Subsea Production and Processing System Market Forecast 2014 – 2020
The global subsea production and processing systems market has witnessed an impressive growth in its market valuation in recent times. The increase in oil discoveries has propelled this worldwide market to a greater extent. Companies functional in the market for subsea production and processing systems across the globe have shifted their focus on deep water drilling, which is another factor, driving the growth of this market. However, the inconsistency in the oil prices creates a severe challenge for this market to grow steadily. Moreover, the strict rules and regulations pertaining to environmental safety are also expected to hamper the development of this market in the next few years.
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Surf To Maintain Dominance in Global Subsea Production Technology Market
The worldwide market for subsea production and processing systems is broadly analyzed on the basis of subsea processing systems and subsea production technology. Based on subsea production technology, the global subsea production and processing systems market is segmented into subsea trees, subsea manifolds, subsea control systems, and surf.
Subsea boosting system, subsea injection system, subsea separation system, and subsea compression system are the major segments of the global subsea production and processing systems market based on processing systems. The market for surf has occupied the leading position in the global market based on production technology. The increasing focus of market participants on deep water drilling is the main driving force behind the growth of the surf market. Apart from this, the discoveries of oil in emerging countries is likely to boost the surf market, enabling it to maintain its leadership in the near future.
Europe to Retain Leadership in Global Subsea Production and Processing Systems Market
The global subsea production and processing systems market is spread across North America, Asia Pacific, Europe, and the Rest of the World. Among these, Europe has acquired the dominance with a majority share in the worldwide market. Major initiatives taken by the governments of Norway and the U.K. in order to increase the production of oil have fueled the market for subsea production and processing systems in Europe.
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Analysts project this regional market to retain its position. The pipeline projects of major subsea compression systems in the North Sea are expected to stimulate the growth of the Europe subsea production and processing systems market in the coming years.The Rest of the World region occupied the second position in the global market for subsea production and processing systems. The increasing investments in several oil producing nations such as Angola, Nigeria, Ghana, and Equatorial Guinea have contributed towards the development of this regional market.
Global Subsea Production and Processing Systems Market: Key Players
Siemens AG, Dril-Quip Inc., ABB Ltd., Aker Solutions, Parker Hannifin Corp., National Oilwell Varco, Vallourec, Kongsberg, Technip, Nexans SA, Onesubsea, GE Oil & Gas, Twister BV, Oceaneering International Inc., and FMC Technologies are the key companies operating in the global market for subsea production and processing systems. The liberalization in the oil and gas market in Mexico and the arctic discoveries have opened many avenues for the market participants.
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