The Subsea Systems Market growth is attributed to increasing focus on oil & gas production from offshore fields

The subsea systems market is expected to grow from an estimated USD 15.78 Billion in 2016 to USD 17.44 Billion by 2021, at a CAGR of 2.02% during the forecast period. Despite steep revenue declines 2015 onwards, the global market is set to witness growth after 2018 due to the increasing production from deepwater fields. Offshore exploration and production investments in Africa and Asia-Pacific region will also boost the market growth.

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Subsea Production: The largest segment by type

The subsea systems market has been broadly classified on the basis of type into production system and processing system. Subsea production system segment accounted for the largest share of the market in 2015, while subsea processing system segment is projected to grow at a faster pace among the two segments. Subsea production will witness demand from continuing deepwater activities in Africa, the U.S. Gulf of Mexico, and South America. The subsea processing system market will be driven by the need for improving recovery rates in shallow water fields, particularly across the North Sea.

SURF: Biggest market by subsea production technology

Subsea Umbilicals Risers and Flowlines (SURF) are important equipment in subsea production systems. Umbilical system is a bundled arrangement of piping, tubing, and electrical conductors which are bounded in armored sheath. The primary application of umbilical is to transmit control fluids. It is also used to monitor pressures and inject fluids. The rising focus on deepwater drilling is the major driver for the SURF market. Moreover, the oil discoveries in emerging economies, especially in Africa, provide further positive contributions to the subsea systems market.

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Europe: The largest market for subsea systems

The European region was the largest estimated market for subsea systems in 2015, driven largely by the developments in Norway and the U.K. These developments took place due to policy changes by governments to increase the production. Moreover, the offshore oil reserves in the U.K. and Norway provide attractive business opportunities for major oil operators to invest which will further drive the subsea systems market.

Some of the top players in the subsea systems market include Subsea 7 (U.K.), FMC Technologies (U.S.), GE Oil & Gas (U.S.), Aker Solutions (Norway), One Subsea (U.S.), Technip (France), Dril-Quip, Inc. (U.S.), and Kongsberg Oil & Gas Technologies (Norway).