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Global Subsea Systems Market to Reach $14.1 Billion by 2026
SAN FRANCISCO, Aug. 10, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Subsea Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 9; Released: May 2021
Executive Pool: 764
Companies: 36 - Players covered include Aker Solutions ASA; Baker Hughes, Inc.; Dril-Quip, Inc.; Kongsberg Gruppen ASA; McDermott International, Inc.; National Oilwell Varco; Oceaneering International, Inc.; OneSubsea; Parker Hannifin Corporation ; Proserv Group Inc.; Saipem S.p.A.; Siemens AG ; Subsea 7 S.A.; TechnipFMC plc and Others.
Coverage: All major geographies and key segments
Segments: Type (SURF, Subsea Trees, Subsea Control Systems, Subsea Manifolds, Subsea Boosting Systems, Subsea Separation Systems, Subsea Injection Systems, and Subsea Compression Systems)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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ABSTRACT-
Global Subsea Systems Market to Reach $14.1 Billion by 2026
Subsea environment requires the use of a range of sophisticated technologies and systems that enable processing and production of hydrocarbons from offshore wells without the need for surface production activity. Subsea ecosystem comprises treating extracted hydrocarbons upstream of surface facilities below or on the seabed. Major activities undertaken are downhole and seabed oil/gas/water separation, seabed and downhole multi-phase pumping, gas compression, and flow assurance. Primary benefits of using subsea systems include improved recovery of oil and gas stocks, lowered costs pertaining to surface production, reduced chances of gas hydrate formation in flowlines, increased Net Present Value (NPV), and overall higher production. Subsea installations are either directly connected to onshore facilities, or tied to floating production unts (FPSOs) which are floating platforms.
Subsea systems can be mainly grouped into two categories namely, Subsea Production Systems and Subsea Processing Systems. A subsea production system comprises various components including Drilling & Well Systems, Wellhead Systems and Christmas Trees, Manifolds, Jumpers, Umbilical Systems, Production Risers, Flowlines, Control Systems, Installation and Vessels, and Flow Assurance Technologies. Amid the COVID-19 crisis, the global market for Subsea Systems estimated at US$11.4 Billion in the year 2020, is projected to reach a revised size of US$14.1 Billion by 2026, growing at a CAGR of 3.5% over the analysis period. SURF, one of the segments analyzed in the report, is projected to record a 3.9% CAGR and reach US$4.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Subsea Trees segment is readjusted to a revised 2.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.7 Billion in 2021, While China is Forecast to Reach $962.3 Million by 2026
The Subsea Systems market in the U.S. is estimated at US$1.7 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$962.3 Million by the year 2026 trailing a CAGR of 3.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 3.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.3% CAGR.
Subsea systems market grew substantially over the past two decades, closely reflecting the trend in the world oil & gas industry, especially the offshore segment. Sustained emphasis on deepwater offshore activity for hydrocarbon extraction on the back of steady depletion of onshore and shallow water fields has created massive demand for subsea systems. Demand also grew amid a growing number of oil enterprises leaning towards leveraging subsea systems in deeper water plays than to engage in easily accessible, oil rich onshore and near-shore sites in countries such as Venezuela, Iran and Iraq, which in recent years have become unpredictable environments for investors due to geo-political reasons. Rise of enhanced oil recovery (EOR) technologies supplementing the existing subsea techniques, is another major factor that contributed immensely to growth of subsea technologies market. Consequently, deployment of different types of subsea systems that aid in processing and production of hydrocarbons from offshore wells without the need for surface production activity such as well intervention, subsea processing, subsea boosting, and subsea tiebacks exhibited substantial expansion. Growth momentum remains intact across Subsea Production Technologies vertical including SURF (Subsea Umbilicals, Risers, Flowlines); Subsea Trees; Subsea Control Systems; and Subsea Manifolds; as well as Subsea Processing Technologies vertical comprising Subsea Boosting Systems; Subsea Separation Systems; Subsea Injection Systems; and Subsea Compression Systems
Subsea Control Systems Segment to Reach $1.3 Billion by 2026
In the global Subsea Control Systems segment, USA, Canada, Japan, China and Europe will drive the 2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$633.9 Million in the year 2020 will reach a projected size of US$727.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$77.2 Million by the year 2026. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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SOURCE Global Industry Analysts, Inc.
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