Enjoy complimentary customisation on priority with our Enterprise License!
The subsea systems market share is expected to increase by USD 1.52 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 2.35%.
This subsea systems 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 systems market segmentation by type (production systems and processing systems) and geography (Europe, APAC, North America, MEA, and South America). The subsea systems market report also offers information on several market vendors, including Aker Solutions ASA, Baker Hughes Co., Dril-Quip Inc., Kongsberg Gruppen ASA, McDermott International Inc., NOV Inc., Oceaneering International Inc., Parker Hannifin Corp., Schlumberger Ltd., and Siemens AG among others.
Download the Free Report Sample to Unlock the Subsea Systems Market Size for the Forecast Period and Other Important Statistics
The increasing investments in the offshore upstream sector is notably driving the subsea systems market growth, although factors such as high ownership costs 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 systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Subsea Systems Market Driver
The increasing investments in the offshore upstream sector is one of the key drivers supporting the subsea systems market growth. The production of oil and natural gas from existing oilfields is declining. To address this issue and maximize the revenue from such oilfields, oil and gas operators are increasing their investments in mature oil and gas fields. Therefore, the global spending on the upstream oil and gas sector is growing, which requires a subsea system. For instance, according to IEA's New Policies Scenario, the association expects Brazil's annual offshore oil and natural gas investment to reach $60 billion by 2040. Thus, the growing investments in the offshore upstream sector are expected to increase the investments in subsea systems during the forecast period.
Key Subsea Systems Market Trend
The adoption of smart subsea solutions is another factor supporting the subsea systems market growth. Optimized and configurable subsea equipment with an automated design can reduce engineering hours by up to 70%. Adopting an integrated approach to field design where both the subsea systems are optimized, this concept can be rapidly developed with advanced digital tools. Also. they can be rapidly configured to customers' needs and reduce the time to the first production. Intelligent Subsea will set a new frontier for customer value in projects across the world during the forecast period. Thus, the adoption of smart solutions helps in the implementation of subsea systems, which will help in their adoption during the forecast period.
Key Subsea Systems Market Challenge
High ownership costs is hindering the subsea systems market growth. Subsea system involves considerable initial costs related to the installation of equipment and maintenance. Furthermore, as operators drive into increasingly deeper reservoirs and high-pressure, high-temperature (HPHT) fields, a single failure can be catastrophic. Proper installation and regular maintenance are very important for running subsea systems. The cost of subsea gear, pipelines, steel, and other materials increases while oil prices remain stagnant. Such factors will negatively impact market growth during the forecast period.
This subsea systems 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 subsea systems market as a part of the global oil and gas exploration and production market. 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 systems 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 systems market encompasses successful business strategies deployed by the key vendors. The subsea systems market is fragmented and the vendors are deploying growth strategies such as price, brand image, quality, service, and innovation to compete in the market.
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 systems 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 systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains 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.
The value chain of the oil and gas exploration and production market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
For more insights on the market share of various regions Request for a FREE sample now!
29% of the market's growth will originate from Europe during the forecast period. Norway and the UK are the key markets for the subsea systems market in Europe. Market growth in this region will be slower than the growth of the market in MEA.
Increasing offshore exploration, production activities, and investments in the oil and gas industry will facilitate the subsea systems market growth in Europe 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 outbreak of COVID-19 negatively impacted the subsea market in Europe. Due to lockdowns, mass movement was restricted, which reduced the production of oil and gas. However, after the lifting of lockdowns, the demand for oil and gas has increased in the region, and the rising offshore projects in the region will help the subsea system market to recover during the forecast period.
To gain further insights on the market contribution of various segments Request for a FREE sample
The subsea systems market share growth by the production systems segment will be significant during the forecast period. A subsea production system provides a way to produce hydrocarbons from areas that are not economically or easily developed by the use of an offshore platform. It consists of equipment such as production trees, wellheads, and others. Production fluids from deepwater and ultra-deepwater completions are sent to a processing facility by means of a subsea production system. The project includes the construction of subsea pipelines to transport the gas produced from the wells to the floating production unit. Such factors will drive the growth of the segment during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the subsea systems 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%.
Subsea Production and Processing market - The market size is predicted to surge by USD 7.41 billion from 2021 to 2026 at a CAGR of 5.81%.
Subsea Systems Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.35% |
Market growth 2022-2026 |
$ 1.52 billion |
Market structure |
Fragmented |
YoY growth (%) |
2.08 |
Regional analysis |
Europe, APAC, North America, MEA, and South America |
Performing market contribution |
Europe at 29% |
Key consumer countries |
US, Norway, Brazil, UK, and Saudi Arabia |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Aker Solutions ASA, Baker Hughes Co., Dril-Quip Inc., Kongsberg Gruppen ASA, McDermott International Inc., NOV Inc., Oceaneering International Inc., Parker Hannifin Corp., Schlumberger Ltd., and Siemens AG |
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 |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
***1. Executive Summary
**1.1 Market Overview
*Exhibit 01: Key Finding 1
*Exhibit 02: Key Finding 2
*Exhibit 03: Key Finding 3
*Exhibit 04: Key Finding 5
*Exhibit 05: Key Finding 6
*Exhibit 06: Key Finding 7
*Exhibit 07: Key Finding 8
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 08: Parent market
*Exhibit 09: Market Characteristics
**2.2 Value chain analysis
*Exhibit 10: Value chain analysis
*2.2.1 Inputs
*2.2.2 Operations
*2.2.3 Outbound logistics
*2.2.4 End-users
*2.2.5 Industry innovations
***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: Global - Market size and forecast 2021 - 2026 ($ million)
*Exhibit 14: Global market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 15: Five forces analysis 2021 & 2026
**4.2 Bargaining power of buyers
*Exhibit 16: Bargaining power of buyers
**4.3 Bargaining power of suppliers
*Exhibit 17: Bargaining power of suppliers
**4.4 Threat of new entrants
*Exhibit 18: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 19: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 20: Threat of rivalry
**4.7 Market condition
*Exhibit 21: Market condition - Five forces 2021
***5. Market Segmentation by Type
**5.1 Market segments
*The segments covered in this chapter are:
*Exhibit 22: Type - Market share 2021-2026 (%)
**5.2 Comparison by Type
*Exhibit 23: Comparison by Type
**5.3 Production systems - Market size and forecast 2021-2026
*Exhibit 24: Production systems - Market size and forecast 2021-2026 ($ million)
*Exhibit 25: Production systems - Year-over-year growth 2021-2026 (%)
**5.4 Processing systems - Market size and forecast 2021-2026
*Exhibit 26: Processing systems - Market size and forecast 2021-2026 ($ million)
*Exhibit 27: Processing systems - Year-over-year growth 2021-2026 (%)
**5.5 Market opportunity by Type
*Exhibit 28: Market opportunity by Type
***6. Customer landscape
**6.1 Overview
*Exhibit 29: Customer landscape
***7. Geographic Landscape
**7.1 Geographic segmentation
*The regions covered in the report are:
*Exhibit 30: Market share by geography 2021-2026 (%)
**7.2 Geographic comparison
*Exhibit 31: Geographic comparison
**7.3 Europe - Market size and forecast 2021-2026
*Exhibit 32: Europe - Market size and forecast 2021-2026 ($ million)
*Exhibit 33: Europe - Year-over-year growth 2021-2026 (%)
**7.4 APAC - Market size and forecast 2021-2026
*Exhibit 34: APAC - Market size and forecast 2021-2026 ($ million)
*Exhibit 35: APAC - Year-over-year growth 2021-2026 (%)
**7.5 North America - Market size and forecast 2021-2026
*Exhibit 36: North America - Market size and forecast 2021-2026 ($ million)
*Exhibit 37: North America - Year-over-year growth 2021-2026 (%)
**7.6 MEA - Market size and forecast 2021-2026
*Exhibit 38: MEA - Market size and forecast 2021-2026 ($ million)
*Exhibit 39: MEA - Year-over-year growth 2021-2026 (%)
**7.7 South America - Market size and forecast 2021-2026
*Exhibit 40: South America - Market size and forecast 2021-2026 ($ million)
*Exhibit 41: South America - Year-over-year growth 2021-2026 (%)
**7.8 Key leading countries
*Exhibit 42: Key leading countries
**7.9 Market opportunity by geography
*Exhibit 43: Market opportunity by geography ($ million)
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Increasing investments in the offshore upstream sector
*8.1.2 Growing demand for oil and natural gas
*8.1.3 Rise in deepwater and ultra-deepwater exploration and production projects
**8.2 Market challenges
*8.2.1 High ownership costs
*8.2.2 Environmental issues
*8.2.3 Shift towards renewable source
*Exhibit 44: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Adoption of smart subsea solution
*8.3.2 Adoption of IoT technology
*8.3.3 Increasing demand for digital oilfields
***9. Vendor Landscape
**9.1 Competitive scenario
**9.2 Overview
*Exhibit 45: Vendor landscape
**9.3 Landscape disruption
*Exhibit 46: Landscape disruption
*Exhibit 47: Industry risks
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 48: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 49: Market positioning of vendors
**10.3 Aker Solutions ASA
*Exhibit 50: Aker Solutions ASA - Overview
*Exhibit 51: Aker Solutions ASA - Business segments
*Exhibit 52: Aker Solutions ASA- Key news
*Exhibit 53: Aker Solutions ASA - Key offerings
*Exhibit 54: Aker Solutions ASA - Segment focus
**10.4 Baker Hughes Co.
*Exhibit 55: Baker Hughes Co. - Overview
*Exhibit 56: Baker Hughes Co. - Business segments
*Exhibit 57: Baker Hughes Co.- Key news
*Exhibit 58: Baker Hughes Co. - Key offerings
*Exhibit 59: Baker Hughes Co. - Segment focus
**10.5 Dril-Quip Inc.
*Exhibit 60: Dril-Quip Inc. - Overview
*Exhibit 61: Dril-Quip Inc. - Business segments
*Exhibit 62: Dril-Quip Inc.- Key news
*Exhibit 63: Dril-Quip Inc. - Key offerings
*Exhibit 64: Dril-Quip Inc. - Segment focus
**10.6 Kongsberg Gruppen ASA
*Exhibit 65: Kongsberg Gruppen ASA - Overview
*Exhibit 66: Kongsberg Gruppen ASA - Business segments
*Exhibit 67: Kongsberg Gruppen ASA - Key offerings
*Exhibit 68: Kongsberg Gruppen ASA - Segment focus
**10.7 McDermott International Inc.
*Exhibit 69: McDermott International Inc. - Overview
*Exhibit 70: McDermott International Inc. - Business segments
*Exhibit 71: McDermott International Inc. - Key offerings
*Exhibit 72: McDermott International Inc. - Segment focus
**10.8 NOV Inc.
*Exhibit 73: NOV Inc. - Overview
*Exhibit 74: NOV Inc. - Business segments
*Exhibit 75: NOV Inc.- Key news
*Exhibit 76: NOV Inc. - Key offerings
*Exhibit 77: NOV Inc. - Segment focus
**10.9 Oceaneering International Inc.
*Exhibit 78: Oceaneering International Inc. - Overview
*Exhibit 79: Oceaneering International Inc. - Business segments
*Exhibit 80: Oceaneering International Inc. - Key offerings
*Exhibit 81: Oceaneering International Inc. - Segment focus
**10.10 Parker Hannifin Corp.
*Exhibit 82: Parker Hannifin Corp. - Overview
*Exhibit 83: Parker Hannifin Corp. - Business segments
*Exhibit 84: Parker Hannifin Corp. - Key offerings
*Exhibit 85: Parker Hannifin Corp. - Segment focus
**10.11 Schlumberger Ltd.
*Exhibit 86: Schlumberger Ltd. - Overview
*Exhibit 87: Schlumberger Ltd. - Business segments
*Exhibit 88: Schlumberger Ltd. - Key offerings
*Exhibit 89: Schlumberger Ltd. - Segment focus
**10.12 Siemens AG
*Exhibit 90: Siemens AG - Overview
*Exhibit 91: Siemens AG - Business segments
*Exhibit 92: Siemens AG- Key news
*Exhibit 93: Siemens AG - Key offerings
*Exhibit 94: Siemens AG - Segment focus
***11. Appendix
**11.1 Scope of the report
*11.1.1 ????Market definition
*11.1.2 Objective
*11.1.3 Notes and caveats
**11.2 Currency conversion rates for US$
*Exhibit 95: Currency conversion rates for US$
**11.3 Research Methodology
*Exhibit 96: Research Methodology
*Exhibit 97: Validation techniques employed for market sizing
*Exhibit 98: Information sources
**11.4 List of abbreviations
*Exhibit 99: List of abbreviations
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.