Subsea
Control Market Overview
Global
Subsea
Control Market has
been estimated to witness a substantial growth over the forecast period owing
to the surging offshore oil & gas sector. The current trends in
ultra-deepwater & deepwater production also influences the market growth
positively. Several key oil & gas brands across the world are spending in
their respective subsea business in order to achieve a profitable share in the
market.
Subsea control system is a framework which offers
control and monitoring to oil & gas subsea assets such as subsea trees, valves,
pipelines, and templates. This system requires obtaining and transmitting data
between the subsea and surface systems. The primary elements of a typical
subsea control system include master control stations, electrical power unit,
subsea umbilical termination assembly, hydraulic power units, electrical &
hydraulic flying leads, subsea control module, and umbilicals. The auxiliary
monitoring devices and subsea control system can be installed close to subsea
trees with modular designs and open architecture communications. As per the
recent studies conducted by Market Research Future (MRFR), the global Subsea
Control Systems market has been estimated to develop at 9.15% CAGR over the
forecast period. Recent trends of ultra-deepwater
and deepwater production is likely to propel the subsea control systems market.
Additionally, need for rapid discovery of hydrocarbon
reserves along with replacement of shallow water basin extend substantial
opportunities for subsea control systems market. Moreover, growing markets of
Asia-Pacific are coming up with several opportunities for subsea control
systems market as Asia-Pacific is decreasing its dependency on imported oil
& gas by surging its local production and offshore exploration activities.
Market
Segmentation
Global subsea
systems market has been segmented based on component, type, region, and
application. Based on type, the market has been segmented into underwater
control system and topside control system. The topside control system leads the
market as these kind of control systems normally offer complete monitoring and
control of both subsea device as well as surface electrical power units (EPU)
including hydraulic power units (HPU).
Regional
Analysis
Europe has
been likely to lead the market for subsea control systems. Region wise, in
2017, Europe held the highest market share of the global subsea control systems
market. The nations contributing to the key market share of the region include
Norway and UK. The demand for subsea control systems, particularly in these regions
can be increasingly attributed to the surging deepwater drilling activities in
the region along with growing subsea outlays in these economies. These factors
are propelling the demand for Subsea control systems in this region.
Key
Players
The
global subsea control systems market has been dominated by key players such as
Halliburton (US), FMC Technologies Inc. (US), Aker Solutions ASA
(Norway), GE Oil & Gas Spa (US), Baker Hughes (US), OneSubsea (US),
Proserve Group Inc. (UK), Kongsberg Gruppen (Norway), Siemens AG (Germany),
Oceaneering International, Inc. (US), Hitec Products (Norway), and Weatherford
International (US).
Read
more:
No comments:
Post a Comment