To meet the rise in energy demand, companies have consistently expanded the oil industry by moving from onshore reserves to inland waterways and then to offshore.
The offshore industry has grown consistently over the years, with sounds million barrels per day (mbd) in the late 1950s to one-third of the total crude oil production worldwide.
The increase in energy demand and the decline in recovery rate among the existing wells are expected to drive subsea exploration, thus strongly driving the subsea equipment market during the forecast period.
A resource shortage, however, will likely challenge the growth of the market during the forecast period.
In recent years, most of the oil and gas reserves were discovered in the offshore regions, leading to huge investments in the sector.
With attractive returns and recovery rate, subsea exploration and production will likely challenge the growth of the traditional offshore and onshore industry.
The market is dominated by the big types of firms: engineering, procurement, installation, and construction (EPIC).
About this report
With new fields being discovered in the offshore regions, the declining recovery rate, and production from ageing fields, solutions in the form of new technology are highly imperative. This research service examines opportunities in the global subsea equipment market. The market is divided into 3 segments: subsea production and processing equipment; subsea umbilicals, risers, and flowlines (SURF); and subsea control system. This study discusses the driving and restraining factors that are expected to impact the future growth of the global subsea equipment market. The forecast period for this study is from 2014 to 2018, and the base year is 2013.
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