Global Subsea Control Systems Market Insights, Opportunity Analysis, Market Shares and Forecast, 2016 - 2022
The subsea control systems market is estimated to grow at a CAGR of 8.5% between period 2016 and 2022.The main driver for subsea control systems is the growing global offshore oil and gas exploration in the future. Besides, subsea well installations and underwater production work will add to the growing demand of the subsea control systems market for the forecasted period. With rising demand for oil and gas, the off shore exploration and production of fossil fuels has increased considerably around the world. The central purpose of subsea control systems is to move oil and gas from the drilling sites to onshore terminals. For oil and gas companies subsea control system provides the necessary logistic support. Supervising network of subsea wells is one of the functions of subsea control systems.
The global subsea systems market is segmented on the basis of type, components, and applications. By type it is further sub segmented into underwater subsea control systems, and topside subsea control systems. By components the market is classified as umbilical termination assembly market, subsea control module market, umbilical market, sensor market, and master control systems market. By applications the market is sub segmented into processing subsea control system market, production subsea control system market, and other applications of subsea control equipment market. The main driver of the global subsea control systems market is growing offshore oil and gas explorations.
Growing demand for fossil fuels across the globe, has led energy companies to explore offshore areas for oil and gas further into deep waters and harsh environment. Globally the number of offshore oil and gas platforms is projected to rise up to $495billion in 2016. With companies going into the deepest part of the sea and ocean for explorations, the future of oil and gas offshore platform won’t be noticeable from the shore. Subsea control systems can be used to monitor the subsea wells during drilling and supervise them during extraction. Subsea control systems would be used effectively in harsh environmental conditions like that of Arctic, Atlantic, and Antarctic regions. With use of subsea control systems when used will require fewer people at oil and gas rigs stations, thereby reducing the risk of human life. Both exploration and production companies are spendingon new innovative technology in subsea control systems designed specifically for oil and gas exploration. Preference towards ultra-deep water and deep water environment, where there is a strong need for subsea control systems to warrant environmental safety are driving the global subsea control systems market.
Almost all the oil and gas reserves near shallow waters of sea and ocean are already developed. With upsurge in demand for oil and gas production companies are moving towards deep water (having depths between 500 meters and 1500 meters) and ultra-deep water (having depths of more than 1500 meters) areas. The subsea control systems should have mechanisms featuring a robust control system for certifying safety and continuous production levels. Moreover, oil and gas platforms cannot always be pinned around seabed, as a result both exploration and production companies are embracing subsea systems for production is such areas. The technical challenges for deep water projects require substantial amount of investments in new innovative technologies. Drilling and completion productivity, high pressure and temperature resistant gear, reservoir description and well placement, subsea processing and boosting are the categories under which the new technology being developed in subsea systems for deep water and ultra-deep water oil and gas productions. Innovations are being made keeping in mind all the above categories are being developed by industry at different degrees.
Geographically the global subsea control systems market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. One of the largest markets for subsea control systems in the world is Europe followed by Middle East and Africa, and Latin America. Factors like heavy consumption, healthy investments for explorations, and new innovations are the factorsbacking growth of the market. Latin America and Asia-Pacific are the fastest growing subsea control system market in the world. Swift discovery of new reserves in Latin America region is aprobable factor for its growth in subsea control systems market in the future. With cumulative consumption and demand, and healthy economy ensuing new investments are driving the subsea control systems market in the Asia-Pacific.
Some of the foremost companies in global subsea control systems market are, Anker Solutions, Fmc Technologies Inc., Halliburton Co., One subsea., Drill-Quip, Inc., Expro Ltd., Hitec Products., Oceaneering International, Inc., Proserv Ltd., Siemens Ag, and Weatherford International Ltd. Main strategies used by the prominent companies include agreements and contracts. Both agreements and contracts are carried out focusing on to increase market penetration.
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