DUBLIN, Nov. 3, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/xj7fbm/subsea_systems) has announced the addition of the "Subsea Systems Market by Subsea Production Technology (SURF, Trees, Manifolds, Control system), by Subsea Processing Technology (Boosting, Separation, Injection, Compression), & by Region - Global Trends & Forecast to 2020" report to their offering.
Global subsea systems market is projected to reach USD 20.5 Billion by 2020 from an estimated USD 15.9 Billion in 2015
Increasing oil discoveries in emerging economies such as Asia and Africa are major drivers to this market. The growth in emerging economies is attributed to increasing capital expenditures in the countries such as, China, India, Nigeria, Angola, Ghana, and Equatorial Guinea. Kenya, Tanzania, and Mozambique. Increasing deep water drilling activities across the globe is also another major driver for the subsea systems market.
Subsea systems include both production and processing systems. Production systems comprise of equipment such as, Subsea Umbilicals Risers Flowlines (SURF), subsea trees, subsea control systems, and subsea manifolds which are situated on the sea floor which are applied in offshore oil & gas fields. While subsea processing systems are used in offshore wells to the increase the production through effective field management. Subsea processing systems comprise of subsea boosting, subsea separation, subsea injection, and subsea compression equipment which are used in the application of hydrocarbon processing at the seabed.
Europe leads the subsea systems market having the largest estimated market share in 2015 and will continue its dominance till 2020. Major reforms by U.K. and Norway governments for increasing oil production providing a healthy growth for subsea systems market. Major subsea compression system projects are in pipeline in the North Sea which would further positively contribute to the growth of subsea systems market.
Africa held the second largest market share in subsea systems market. It is also the fastest growing market with a CAGR of 5.68% during the forecasted period. This growth is mainly due to the rising investments in major oil producing African nations including Angola, Ghana, Nigeria and Equatorial Guinea.
Leading players in the industry, based on their recent developments and other strategic industrial activities have been studied and analyzed. Active key players include FMC Technologies (U.S.), GE Oil & Gas (U.S.), Aker Solutions (Norway), One Subsea (U.S.), and Kongsberg Oil & Gas Technologies (Norway), and others. In terms of growth strategies, key market players have been focussing on winning more number of contracts & agreements to increase their market share. New product launches are the second most commonly adopted strategy by the key market players in the industry.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Subsea Production System Market, By Component
7 Subsea Processing System Market, By Type
8 Subsea Systems Market, By Region
9 Competitive Landscape
10 Company Profiles
- ABB Ltd. - Aker Solutions - Dril-Quip Inc. - FMC Technologies - GE Oil & Gas - Kongsberg - National Oilwell Varco - Nexans SA - Oceaneering International, Inc. - Onesubsea - Parker Hannifin Corporation - Siemens AG - Technip - Twister BV - Vallourec
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