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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:
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.
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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.
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.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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.
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.
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.
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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.
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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 Systems market - The market share is expected to increase by USD 967.58 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 2.96%.
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Subsea Production and Processing Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.81% |
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Market growth 2022-2026 |
$ 7.41 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
5.24 |
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Regional analysis |
Europe, APAC, Middle East and Africa, South America, and North America |
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Performing market contribution |
APAC at 34% |
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Key consumer countries |
US, Saudi Arabia, UK, France, and Brazil |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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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. |
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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 |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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