Subsea
Control System Market Overview
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. 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.
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. For instance, Google Inc. developed its Asia Pacific cloud network
in April 2018, with new subsea cables of 9,500 km installed undersea. This
project has been likely to be completed by the last quarter of 2019. Besides,
the US deepwater Gulf of Mexico has also started to witness a positive
development after the struggling state faced during late 2014. In 2018, the
production of oil & gas in deepwater had reached 1,935 kboe/d which is
almost 13% higher than the earlier year. Additionally, the Mexican government
has extended new avenues for oil & gas exploration including 10 deepwater
exploratory wells in 2016. Additionally, almost 19 offshore oil & gas
blocks in the Gulf of Mexico were formed. All these aspects are likely to boost
the demand for subsea control systems. Global subsea control systems 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.
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).
Access
Full Report at: https://www.marketresearchfuture.com/reports/subsea-control-systems-market-7141
About Market Research Future:
At Market Research Future (MRFR), we enable our
customers to unravel the complexity of various industries through our Cooked
Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research
Reports (3R), Continuous-Feed Research (CFR), and Market Research &
Consulting Services.
No comments:
Post a Comment