Subsea control system aims at dealing with
challenging subsea environment. It also receives and transmits the data between
the surface and subsea. The data so acquired is used by engineers to monitor
the subsea production operations in all climate and water depths. There are
many deciding factors which impact the selection of any subsea control system
such as the distance between the control points, water depth, and required
speed of response during the execution of subsea functions.
Global Subsea Control Systems market is
expected to witness a significant growth during the forecast period growing
offshore oil & gas sector and recent trend in deepwater &
ultra-deepwater production. Various major oil & gas companies across the
world are investing in their respective subsea business in order to attain
profitability. For instance, in May 2018, Baker Hughes (GE Company) invested
around USD 62.4 million in order to increase its footprint in the North East of
Scotland. Similarly, Rovco (UK), one of the major subsea services company, is
also rapidly growing its share of its global subsea market after making
investment of USD 15.3 million.
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Industry
Highlights
Recent trends of deepwater and
ultra-deepwater production will drive the subsea control systems market.
Moreover, need for the replacement of shallow water basin and rapid discovery
of hydrocarbon reserves present significant opportunities for subsea control
systems market. Also, developing markets of Asia-Pacific offers many
opportunities to subsea control systems market as Asia-Pacific is reducing its
dependency on imported oil & gas by upscaling its local offshore exploration
and production activities. For instance, in April 2018, Google Inc. expanded
its Asia Pacific cloud network with new subsea cables of 9,500 km installed
undersea. This project is expected to be completed by the last quarter of 2019.
Key Players:
The key players of global subsea control
systems market are FMC Technologies Inc.
(US), Halliburton (US), GE Oil & Gas Spa (US), Aker Solutions ASA
(Norway), OneSubsea (US), Baker Hughes (US), Kongsberg Gruppen (Norway),
Proserve Group Inc. (UK), Oceaneering International, Inc. (US), Siemens AG
(Germany), Weatherford International (US), and Hitec Products (Norway), among
others.
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Regional
Outlook
Region wise, Europe held the largest
market share of the global subsea control systems market in 2017. The countries
contributing to the largest market share of the region include UK and Norway.
The demand for subsea control systems, especially in these countries is highly
attributed to the increasing deepwater drilling activities in the region along
with increasing subsea spending in these countries. These factors are driving
the demand for Subsea control systems in this region.
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