the globe, driving the growth of the market. Additionally, with advancements in drilling technology, companies are moving towords deep and Ultra-deep offshore drilling activities. This also provide further boot to the growth of the market. However, stringent government regulations and high capital cost for drilling may hamper the growth of the market.
Global subsea system market is projected to grow at a CAGR of 2% during the forecast period.
With increasing new discovery of offshore oil reserves in various regions across the globe, driving the growth of the market.
The key players of Global Subsea System Market are Subsea 7 SA (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.), Oceaneering International, Inc. (U.S.), Proserv Group Inc. (U.K.) and Kongsberg Oil & Gas Technologies (Norway).
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Scope of the Report
This study provides an overview of the global subsea system market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, South America, Europe, Asia Pacific (APAC) and Middle East & Africa. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global subsea system market by its on type, components, technology and region.
- Subsea Production System
- Subsea Processing System
- Compression System
- North America
- South America
- Middle East & Africa
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With the increase in the energy consumption across the globe, the focus on offshore drilling is on the rise, which will drive the growth of the market. According to OPEC, world oil demand averaged 93.0 mb/d in 2015, with the highest rises taking place in the Asia Pacific region, particularly India and China, North America, Western Europe, the Middle East and Africa. However, high cost of offshore drilling may hamper the growth of the market.
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