Subsea Systems Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Technology (Subsea Production System (Subsea Drilling System, Subsea Manifolds And Jumper Systems, Subsea Christmas Trees And Wellhead Systems, Control Systems, Others), Subsea Processing System (Separators, Boosters, Others)), And By Geography - Forecasts From 2022 To 2027
- Published : Dec 2022
- Report Code : KSI061610478
- Pages : 136
The subsea systems market is projected to grow at a CAGR of 3.46% to reach US$15.588 billion by 2027, from US$12.282 billion in 2020.
Subsea systems are located on the seabed in deep or shallow water. They are installed to enhance the oil recovery process by offering cost-effective solutions and helping in maintaining the stability of offshore basins. The subsea structures are constructed underwater and are installed on the seabed as foundations, and support. They are also installed for the protection of subsea oil and gas processing equipment such as connection systems, piping, wells, and valves, among others.
The subsea system comprises of well system which includes the downhole completion system and the subsea tree, the pipeline system which includes tie-ins, umbilicals, risers, injection pipelines, and production pipelines, and the production system which includes protective structures, manifolds, templates, intervention systems, and subsea processing systems. Subsea processing encompasses a number of different processes which help to reduce the cost and complexity of developing an offshore field. The main types of subsea processing include reinjection or disposal and subsea water removal, single-phase and multi-phase boosting of sand good fluids, solid separation, gas/liquid separation and boosting, and gas treatment and compression.
Increasing deep water activities and Gulf discoveries
After the COVID-19 pandemic price dip, the oil price increased which initiated deepwater exploration and project sanctions in many regions such as the US Gulf of Mexico. In 2021, around 12 deepwater US Gulf were discovered. According to the latest Platts Analytics estimates, in 2021 the US Gulf oil output is 1.769 million b/d and would reach 2 million b/d by the end of 2022. Moreover, three projects were live in 2022 - hell's Vito field and BP's Mad Dog Phase 2 along with three fields that were operated by Murphy Oil: Khaleesi, Mormont, and Samurai. Apart from the new field production, several discoveries were expected in 2022, including Chevron's Ballymore. It is a field in the emerging Norphlet geologic.
Market Restraints
The installation cost of the subsea system is quite high. Moreover, there are risks associated with offshore drilling as well as production offshore sites. Such factors may act as a barrier to market growth during the forecast period.
Major Key Developments
- In October 2022, AD Ports Group’s part Safeen Offshore acquired a new support vessel. With this acquisition, Safeen Offshore has aimed toward enhancing its subsea service capabilities. The acquisition is part of the company’s expansion plan, which is to build capacity and enhance the portfolio of services. The 2014-built vessel that Safeen acquired is a 75.5-meter-long vessel that has a built-in 80-ton active heave compensation (AHC) offshore crane for service in water depths of up to 2,000 meters. The vessel will undergo an extensive conversion, which will include the installation of an integrated dive system for pipeline maintenance as well as support pipeline repair.
- In April 2022, Aker Solutions received a contract from Aker BP. The contract was to provide the subsea production system for the Trell & Trine field development, which was located in the Alvheim area of the North Sea. As a part of the agreement, Aker Solutions would deliver a subsea production system, which will include three two manifolds, horizontal subsea trees, control systems, close to 30 kilometers of subsea umbilicals, as well as associated equipment and installation work. The work will be started in the first quarter of 2024.
Middle East and Africa is expected to witness high CAGR during the anticipated period
Middle eastern countries such as UAE, and Iraq are major producers of oil and gas. Owing to the growing demand for oil, gas and renewable energy middle eastern countries are regularly taking up investments in oil, gas, and renewable energy segments. For example, in June 2022, the National Marine Dredging Company (NMDC), an Abu Dhabi-based company, and AD Ports Group formed an alliance to form SAFEEN Surveys and Subsea Services. The new joint venture is dedicated to providing surveys, trenching, and dredging support services. SAFEEN Surveys and Subsea Services will also offer a portfolio of integrated subsea services, such as remotely operated vehicles (ROVs), commercial diving, and unmanned inspection vessels. Moreover, through the joint venture, the consumers will be provided with customized solutions for offshore operations in the renewable energy and gas& oil sectors.
COVID 19 Insights
The COVID-19 pandemic disrupted oil and gas prices, which severely impacted the market prices. According to the Organization of the Petroleum Exporting Committee (OPEC), the prices dropped by 25% in the first quarter of 2020. Moreover, the OPEC countries reduced oil production between May and July 2020 by 9.7 million barrels per day. Due to this, the market players had to cut down their investments. Consequently, offshore activities in deep water and ultra-deep water locations were reduced. Moreover, the market players were scared as the wells were sealed, they feared that if the oil wells would be sealed further, it would put them at the risk to lose their assets permanently.
Subsea Systems Market Scope:
Report Metric | Details |
Market Size Value in 2020 | US$12.282 billion |
Market Size Value in 2027 | US$15.588 billion |
Growth Rate | CAGR of 3.46% from 2020 to 2027 |
Base Year | 2020 |
Forecast Period | 2022–2027 |
Forecast Unit (Value) | USD Billion |
Segments Covered | Technology, And Geography |
Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
Companies Covered | Aker Solutions, National Oilwell Varco, TechnipFMC plc, Dril-Quip, Inc., Parker Hannifin Corporation, Expro Group, Schlumberger Limited, Oceaneering International, Inc., GE Oil & Gas |
Customization Scope | Free report customization with purchase |
Segmentation
- By Technology
- Subsea Production System
- Subsea Drilling System
- Subsea Manifolds and Jumper Systems
- Subsea Christmas Trees and Wellhead Systems
- Control Systems
- Others
- Subsea Processing System
- Separators
- Boosters
- Others
- Subsea Production System
- 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
- North America
Frequently Asked Questions (FAQs)
1. INTRODUCTION
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. SUBSEA SYSTEMS MARKET, BY TECHNOLOGY
5.1. Introduction
5.2. Subsea Production System
5.2.1. Subsea Drilling Systems
5.2.2. Subsea Manifolds and Jumper Systems
5.2.3. Subsea Christmas Trees and Wellhead Systems
5.2.4. Control Systems
5.2.5. Others
5.3. Subsea Processing System
5.3.1. Separators
5.3.2. Boosters
5.3.3. Others
6. SUBSEA SYSTEMS MARKET, BY GEOGRAPHY
6.1. Introduction
6.2. North America
6.2.1. U.S.
6.2.2. Canada
6.2.3. Mexico
6.3. South America
6.3.1. Brazil
6.3.2. Argentina
6.3.3. Others
6.4. Europe
6.4.1. Norway
6.4.2. Russia
6.4.3. United Kingdom
6.4.4. Germany
6.4.5. France
6.4.6. Others
6.5. Middle East and Africa
6.5.1. Saudi Arabia
6.5.2. United Arab Emirates
6.5.3. Others
6.6. Asia Pacific
6.6.1. China
6.6.2. India
6.6.3. Japan
6.6.4. Thailand
6.6.5. Indonesia
6.6.6. Malaysia
6.6.7. Others
7. COMPETITIVE ENVIRONMENT AND ANALYSIS
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. COMPANY PROFILES
8.1. Aker Solutions
8.2. National Oilwell Varco
8.3. TechnipFMC plc
8.4. Dril-Quip, Inc.
8.5. Parker Hannifin Corporation
8.6. Expro Group
8.7. Schlumberger Limited
8.8. Oceaneering International, Inc.
8.9. GE Oil & Gas
Aker Solutions
National Oilwell Varco
TechnipFMC plc
Parker Hannifin Corporation
Expro Group
Schlumberger Limited
Oceaneering International, Inc.
GE Oil & Gas
Related Reports
Report Name | Published Month | Get Sample PDF |
---|---|---|
HVAC Insulation Market Size & Share: Industry Report, 2022 - 2027 | Aug 2022 | |
Drilling Fluids Market Size & Share: Industry Report, 2022 - 2027 | Nov 2022 | |
Subsea Pump Market Size & Share: Industry Report, 2023-2028 | Feb 2023 | |
Subsea Manifolds Market Size & Share: Industry Report, 2022 - 2027 | Dec 2022 | |
Oil Drilling Automation Market Size & Share: Report, 2022–2027 | Jul 2022 |