Subsea equipment Market trends research and projections for 2019 – 2025
The subsea equipment market is set to grow on account of growing development of offshore fields along with technological challenges in the production and operations across a deep-water reservoir. Development of varied range of production systems and layouts will help the operators in exploring these fields and utilize the potential of previously untapped fields. Furthermore, key benefits including improved reservoir productivity, reduction on operating cost and enhanced reliability of subsea systems will complement the industry landscape.
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The subsea equipment market is predicted to grow on account of growing requirement of extending the existing offshore platforms. Inability to reach certain reservoir from the surface using conventional horizontal wells or directional drilling measures can be resolved using these production systems. It comprises of drilling systems, Christmas trees & well head systems, manifolds, jumper systems, umbilical, risers, flowline, Tie-in, instrumentation & control systems and subsea installation and vessels.
Growing investment toward offshore exploration and production activities along with substantial reduction in operational cost owing to ongoing technological advancements will propel the subsea equipment market. Increased use of efficient monitoring and control systems along with robust development of automated devices will complement the business landscape. Furthermore, stringent government standards and industry requirements to ensure safe operations and oil productions in deep and ultradeep reservoirs will affect the industry growth.
Major points presented and analyzed in the study include multiple segmentation coverage (one or more/all) as listed below:
• SUBSEA EQUIPMENT Industry Landscape
• Growth drivers
• Pitfalls & challenges
• Regional regulatory scenario
• Regional pricing trends
• Cost structure analysis
• Industry ecosystem
• Competitive landscape
• Company profiles
• Supplier information
• Subsea equipment Market, By Product (Estimates & Forecast to 2019 / 2025)
• Subsea equipment Market, By Application (Estimates & Forecast to 2019 / 2025)
• Subsea equipment Market, By End-use (Estimates & Forecast to 2019 / 2025)
• Subsea equipment Market, By Product (Estimates & Forecast to 2019 / 2025)
Rapid discoveries in deep water seas along with rising energy demand across the emerging countries will propel the subsea equipment market. Majority of the onshore producing wells have reached their maturity resulting in declining production. As a result, the industry players are focusing toward developing offshore fields encouraging the product demand.
Growing focus toward managing the capital expenditure for offshore development along with recovering oil prices will drive the subsea equipment market. Increasing deployments of tiebacks along with gaining popularity of the equipment among the operators will augment the industry outlook. The architecture allows the companies to use the existing platform, pipelines and infrastructure with the new potential projects being tied into the old platform.
The Europe subsea equipment market size is anticipated to grow on account of rising E&P activities across Russia and Norway. Reduction in technology cost along with declining production from onshore oilfields will augment the industry landscape. However, strengthening oil prices are likely to boost drilling and production operations that will positively enhance the industry outlook.
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Research Methodology
At Global Market Insights, our researchers and domain experts use a unique blend of primary and secondary research, with validation and iterations at every stage, in order to minimize deviation and present the most accurate analysis of the industry. The research process begins with extensive data mining, using authentic sources such as trade magazines, technical publications, independent studies along with paid avenues such as ICIS, Hoovers, etc. Primary objectives of data mining include:
• Definition and scope of research
• Market dynamics, growth drivers and industry pitfalls
• Regulatory and political guidelines for the industry
• Demographics and statistical data
All the above factors are identified and analyzed in detail, with their present and expected market impact, which is quantified and used to derive market growth expectation. Market forecast is built using statistical analysis with models built around time-variance, regression and correlation analytics.
Significant emphasis is put on primary research, which serves the dual role or not only validating our findings but also obtaining penetrating market insights, which help us gain more clarity regarding business environment and competitive leverage. Notable participants in our primary research process include:
• Leadership figures such as CEOs, CSOs, VPs etc. in key companies
• Supply-chain participants, distributors and domain experts
• Key customers and B2B clients
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