The subsea control systems market is estimated to grow at a CAGR of 8.5% during forecast period 2016 – 2023.The main purpose of subsea control systems is to move oil and gas from the drilling sites to onshore terminals. Monitoring network of subsea wells is one of the functions of subsea control systems. Growing oil and gas offshore explorations are the main drivers of the subsea control systems market in the future. Besides, subsea well installations and trends in deep water and ultra-deep water productions are some other drivers increasing demand of the subsea control systems market for the forecast period. With rising demand for oil and gas, the off shore exploration and production of fossil fuels has increased considerably around the world. Increasing demand for fossil fuels across the globe, has led energy companies to explore offshore areas for oil and gas further into deep waters and harsh environment. Subsea control systems can be used to monitor the subsea wells during drilling and supervise them during extraction. Subsea control systems would be used effectively in harsh environmental conditions like that of Arctic, Atlantic, and Antarctic regions. With use of subsea control systems when used will require fewer people at oil and gas rigs stations, thereby reducing the risk of human life. Both exploration and production companies are investing in new innovative technology in subsea control systems specifically designed for oil and gas exploration. Inclination towards ultra-deep water and deep water environment, where there is a strong need for subsea control systems to ensure environmental safety are driving the global subsea control systems market.
Most of the oil and gas reserves near shallow waters of sea and ocean are already developed. With increase in demand for oil and gas production companies are moving towards deep water (depths between 500 meters and 1500 meters) and ultra-deep water (depths of more than 1500 meters). The subsea control systems should have components featuring a robust control system for ensuring safety and continuous production levels. Moreover, oil and gas platforms cannot be affixed around seabed, as a result both exploration and production companies are adopting subsea systems for production is such areas. The technical challenges for deep water projects require significant amount of investments in new innovative technologies. Drilling and completion efficiency, high pressure and temperature resistant equipment, reservoir characterization and well placement, subsea processing are the categories under which the new technology being developed in subsea systems for deep water and ultra-deep water oil and gas productions. Factors such as difficulty in manufacturing systems suitable for harsh underwater conditions and rising raw material cost are restraints for market while there are some opportunities for market such as discovery of hydrocarbon reserves and need for replacement of shallow water basin.
Source: OBRC Analysis
The global subsea systems market is segmented into type, components, and applications. By type it is further sub segmented into:
- Underwater subsea control systems
- Topside subsea control systems
By components the market is classified as:
- Umbilical termination assembly market
- Subsea control module market
- Umbilical market
- Sensor market
- Master control systems market.
By applications the market is sub segmented into:
- Processing subsea control system market
- Production subsea control system market
- Other applications of subsea control equipment market
The revenue for the above applications are specific to the subsea control systems market. Further, the report scope includes unit shipment of subsea control systems, however deployment and maintenance services are excluded from the report scope. Geographically, the global subsea control system market has been segmented on the basis of four major region, which include:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of World
Europe is one of the largest markets for subsea control systems in the world.. Factors like heavy consumption, healthy investments for explorations, and new innovations are contributing towards the growth of the market. Asia-Pacific are the fastest growing region due to increasing consumption and demand, and healthy economy resulting new investments are driving the subsea control systems market in the Asia-Pacific.
Subsea control systems market can be segmented into types, components and applications. The segment by type can be further sub-segmented into underwater subsea control systems and topside subsea control systems. The component segment can be further sub-segmented into umbilical termination assembly, subsea control module, umbilical, sensors and master control systems. Further, application segment includes processing subsea control systems, production subsea control systems and other applications .On the basis of type segment, underwater subsea control systems accounted for the largest market share due to rising demand for gas and oil, the off shore exploration and production of fossil fuels has increased considerably around the world.
The major market players of the global subsea control system market are:
- ANKER SOLUTIONS
- DRILL-QUIP, INC.
- EXPROLTD.
- FMC TECHNOLOGIES INC.
- HALLIBURTON CO.
- HITEC PRODUCTS
- ONESUBSEA.
- OCEANEERING INTERNATIONAL, INC.
- PROSERV LTD.
- SIEMENS AG
- WEATHERFORD INTERNATIONAL LTD.
- OTHERS
Detailed analysis of these companies provided in this report comprises Overview, SCOT Analysis, Product Portfolio, Strategic Initiative and Strategic Analysis.
These companies using various strategies such as merger & acquisition, collaboration, partnership and product launching. For example: On 13 September 2016, Anker Solutions, Detnorske, and Subsea 7 collaborated form development alliance in Norway to work on offshore oil and gas explorations. This collaboration would help the suppliers and operators to work as one integrated team to find the most cost-effective solutions for developing Detnorske's Norwegian subsea field portfolio.
Why to buy the report:
This report will:
- Provide you the business strategies adopted by market player such as Collaboration. On 13 September 2016, Anker Solutions, Detnorske, and Subsea 7 collaborated form development alliance in Norway to work on offshore oil and gas explorations.
- Provide in detail the different segments such as type, components, and applications which are affecting the global subsea control system market.
- Provide you the patent analysis of the subsea control system market.
- Identify and understand the strength, opportunities, challenges and threat of the subsea control system market.
- Provide revenues of major players of the market such as FMC technologies Inc. & Hitsec products..
- Provide you various the regulatory policies which are affecting the global subsea control system market.
How we are different from others:
At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global subsea control systems market offers the longest chain of market segmentation covering major market segmentation based on components, type and applications. The report tracks the major market trends in the global subsea control systems market such as increasing activities of oil production, especially in the offshore fields would rise the demand for subsea control systems. For each market segments covered in global subsea control systems market report, we provide opportunity matrix, and DRO analysis, that enable the clear growth assessment across each market segment. The report discusses competitive landscape of the smart security industry, with giving extensive strategy analysis of more than 15 companies. Moreover, the report discusses various models such as 360 degree analysis, See Saw analysis, and Porter five force model and so on. For the high level analysis in the report we provide a comparative analysis of historic and current year data.
Key Findings of the global subsea control system market:
- The main purpose of subsea control systems is to move oil and gas from the drilling sites to onshore terminals.
- Europe is anticipated to account the largest revenue share in 2016.
- Growing global offshore oil and gas exploration are the main drivers of the subsea control systems market in the future.
- Increasing government support
- Collaboration is the key strategy adopted by the various market players of global subsea control system market.