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Subsea Systems Market

Subsea Systems Market Outlook, 2023- Forecasts and Opportunities in the subsea systems industry by type (Subsea Production Systems, Subsea Processing Systems), Components (SURF, Trees, Manifolds, Controls), Services, Companies, and Countries to 2030

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  • |Published Month : December, 2022
  • |No. of Pages : 196

Subsea Systems Market Size Value and Growth Overview

Subsea Systems Market is projected to reach USD 15.3 billion by the end of 2030. The global market is one of the rapidly growing markets in the oilfield services industry. Supported by the high oil price environment, the Subsea Systems Market including the Subsea Production Systems market and Subsea Processing Systems market are witnessing steady growth. Further, the report analyzes the key components in the subsea industry including SURF, Trees, Manifolds, and Controls, along with key services. The current market size is provided for these segments in addition to forecasts from 2023 to 2030. Further, leading companies providing subsea equipment and services are also profiled in the industry analysis. Further, the market size outlook across key countries is also included.

Introduction:

The Subsea Systems Market in 2023 is set to experience steady year-on-year growth of 2.95%, owing to the optimistic oil industry scenario. The EIA (US Energy Information Administration) estimates the Brent crude oil price forecast to average at $92 per barrel in 2023. Despite a decline from $101.5 per barrel in 2022, the high oil price environment supports the strong prospects for investments in offshore oil and gas upstream activities.

The medium to long-term market outlook presents robust opportunities for companies offering oil extraction products and services. Increasing investments in technologies for offshore oil and gas exploration are extending strong support for companies manufacturing subsea production and processing systems, and component providers such as SURF (subsea umbilicals, risers, and flowlines), wellhead, manifolds, and others.

Leading service providers in the industry also witnessed huge business growth in 2022 including installation, asset management, product optimization, inspection, maintenance, repair services, and others. Further, the near to medium-term future is likely to provide significant profit margins for companies amidst optimistic oil price forecasts.

The market is characterized by a focus on global hot spots with varying market dynamics from region to region. As the setup of subsea systems onshore and managing offshore production can greatly reduce operating expenses, oil and gas companies are opting for efficient subsea systems. Accordingly, investments in efficient R&D activities are widely observed from subsea equipment and component manufacturers.

Subsea Systems Market Outlook, USD Billion, 2021- 2030

The global Subsea Systems Market is witnessing steady growth in demand, driven by rapid adoption across production sites by companies. The chart below provides the market size outlook of subsea production and processing systems worldwide, in revenue terms from 2021 to 2030.

Subsea Market Outlook to 2030

The global Subsea Systems Market size stood at $15.31 billion in 2022, driven by strong growth in oil and gas exploration activities. The market is likely to continue the optimistic forecast over the forecast period from 2023 to 2030, presenting a growth forecast of 3.12%, compounded annually.

Subsea Systems Market Trend- Investments in R&D activities

Recent technological advancements in the field of the subsea systems industry are encouraging the growth of smart subsea systems. In particular, improved efficiency of subsea systems in complex operating environments present significant growth prospects.

With increasing demand from both brownfield and greenfield oil and gas upstream projects across the globe, the market outlook for subsea equipment and service providers remains robust, supporting investments in R&D activities.

Equipment and components are optimized and integrated into smart production mechanisms for improved efficiency and superior control in deep water and ultra-deepwater exploration activities. R&D investments focused on reducing costs during downturns are likely to support the profitability of companies.

Subsea Systems Market Drivers- Increasing offshore oil and gas production activities

Global offshore oil and gas production is increasing steadily driven by planned investments by oil and gas majors. Investments in the US, Brazil, China, the UK, Norway, Africa, Asia, and other markets present strong support for offshore oil and gas production. Qatar Petroleum, Shell, Petrobras, Total, Exxon Mobil, Equinor, Chevron, Gazprom, ADNOC, CNPC, and other companies are investing in offshore oil and gas upstream projects.

The high crude oil price scenario is among the main market growth drivers in the global subsea production market. In addition to maturing oil and gas fields, steady oil and gas demand coupled with a high oil price environment supports investments in subsea equipment and services. Further, key service providers such as installation, asset management, product optimization, inspection, maintenance, repair services, and others are gaining strong market growth.

Subsea Systems Market Share Analysis- SURF generated the largest revenue in subsea components

The subsea industry analysis provides a market revenue outlook across diverse subsea components including SURF (subsea umbilicals, risers, and flowlines), trees, manifolds, controls, and others. Of these, the SURF segment generated the highest revenue in the industry in 2022. The segment accounted for the highest revenue share of over 44.1% in the industry. Further, controls held the next largest market share of 24.1%, followed by trees at 7.5% and manifolds with a 16.8% market share in 2022. The chart below details the market share in the revenue generated by subsea companies in 2022-

Subsea Market Share by SURF, Controls, Trees, Manifolds

 

Subsea Systems Market Companies- Business Profiles

Leading companies operating in the global subsea industry continue to face intense competitive conditions. Technological innovations, increased merger and acquisition activities, price competitiveness, long-term contracts, and other areas remain key focus strategies of market players. The report provides the business profiles of 10 leading subsea system companies including- Akastor ASA, Subsea 7 SA, TechnipFMC PLC, National-Oilwell Varco Inc., Baker Hughes Co., Schlumberger Ltd, Halliburton Co., Oceaneering International, Kerui Group Co. Ltd, Dril-Quip Inc., and others.

Subsea Systems Market Segmentation

Types

  • Subsea Production Systems
  • Subsea Processing Systems

Components

  • SURF
  • Trees
  • Manifolds
  • Controls

Companies

  • Akastor ASA
  • Subsea 7 SA
  • TechnipFMC PLC
  • National-Oilwell Varco Inc.
  • Baker Hughes Co.
  • Schlumberger Ltd
  • Halliburton Co.
  • Oceaneering International
  • Kerui Group Co. Ltd
  • Dril-Quip Inc.

Regions

  • North America
  • Europe
  • Middle East and Africa
  • Asia Pacific
  • Latin America

1. Executive Summary

1.1 Introduction to Subsea Systems Markets

1.2 Subsea Systems Market Size Outlook, 2021- 2030

1.3 Growth Opportunities in Subsea Industry

1.4 Winning Strategies for the post-pandemic future

 

2. Report Guide

2.1 Market Definition and Scope

2.2 Market Segmentation

2.3 Research Methodology

2.4 Forecast Methodology

2.5 List of Abbreviations

 

3. Growth Opportunity Analysis

3.1 Key Subsea Systems Market Trends

3.1.1 Increasing offshore exploration activities

3.1.2 Recent technological developments in smart subsea systems

3.1.3 Investments from leading companies

 

3.2 Key Subsea Systems Market Growth Drivers

3.2.1 High oil price environment

3.2.2 Shift to onshore control of activities for cost efficiency

3.2.3 Steady growth in oil and gas demand

 

3.3 Key Subsea Systems Market Growth Restraints

3.3.1 High capital investments involved in the industry

3.3.2 Environmental Concerns

 

4 Subsea Systems Market Outlook – Scenario Analysis

4.1 Low Growth Case Scenario Forecasts: Subsea Systems Market Size Outlook to 2030

4.2 Reference Growth Case Scenario Forecasts: Subsea Systems Market Size Outlook to 2030

4.3 High Growth Case Scenario Forecasts: Subsea Systems Market Size Outlook to 2030

 

5. Subsea Systems Market Segmentation- Outlook by Type

5.1 Subsea Systems Market Share Analysis by Type, 2023

5.2 Subsea Production Systems Market Outlook to 2030

5.3 Subsea Processing Systems Market Outlook to 2030

 

6. Subsea Systems Market Segmentation- Outlook by Technology

6.1 Subsea Systems Market Share Analysis by Technology, 2023

6.2 SURF: Subsea Systems Market Outlook to 2030

6.3 Trees: Subsea Systems Market Outlook to 2030

6.4 Manifolds: Subsea Systems Market Outlook to 2030

6.5 Controls: Subsea Systems Market Outlook to 2030

 

7. North America Subsea Systems Market Outlook and Opportunities to 2030

7.1 Market Snapshot, 2023

7.2 North America Subsea Systems Market Growth Opportunities

7.2.1 North America Subsea Systems Market Outlook by Type, 2021 to 2030

7.2.2 North America Subsea Systems Market Outlook by Application, 2021 to 2030

7.2.3 North America Subsea Systems Market Outlook by Country, 2021 to 2030

7.3 United States Subsea Systems Market Outlook, 2021 to 2030

7.4 Canada Subsea Systems Market Outlook, 2021 to 2030

7.5 Mexico Subsea Systems Market Outlook, 2021 to 2030

 

8. Europe Subsea Systems Market Outlook and Opportunities to 2030

8.1 Market Snapshot, 2023

8.2 Europe Subsea Systems Market Growth Opportunities

8.2.1 Europe Subsea Systems Market Outlook by Type, 2021 to 2030

8.2.2 Europe Subsea Systems Market Outlook by Application, 2021 to 2030

8.2.3 Europe Subsea Systems Market Outlook by Country, 2021 to 2030

8.3 Germany Subsea Systems Market Outlook, 2021 to 2030

8.4 France Subsea Systems Market Outlook, 2021 to 2030

8.5 United Kingdom Subsea Systems Market Outlook, 2021 to 2030

8.6 Spain Subsea Systems Market Outlook, 2021 to 2030

8.7 Italy Subsea Systems Market Outlook, 2021 to 2030

8.8 Other Europe Subsea Systems Market Outlook, 2021 to 2030

 

9. Asia Pacific Subsea Systems Market Outlook and Opportunities to 2030

9.1 Market Snapshot, 2023

9.2 Asia Pacific Subsea Systems Market Growth Opportunities

9.2.1 Asia Pacific Subsea Systems Market Outlook by Type, 2021 to 2030

9.2.2 Asia Pacific Subsea Systems Market Outlook by Application, 2021 to 2030

9.2.3 Asia Pacific Subsea Systems Market Outlook by Country, 2021 to 2030

9.3 China Subsea Systems Market Outlook, 2021 to 2030

9.4 Japan Subsea Systems Market Outlook, 2021 to 2030

9.5 India Subsea Systems Market Outlook, 2021 to 2030

9.6 South Korea Subsea Systems Market Outlook, 2021 to 2030

9.7 Indonesia Subsea Systems Market Outlook, 2021 to 2030

9.8 Other Asia Pacific Subsea Systems Market Outlook, 2021 to 2030

 

10. South and Central America Subsea Systems Market Outlook and Opportunities to 2030

10.1 Market Snapshot, 2023

10.2 South and Central America Subsea Systems Market Growth Opportunities

10.2.1 South and Central America Subsea Systems Market Outlook by Type, 2021 to 2030

10.2.2 South and Central America Subsea Systems Market Outlook by Application, 2021 to 2030

10.2.3 South and Central America Subsea Systems Market Outlook by Country, 2021 to 2030

10.3 Brazil Subsea Systems Market Outlook, 2021 to 2030

10.4 Argentina Subsea Systems Market Outlook, 2021 to 2030

10.5 Other Latin America Subsea Systems Market Outlook, 2021 to 2030

 

11. Middle East and Africa Subsea Systems Market Outlook and Opportunities to 2030

11.1 Market Snapshot, 2023

11.2 Middle East and Africa Subsea Systems Market Growth Opportunities

11.2.1 Middle East and Africa Subsea Systems Market Outlook by Type, 2021 to 2030

11.2.2 Middle East and Africa Subsea Systems Market Outlook by Application, 2021 to 2030

11.2.3 Middle East and Africa Subsea Systems Market Outlook by Country, 2021 to 2030

11.3 Saudi Arabia Subsea Systems Market Outlook, 2021 to 2030

11.4 United Arab Emirates (the UAE) Subsea Systems Market Outlook, 2021 to 2030

11.5 Other Middle East Subsea Systems Market Outlook, 2021 to 2030

11.6 Egypt Subsea Systems Market Outlook, 2021 to 2030

11.7 South Africa Subsea Systems Market Outlook, 2021 to 2030

11.8 Other Africa Subsea Systems Market Outlook, 2021 to 2030

 

12. Profiles of major world Subsea Companies

12.1 Akastor ASA

- Key Statistics

- Business Operations

- Products and Services Offered

- SWOT Analysis

- Financial Profile

12.2 Subsea 7 SA

- Key Statistics

- Business Operations

- Products and Services Offered

- SWOT Analysis

- Financial Profile

12.3 TechnipFMC PLC

- Key Statistics

- Business Operations

- Products and Services Offered

- SWOT Analysis

- Financial Profile

12.4 National-Oilwell Varco Inc.

- Key Statistics

- Business Operations

- Products and Services Offered

- SWOT Analysis

- Financial Profile

12.5 Baker Hughes Co.

- Key Statistics

- Business Operations

- Products and Services Offered

- SWOT Analysis

- Financial Profile

12.6 Schlumberger Ltd

- Key Statistics

- Business Operations

- Products and Services Offered

- SWOT Analysis

- Financial Profile

12.7 Halliburton Co.

- Key Statistics

- Business Operations

- Products and Services Offered

- SWOT Analysis

- Financial Profile

12.8 Oceaneering International

- Key Statistics

- Business Operations

- Products and Services Offered

- SWOT Analysis

- Financial Profile

- Financial Profile

12.9 Kerui Group Co. Ltd

- Key Statistics

- Business Operations

- Products and Services Offered

- SWOT Analysis

- Financial Profile

- Financial Profile

12.10 Dril-Quip Inc.

- Key Statistics

- Business Operations

- Products and Services Offered

- SWOT Analysis

- Financial Profile

- Financial Profile

 

13. Appendix

13.1 Publisher’s Expertise

13.2 List of Tables and Charts

13.3 List of Exhibits

13.4 Legal Disclaimer

 

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