Boston, MA -- (SBWIRE) -- 05/23/2014 -- Subsea Production & Processing Systems Market by Technology/Components (Subsea Umbilicals, Risers, Flowlines, Trees, Control Modules, Manifolds), Types (Boosting, Injection, Separation, Compression), & Geography - Global Trends & Forecast to 2018
The offshore oil & gas market continues to grow at an increasing pace, as oil & gas operators continue to discover reserves in deeper water areas where subsea development is highly required to make the recovery economically viable. As such, the requirement for maintaining and boosting recovery rates from these subsea wells has increased and will continue to do so. As a result of this, need to maintain and boost production, subsea production, and processing systems is anticipated to play a key role in the future of the offshore oil & gas market.
The factors mentioned above drive the growth of the global subsea production and processing systems market. It is estimated to reach $24.6 billion by 2018, with a CAGR of 6.0% from 2013 to 2018. The increasing demand for energy is the major growth driver for this industry. This increased demand forces the oil & gas field operators to explore newer hydrocarbons reserves. These explorations of new reserves require a lot of drilling activities (that has increased by about 3.0% across the globe from 2011 to 2012) that in turn drive the growth of the subsea production and processing systems market.
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The global subsea production systems market is segmented into four types of technologies/components. These are subsea umbilical risers & flowlines, subsea trees, control modules, and subsea manifolds. On the other side, the global subsea processing systems are used to increase and enhance the hydrocarbon production. The subsea processing systems are of four types, namely boosting, injection, separation, and compression. These systems are also termed as subsea pumping systems based upon its functionality.
The governmental rules and regulation policies related to the usage of different types of technologies into the subsea operations are getting stringent day-by-day, which increases the need for better and new technological innovations and increased efficiency of the production systems. The subsea production and processing systems market is dominated by a few leading industry players owing to their technological advantage, brand value, and strong financial positions. This trend is expected to continue over the next five years as well with the emergence of some small regional market players
SUBSEA MARKET CAPITAL SPENDING($MILLION)
Source: Offshore Magazine, Secondary Research, and MarketsandMarkets Analysis
e - estimated
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