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Subsea Production and Processing Market by Application and Geography - Forecast and Analysis 2022-2026

  • Published: Apr 2022
  • Pages: 120
  • SKU: IRTNTR40383
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Based on Technavio's market sizing methodology, the subsea production and processing market size is predicted to surge by USD 7.41 billion from 2021 to 2026 at a CAGR of 5.81%.

This subsea production and processing market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers subsea production and processing market segmentation by:

  • Application - Shallow water, Deepwater, and Ultra-deepwater
  • Geography - Europe, APAC, Middle East and Africa, South America, and North America

The subsea production and processing market report also offers information on several market vendors, including Aker Solutions ASA, Baker Hughes Co., Dril Quip Inc., Forum Energy Technologies Inc., Halliburton Co., HMH, Hunting Plc, NOV Inc., Oceaneering International Inc., Optime Subsea, Parker Hannifin Corp., Plexus Holdings Plc, Proserv UK Ltd., SAIPEM SpA, Schlumberger Ltd., Subsea 7 SA, TechnipFMC plc, Tenaris SA, Trendsetter Engineering Inc., and Worldwide Oilfield Machine Inc. among others.

What will the Subsea Production and Processing Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Subsea Production and Processing Market Size for the Forecast Period and Other Important Statistics

 

Subsea Production and Processing Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing consumption of oil and natural gas is notably driving the subsea production and processing market growth, although factors such as environmental concerns associated with offshore E&P activities may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the subsea production and processing industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Subsea Production and Processing Market Driver

One of the key factors driving growth in the subsea production and processing market is the growing consumption of oil and natural gas. By 2026, the world oil demand will increase by 4.4 mb/d as compared to 2019 levels. The largest contributors to this growth will be China, India, and other Asian economies, which together will account for 90% of the total global oil demand. The increase in consumption of oil and gas is driving large investments in the oil and gas upstream sector. Rising demand for oil and natural gas has led to increased offshore oil and gas E and P activities in the world. The consumption of oil and gas will grow during the forecast period because of the rising industrialization and urbanization in developing countries such as India and China. As developing countries are urbanizing rapidly, the need for energy has increased significantly. Moreover, with the increasing consumption of fuel in developing economies such as India and China, the demand for natural gas is likely to rise during the forecast period. The growth in oil and gas E and P activities will increase the demand for subsea oil and gas production and processing activities, which will drive the growth of the market in focus.

Key Subsea Production and Processing Market Trend

The advances in subsea processing is a subsea production and processing market trend that is expected to have a positive impact in the coming years. Offshore oil and gas production requires huge investments for operations and for establishing the infrastructure required to conduct oil and gas E and P activities. To maintain a competitive approach toward oil and gas production, the offshore industry is developing optimized systems and equipment for providing a low-cost solution. The benefits of using subsea processing systems are the potential for reducing operational expenditure and capital expenditure associated with topside facilities, improved production and recovery rates, increased design flexibility, extended field life, debottleneck of topside water treatment constraints, reduction of flow assurance problems, minimization of manned operations associated with a topside facility, and reduction of energy consumption for produced water. The major players operating in the offshore E and P industry are conducting R and D activities to increase field applications and oil recovery and extend the lifecycle of the field to increase the reliability of these systems. Therefore, the advances in subsea processing to overcome the challenges faced by the offshore oil and gas industry boost subsea oil and gas projects, thereby supporting the growth of the global subsea production and processing market.

Key Subsea Production and Processing Market Challenge

The environmental concerns associated with offshore E&P activities will be a major challenge for the subsea production and processing market during the forecast period. Oil and gas drilling activities cause serious damage to the environment, including oil spills, air and water pollution due to toxic chemical emissions, and climate change because of methane emissions. Deep-water oil and gas exploration involves firing air guns that send strong shocks across the seabed, which can damage the hearing of various marine species. Hydraulic fracturing (fracking) also has negative effects on the environment. Fracking also produces large amounts of wastewater, which contains dissolved chemicals and contaminants. The uncertainty of methane emitted into the atmosphere during the fracking process can have a harmful effect on the climate. Violation of laws or international mandates due to the spillage of oil or any oil-related products into the environment entails sizeable penalties that vary significantly both at the regional and the international levels. All the above-mentioned incidents and protests will have an adverse impact on oil and gas offshore E and P activities and will decrease the demand for subsea oil and gas production and processing operations, thereby impeding the growth of the global subsea production and processing market.

This subsea production and processing market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global subsea production and processing market as a part of the global oil and gas exploration and production market within the global oil and gas market under the energy sector. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the subsea production and processing market during the forecast period.

Who are the Major Subsea Production and Processing Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Aker Solutions ASA
  • Baker Hughes Co.
  • Dril Quip Inc.
  • Forum Energy Technologies Inc.
  • Halliburton Co.
  • HMH
  • Hunting Plc
  • NOV Inc.
  • Oceaneering International Inc.
  • Optime Subsea
  • Parker Hannifin Corp.
  • Plexus Holdings Plc
  • Proserv UK Ltd.
  • SAIPEM SpA
  • Schlumberger Ltd.
  • Subsea 7 SA
  • TechnipFMC plc
  • Tenaris SA
  • Trendsetter Engineering Inc.
  • Worldwide Oilfield Machine Inc.

 

This statistical study of the subsea production and processing market encompasses successful business strategies deployed by the key vendors. The subsea production and processing market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • akersolutions.com - The company offers solutions for subsea production and processing which are used to increase the hydrocarbon production in a cost optimized way for new field developments, tie-backs and for existing facilities.

  • akersolutions.com - Under the renewables and field development segment, the company serves the renewable business and pursues and executes projects within offshore wind power, green onshore as well as the market for traditional oil and gas platforms, onshore facilities, decommissioning and marine operations.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The subsea production and processing market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Subsea Production and Processing Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the subsea production and processing market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Subsea Production and Processing Market?

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34% of the market’s growth will originate from APAC during the forecast period. Market growth in this region will be faster than the growth of the market in other regions.

The rising number of deep-water and ultra-deep-water oil and gas projects in China and a few South-Eastern countries of Asia will facilitate the subsea production and processing market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 pandemic negatively impacted the regional subsea production and processing market. Governments of various countries in the region, such as China, India, and Japan, imposed COVID-19-related restrictions and nationwide lockdowns to curb the spread of the disease. However, in 2021, the introduction of vaccines led to the lifting of the COVID-19-related restrictions in the region. The regional subsea production and processing market recovered from the negative impact of the pandemic as new deep-water and ultra-deep-water oil drilling projects were undertaken. 

What are the Revenue-generating Application Segments in the Subsea Production and Processing Market?

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The subsea production and processing market share growth by the shallow water segment will be significant during the forecast period. The offshore E and P activities in shallow waters have been running for a long time. Offshore drilling in shallow waters is comparatively safe as the chances of oil spills are very low in shallow waters. In addition, drilling in shallow waters is less complex compared to deep-waters and ultra-deep-waters, which results in better safety and economic viability. These factors are likely to increase the adoption of subsea oil and gas E and P activities in shallow waters, which will drive the demand for subsea production and processing systems in shallow water oil and gas projects. The rising global demand for oil and gas has led to increased shallow-water E and P activities in the world.

This report provides an accurate prediction of the contribution of all the segments to the growth of the subsea production and processing market size and actionable market insights on post COVID-19 impact on each segment.

 

Subsea Production and Processing Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 5.81%

Market growth 2022-2026

$ 7.41 billion

Market structure

Fragmented

YoY growth (%)

5.24

Regional analysis

Europe, APAC, Middle East and Africa, South America, and North America

Performing market contribution

APAC at 34%

Key consumer countries

US, Saudi Arabia, UK, France, and Brazil

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Aker Solutions ASA, Baker Hughes Co., Dril Quip Inc., Forum Energy Technologies Inc., Halliburton Co., HMH, Hunting Plc, NOV Inc., Oceaneering International Inc., Optime Subsea, Parker Hannifin Corp., Plexus Holdings Plc, Proserv UK Ltd., SAIPEM SpA, Schlumberger Ltd., Subsea 7 SA, TechnipFMC plc, Tenaris SA, Trendsetter Engineering Inc., and Worldwide Oilfield Machine Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Subsea Production and Processing Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive subsea production and processing market growth during the next five years
  • Precise estimation of the subsea production and processing market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the subsea production and processing industry across Europe, APAC, Middle East and Africa, South America, and North America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of subsea production and processing market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Application

    • 5.1 Market segments
      • Exhibit 24: Chart on Application - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Application - Market share 2021-2026 (%)
    • 5.2 Comparison by Application
      • Exhibit 26: Chart on Comparison by Application
      • Exhibit 27: Data Table on Comparison by Application
    • 5.3 Shallow water - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Shallow water - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Shallow water - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Shallow water - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Shallow water - Year-over-year growth 2021-2026 (%)
    • 5.4 Deepwater - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Deepwater - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Deepwater - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Deepwater - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Deepwater - Year-over-year growth 2021-2026 (%)
    • 5.5 Ultra-deepwater - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Ultra-deepwater - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Ultra-deepwater - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Ultra-deepwater - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Ultra-deepwater - Year-over-year growth 2021-2026 (%)
    • 5.6 Market opportunity by Application
      • Exhibit 40: Market opportunity by Application ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 42: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 44: Chart on Geographic comparison
      • Exhibit 45: Data Table on Geographic comparison
    • 7.3 Europe - Market size and forecast 2021-2026
      • Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.4 APAC - Market size and forecast 2021-2026
      • Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.5 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 North America - Market size and forecast 2021-2026
      • Exhibit 62: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 Brazil - Market size and forecast 2021-2026
      • Exhibit 70: Chart on Brazil - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on Brazil - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on Brazil - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on Brazil - Year-over-year growth 2021-2026 (%)
    • 7.10 France - Market size and forecast 2021-2026
      • Exhibit 74: Chart on France - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on France - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on France - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on France - Year-over-year growth 2021-2026 (%)
    • 7.11 UK - Market size and forecast 2021-2026
      • Exhibit 78: Chart on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on UK - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on UK - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on UK - Year-over-year growth 2021-2026 (%)
    • 7.12 Saudi Arabia - Market size and forecast 2021-2026
      • Exhibit 82: Chart on Saudi Arabia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on Saudi Arabia - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on Saudi Arabia - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on Saudi Arabia - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 86: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 87: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 89: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 90: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 91: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 92: Matrix on vendor position and classification
            • 10.3 Aker Solutions ASA
              • Exhibit 93: Aker Solutions ASA - Overview
              • Exhibit 94: Aker Solutions ASA - Business segments
              • Exhibit 95: Aker Solutions ASA - Key offerings
              • Exhibit 96: Aker Solutions ASA - Segment focus
            • 10.4 Baker Hughes Co.
              • Exhibit 97: Baker Hughes Co. - Overview
              • Exhibit 98: Baker Hughes Co. - Business segments
              • Exhibit 99: Baker Hughes Co. - Key news
              • Exhibit 100: Baker Hughes Co. - Key offerings
              • Exhibit 101: Baker Hughes Co. - Segment focus
            • 10.5 Dril Quip Inc.
              • Exhibit 102: Dril Quip Inc. - Overview
              • Exhibit 103: Dril Quip Inc. - Business segments
              • Exhibit 104: Dril Quip Inc. - Key offerings
              • Exhibit 105: Dril Quip Inc. - Segment focus
            • 10.6 Hunting Plc
              • Exhibit 106: Hunting Plc - Overview
              • Exhibit 107: Hunting Plc - Business segments
              • Exhibit 108: Hunting Plc - Key offerings
              • Exhibit 109: Hunting Plc - Segment focus
            • 10.7 NOV Inc.
              • Exhibit 110: NOV Inc. - Overview
              • Exhibit 111: NOV Inc. - Business segments
              • Exhibit 112: NOV Inc. - Key news
              • Exhibit 113: NOV Inc. - Key offerings
              • Exhibit 114: NOV Inc. - Segment focus
            • 10.8 Oceaneering International Inc.
              • Exhibit 115: Oceaneering International Inc. - Overview
              • Exhibit 116: Oceaneering International Inc. - Business segments
              • Exhibit 117: Oceaneering International Inc. - Key offerings
              • Exhibit 118: Oceaneering International Inc. - Segment focus
            • 10.9 SAIPEM SpA
              • Exhibit 119: SAIPEM SpA - Overview
              • Exhibit 120: SAIPEM SpA - Business segments
              • Exhibit 121: SAIPEM SpA - Key offerings
              • Exhibit 122: SAIPEM SpA - Segment focus
            • 10.10 Schlumberger Ltd.
              • Exhibit 123: Schlumberger Ltd. - Overview
              • Exhibit 124: Schlumberger Ltd. - Business segments
              • Exhibit 125: Schlumberger Ltd. - Key offerings
              • Exhibit 126: Schlumberger Ltd. - Segment focus
            • 10.11 TechnipFMC plc
              • Exhibit 127: TechnipFMC plc - Overview
              • Exhibit 128: TechnipFMC plc - Business segments
              • Exhibit 129: TechnipFMC plc - Key offerings
              • Exhibit 130: TechnipFMC plc - Segment focus
            • 10.12 Worldwide Oilfield Machine Inc.
              • Exhibit 131: Worldwide Oilfield Machine Inc. - Overview
              • Exhibit 132: Worldwide Oilfield Machine Inc. - Product / Service
              • Exhibit 133: Worldwide Oilfield Machine Inc. - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 134: Inclusions checklist
                • Exhibit 135: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 136: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 137: Research methodology
                • Exhibit 138: Validation techniques employed for market sizing
                • Exhibit 139: Information sources
              • 11.5 List of abbreviations
                • Exhibit 140: List of abbreviations
              • In 2021, Brazil was the key contributing country to the subsea production and processing market in South America. The market in South America is expected to grow steadily, owing to the significant potential of subsea oil and gas production in the region.

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The subsea production and processing market growth will increase by $7417.32 million during 2022-2026.
              The subsea production and processing market is expected to grow at a CAGR of 5.81% during 2022-2026.
              Technavio has segmented the subsea production and processing market by geographic (Europe, APAC, Middle East and Africa, South America, and North America).
              Aker Solutions ASA, Baker Hughes Co., Dril Quip Inc., Forum Energy Technologies Inc., Halliburton Co., HMH, Hunting Plc, NOV Inc., Oceaneering International Inc., Optime Subsea, Parker Hannifin Corp., Plexus Holdings Plc, Proserv UK Ltd., SAIPEM SpA, Schlumberger Ltd., Subsea 7 SA, TechnipFMC plc, Tenaris SA, Trendsetter Engineering Inc., Worldwide Oilfield Machine Inc. are a few of the key vendors in the subsea production and processing market.
              APAC will register the highest growth rate of 34.2% among the other regions. Therefore, the subsea production and processing market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the subsea production and processing market growth are:
              • Growing consumption of oil and natural gas
              • Advances in subsea processing
              The subsea production and processing market vendors should focus on grabbing business opportunities from the segment as it accounted for the largest market share in the base year.
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