Global Subsea Processing Systems Market 2018-2022

Overview of the global subsea processing systems market

Owing to the gradual stabilization of crude oil prices, deep and ultra-deepwater projects are reviving. Growing offshore operations are rendering the market conditions extremely demanding. Consequently, extended reach wells are economically viable as they reduce the operating cost involved. Technavio’s market study identifies the growing number of deep and ultra-deepwater drilling projects to be one of the primary growth factors for the subsea processing systems market. Low oil rig rates and reduced oilfield service cost have encouraged several companies to resume their projects. Also, companies are formulating cost-cutting methodology to reduce the breakeven cost for crude oil production. Our market analysts estimate that the market will earn a revenue of more than USD 8.3 billion by 2022.

With the low prices of crude oil, the adoption of extended reach drilling (ERD) technology by operators makes projects commercially viable. ERD wells offer several advantages such as early production, drilling done on platform reduces logistical cost, easy access to resources, and increased recovery and production. The reduced cost of offshore infrastructure that minimizes the environmental impact due to smaller drilling footprint, drives the adoption of ERD technology. The advent of ERD technologies drives the growth of the subsea processing systems market.

Competitive landscape and key vendors

The subsea processing systems market is moderately fragmented owing to the presence of several well-diversified international, regional, and local vendors. Established vendors are competent in terms of quality, features, functionalities, and services, with the new entrants struggling to compete profitably. Growing technological innovations, product extensions, and M&A will boost the competitive environment of the subsea production equipment market.

The leading vendors in the market are

• Aker Solutions
• GENERAL ELECTRIC
• National Oilwell Varco
• Schlumberger
• TechnipFMC

The other prominent vendors in the market are Forum Energy Technologies, ITT, Halliburton, Leistritz Advanced Technologies, MAN, Saipem, Siemens, SPX FLOW, SUBSEA 7, and Weatherford.

Segmentation by technology and analysis of the subsea processing systems market

• Boosting
• Separation
• Injection
• Compression

Subsea processing systems with boosting technology accounts for the major share of the subsea production equipment market due to its effective performance in tough environmental conditions and deeper waters. The reducing easy availability of oil is driving the usage of subsea boosting applications as they increase the production rates. Subsea boosting pumps improves the flow rates of the reservoir.

Geographical segmentation and analysis of the subsea processing systems market

• Americas
• APAC
• EMEA

EMEA will be the major revenue contributor to the subsea production equipment market as the Middle Eastern regions offer low-cost production capability. Also, this region implements effective cost-cutting techniques in the upstream operations that increase the exploration and drilling activities carried out. The presence of major gas discoveries and growing exploration activities further drive the growth of the subsea processing systems market.

Key questions answered in the report include

• What will the market size and the growth rate be in 2022?
• What are the key factors driving the global subsea processing systems market?
• What are the key market trends impacting the growth of the global subsea processing systems market?
• What are the challenges to market growth?
• Who are the key vendors in the global subsea processing systems market?
• What are the market opportunities and threats faced by the vendors in the global subsea processing systems market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global subsea processing systems market?

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