Subsea Control Systems Market to Hit $6.47 Billion by 2019
The global subsea control systems market is expected to reach $6.47 billion industry by 2019, with a projected CAGR of around 8.5%, signifying a high demand for subsea control equipment’s (component’s) in both developed and developing countries.
Dallas, TX -- (SBWire) -- 03/30/2015 --The report "Subsea Control Systems Market by Types (Underwater and Topside), Application (Production, Processing & Others), Components (SCM, Umbilical Termination Assembly, Umbilical, MCS, Sensors, & Others) & by Region- Global Trends and Forecasts to 2019" defines and segments the global Subsea Control Systems market with an analysis and forecast of the market size. The market will reach $6.47 billion by 2019 growing at a CAGR of 8.5% between 2014 and 2019.
Browse 62 market data tables and 47 figures spread through 182 pages and in-depth TOC on "Subsea Control Systems Market - Global Trends and Forecasts to 2019".
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Europe: Largest Market for Subsea Control Systems
Being a major consumer of hydrocarbons, the region is focusing their interest in exploring new fields in deepwater areas such as West of Shetland and the Norwegian and Barents Seas. Further, there has been a significant increase in investments in the subsea segment, especially in countries like Norway and the U.K., where Norway is emerging as one of the biggest nation in the subsea world. Norway accounted for the largest share of subsea equipment installations in the European region in 2013, followed by the U.K., the Netherlands, and Italy.
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In 2013, Europe holds a market share of 28.0% in the global subsea control systems market and is expected to grow at a CAGR of 7.7% during the period 2014 and 2019.
The Middle East and Africa and South America: Ranks 2nd and 3rd in the global subsea control systems market in 2013
The Middle East and Africa stood at the second position in the global subsea control systems market with a market size of $955.0 million in 2013; it is expected to increase at a high CAGR of 9.0% in the forecast period. It is due to the increasing deepwater drilling activities in some countries of West Africa with an expected 670 subsea installation during 2014 and 2019.
South America is expected to install more than 450 subsea systems during 2014 and 2019, which would be an increase of 23% from last five years. The region market was valued $835.6 Million in 2013 and is expected to reach $1,409.9 Million by 2019. Brazil is the only dominating country in the region and contributes to the majority of the demand for subsea control systems.
Asia-Pacific: Fastest growing region in the next five years
Asia-pacific is a small but growing market for the deepwater subsea trees, and dominated by the countries like Malaysia, India, and Australia. The rising domestic demand and LNG exports are the main driver for deepwater drilling in the region. The deepwater drilling activity is expected to account for around 65% of the total market share in the next five years. Therefore, the region is expected to register the highest growth in the next five years with a CAGR of 11.2%.
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