Subsea Systems Market Predicted to Propel to US$16.09 Billion by 2028 with Advancements in Deepwater Exploration Technology
Dublin, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The "Subsea Systems Market - Forecasts from 2023 to 2028" report has been added to * ResearchAndMarkets.com's* offering.
The global pursuit for offshore energy reserves has culminated in a significant forecast for the subsea systems market, with anticipated growth from US$12.707 billion in 2021 to an impressive US$16.093 billion in 2028, at a CAGR of 3.43%.
This newly compiled research publication delves into the multifaceted market, emphasizing the technological advancements and increasing demands that drive the sector's progress.
The surge in energy requirements, particularly in developing nations, is orchestrating an evolution in subsea infrastructure to enable access to offshore gas and oil deposits. This, in tandem with progressive deepwater and ultra-deepwater explorations, has become a pivotal pivot for market expansion. The transition towards more sophisticated subsea technologies is prompted by stringent environmental regulations and an elevated inclination towards sustainability.
With the inception of forward-thinking measures such as digital twins and modular subsea equipment, the subsea systems market is positioned to expedite its offerings in asset delivery and installation efficiency. The market is also poised for diversification and growth due to the emergence of offshore renewable energy projects, the need for infrastructure rejuvenation, and the influence of global economic and geopolitical events.
The United States shows a steadfast advancement within the subsea systems market landscape, reaping the benefits of escalating oil production and strategic investments in onshore oil rigs.
Major industry players in the US, including NOV Inc, Parker, and Hannifin Corporation, are investing in subsea production portfolio improvements, fostering the market's overall growth. Additionally, joint ventures like “OneSubsea,” a collective endeavor by Aker Solutions, SLB, and Subsea7 headquartered in Oslo and Houston, Texas, promise to enhance subsea processing and production technology prowess.
Market developments have further shaped the subsea systems sector's trajectory. Recent alliances such as that between Southern Cross Cables Limited and Equinix, Inc., and substantial contracts awarded to TechnipFMC by Azule Energy for offshore Angola developments, accentuate the dynamic progress and optimistic market sentiment.
The venture between Schlumberger, Aker Solutions, and Subsea 7 stands as a revolutionary move, combining state-of-the-art technologies to meet the demands of modern subsea production and address vital decarbonization objectives.
The market segmentation analysis in the study, covers various technologies and geographical regions. This includes an assessment of subsea production systems, drilling systems, manifold and jumper systems, Christmas trees, and wellhead systems, along with control systems and other related equipment.
Geographical insights offer a granular view of the market across diverse regions encompassing North America, South America, Europe, Middle East and Africa, and Asia Pacific, permitting stakeholders to gauge the localized market pulse effectively.
· *North America*: Robust growth anticipated, with the U.S. leading in subsea system advancements.
· *Europe*: Notable developments in offshore energy sectors, particularly in Norway, the United Kingdom, and Russia.
· *Asia Pacific*: Rapid market acceleration due to increasing energy demands in India and evolving industrial activities across the region.
This in-depth market analysis underscores significant trends, drivers, challenges, and opportunities, providing an indispensable guide for businesses, investors, and policymakers interested in the subsea systems industry.
*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 136
Forecast Period 2021 - 2028
Estimated Market Value (USD) in 2021 $12.71 Billion
Forecasted Market Value (USD) by 2028 $16.09 Billion
Compound Annual Growth Rate 3.4%
Regions Covered Global
*Report Segmentation:*
*By Technology*
· Subsea Production System
· Subsea Drilling System
· Subsea Manifolds and Jumper Systems
· Subsea Christmas Trees and Wellhead Systems
· Control Systems
· Subsea Processing System
· Separators
· Boosters
· Others
*By Geography*
· North America · U.S.
· Canada
· Mexico
· South America
· Brazil
· Argentina
· Others
· Europe
· Norway
· Russia
· United Kingdom
· Germany
· France
· Others
· Middle East and Africa
· Saudi Arabia
· United Arab Emirates
· Others
· Asia Pacific
· China
· India
· Japan
· Thailand
· Indonesia
· Malaysia
· Others
*Companies Profiled*
· Aker Solutions (Aker Holding)
· National Oilwell Varco (NOV Inc.)
· TechnipFMC Plc.
· Dril-Quip, Inc.
· Parker Hannifin Corporation
· Expro Group (Frank’s International)
· Schlumberger Limited
· Oceaneering International, Inc.
· GE Oil & Gas (Baker Hughes)
For more information about this report visit https://www.researchandmarkets.com/r/ddhcca
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*Attachment*
· Subsea Systems Market
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