Stringent regulations concerning environmental & safety are key market challenges for the growth of the subsea systems market.
Portland, OR -- (SBWIRE) -- 08/01/2017 -- Subsea Systems consists of ideal solutions for great oil recovery in maturing offshore wells by offering cost effective, and maintain the stability of offshore basins. Subsea processing systems comprise subsea boosting, separation, injection, and subsea compression equipment which can be used for hydrocarbon processing at the seabed. Subsea processing augment the volume production of oil and gas from offshore wells through effective field management.
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Growing activities related to deep water drilling along with augmented investments in oil & gas industries in emerging economies are the key factors that drive the growth of the market. Slackening oil prices across the globe is a key restraining factor that hinders the market growth. Liberalization in oil & gas industry across Mexico offers ample growth opportunities to the subsea systems market. Furthermore, increasing E&P capital expenditures in the countries such as China, Nigeria, India, Angola, Ghana, and Equatorial Guinea provides promising market growth opportunities for oil operators to grow in the near future. Stringent regulations concerning environmental & safety are key market challenges for the growth of the subsea systems market.
The report segments the market on the basis of components, types, and regions. On the basis of components, the market is segmented into Surf, Subsea Trees, Subsea Control Systems, and Subsea Manifolds. On the basis of types, the market is segmented into Subsea Boosting System, Subsea Separation System, Subsea Injection System, and Subsea Compression System. On the basis of region, the market is segmented into North America, South America, Europe, and Middle East, Africa, and Asia-Pacific.
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Key market players operating in the market are Aker Solutions, FMC Technologies, National Oilwell Varco, Oceaneering International, Inc., Technip, Ge Oil & Gas, Siemens Ag, Dril-Quip Inc. Kongsberg, Nexans SA, Parker Hannifin Corporation Vallourec and Onesubsea, and others.