Albany, NY -- (SBWIRE) -- 07/15/2015 -- The increasing oil and gas exploration activities in deep offshore locations have led to the development of subsea power grids. The depletion of onshore wells has forced the exploration companies to focus on deep offshore locations. A continuous supply of power is required for successfully operating in these offshore locations. Pumps, compressors and CO2 injection all require an effective source of power supply for continuous operations at offshore locations. In deep offshore locations more technology is required to explore oil and gas from ocean surfaces, thus the requirement of power increases with technology. Subsea power grids are developed to meet this increasing demand of power from offshore locations. The market for subsea power grids is anticipated to rise at a substantial pace in the predicted period owing to increasing offshore exploration activities in Africa and Latin America. Many exploration companies along with major technology providers are investing in developing power solutions for deep offshore locations.

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The growing number of deepwater oil and gas reserves and increasing demand for fossil fuels has bolstered investment in subsea power grid market. As the major oil and gas reserves located in shallow water areas have already been developed, new deepwater offshore locations are being developed to satisfy the growing energy needs. In such deepwater areas, heavy machinery and equipments need a reliable source of power supply, which is provided by effective technologies such as subsea power grid. The development of renewable energy in offshore locations is also one of the major drivers encouraging investment in this market. Installation of offshore wind farms in many regions has led to the need of effective power transmission technologies. Technological issues and high operational risks are the major restraints which impact further growth of the market. However, increasing focus on renewable sources such as wave and tidal energy may provide an opportunity for the growth of the market in future.

The market for subsea power grids can be segmented based on different components utilized in the power grid and based on source of power generation. Based on components the market can be categorized as subsea transformers, switchgears and variable speed drives. The subsea power grid market can also be segmented on the basis of source of power generation. Captive power generation, wind power generation and other sources such as wave and tidal are the primary means of power generation in offshore locations.

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The increasing discovery rate of offshore fields in the Latin American region will provide the major market for subsea power grids in the coming future. Many prospective offshore gas wells in Africa will also provide a potential market for the growth of this market segment in future. Growth in North America is anticipated to be stagnant due to their increasing focus on shale gas reserves. Europe is also a prospective region owing to its rising investment in offshore locations of Kazakhstan and Norway. The widespread adoption of offshore wind farms in Europe is also one of the major drivers influencing investment in power grid market.

The market for subsea power grids is highly fragmented in nature. Some of the major players operating in this market are FMC Technologies Inc., Aker Solutions ASA, Cameron International Corporation, Siemens AG, Technip SA and General Electric Company.

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