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
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?
Technavio also offers customization on reports based on specific client requirement.
Table of Contents
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: RESEARCH METHODOLOGY
PART 04: INTRODUCTION
PART 05: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
PART 06: MARKET SIZING
- Market definition
- Market sizing 2017
- Market size and forecast 2017-2022
PART 07: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 08: MARKET SEGMENTATION BY TECHNOLOGY
- Segmentation by technology
- Comparison by technology
- Boosting – Market size and forecast 2017-2022
- Separation – Market size and forecast 2017-2022
- Injection – Market size and forecast 2017-2022
- Compression – Market size and forecast 2017-2022
- Market opportunity by technology
PART 09: CUSTOMER LANDSCAPE
PART 10: REGIONAL LANDSCAPE
- Geographical segmentation
- Regional comparison
- EMEA – Market size and forecast 2017-2022
- Americas – Market size and forecast 2017-2022
- APAC – Market size and forecast 2017-2022
- Key leading countries
- Market opportunity
PART 11: DECISION FRAMEWORK
PART 12: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 13: MARKET TRENDS
- ERD Technologies
- Industry 4.0: Trends impacting upstream producers
- Discovery of new oil fields
PART 14: VENDOR LANDSCAPE
- Overview
- Landscape disruption
- Competitive Scenario
PART 15: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Aker Solutions
- GENERAL ELECTRIC
- National Oilwell Varco
- Schlumberger
- TechnipFMC
PART 16: APPENDIX