Global Subsea Production Systems Market 2018-2022
About Subsea Production Systems
The oil and gas sector has extended its reach from land-based drilling to the offshore segment to tap the richness of the earth covered by water. The environmental conditions in the offshore sector are challenging as they vary greatly from the onshore sector. There were two major developments witnessed as drillers approached oceans for producing crude oil and natural gas.
Technavio’s analysts forecast the global subsea production systems market to grow at a CAGR of 3.21% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global subsea production systems market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Subsea Production Systems Market 2018-2022
Technavio recognizes the following companies as the key players in the global subsea production systems market: Aker Solutions, GENERAL ELECTRIC, National Oilwell Varco, Schlumberger, and TechnipFMC.
Other Prominent Vendors in the market are: Dril-Quip, Halliburton, Hunting, Nexans, Parker Hannifin, Prysmian Group, Siemens, SUBSEA 7, and Trendsetter.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is ERD technology. Extended reach drilling (ERD) well is defined as the well with step-out to ND (True vertical depth) ratio of 2:1 or higher. There are certain other factors taken into consideration such as key drilling challenges, water depth, and rig capabilities. Though the use of ERD technology in the current oil and gas market is not feasible, it is expected to be used in time, as using this technology is about the economics and demand in the market. In the last two years of low crude oil price, the operators have adopted this technology, which made the overall project commercially viable.”
According to the report, one driver in the market is increase in global rig count. The upstream oil and gas industry is extremely reliant on the global crude oil prices. The recent crude oil price slump that started in mid-2014 severely affected the upstream industry. However, crude oil prices have now started to increase and are in the range of $50/W-$60/bbl. The decline in upstream operations was evident from the fact that the global active rig count had fallen dramatically. Reduced operations worldwide impacted major oil and gas exploration as well as service provider companies.
Aker Solutions, GENERAL ELECTRIC, National Oilwell Varco, Schlumberger, TechnipFMC, Dril-Quip, Halliburton, Hunting, Nexans, Parker Hannifin, Prysmian Group, Siemens, SUBSEA 7, and Trendsetter.
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