New York, Feb. 29, 2024 (GLOBE NEWSWIRE) -- The global subsea control systems market size is predicted to grow at a CAGR of over ~4% from 2024 to 2036. The market is projected to garner a revenue of USD 36 billion by the end of 2036, up from a revenue of ~USD 26 billion in the year 2023.The increasing demand for oil and gas across the globe is anticipated to propel the market size. The presence of many oil and gas reservoirs in the subsea is driving the subsea control systems in the coming years. The worldwide offshore production of oil accounts for more than 25% of the[MK1] oil and generates nearly 30 million barrels of oil each day as of 2021 reports.
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In addition, the lower installation cost of subsea control systems is promoting market trends. This increased the preference for subsea control systems by the manufacturers which is dominating the market size. The construction of offshore plants for the extraction of oil along with oil and water separators increases the production capacity by maximizing the usage of separators with 95[MK2] % efficiency which decreases the cost.
Increasing Use of IoT in the Subsea Monitoring and Control Systems is Fostering the Growth of the Subsea Control Systems Market
The generation of oil and gas in the water makes it difficult to track the production due to the location and remote isolation of the rigs. So, to operate the oil and gas process from the land there is a need for the integration of IoT (Internet of Things) devices. Further, a need for proper monitoring abilities to prevent explosions or damage to the environment is fueling the market trends in the coming years. The improper maintenance of the infrastructure can lead to a loss[MK3] of USD 290,000 for every failure pump.
Subsea Control Systems Market: Regional Overview
Increasing Investment in Offshore Wind is Proliferating the Market Growth in the European Region
The European region subsea control systems market is estimated to register a revenue share of 30% during the forecast period on account of increasing investment in offshore wind. The market size is credited to the rise of oil prices in the region is raising investments. European Union planning to invest in the subsea cable network to promote the resilience of the infrastructure in the continent. Also, measures are being taken to protect the submarine cables or cable projects of European interest as 97[MK4] % of the world's internet traffic is delivered through subsea cables and any damage to these can affect government security.
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Growing Drilling Activities in Shallow Waters and Government Support for Shallow Water Drilling is Driving the Market Expansion in the North America Region
The subsea control market of the North American region is envisaged to register the second-largest revenue share in the projected period. The growth of the market is credited to the positive impact of shallow water drilling across the region. Shallow water rigs allow easy access during the process of extraction and repair which reduces environmental issues. Moreover, the encouragement of the shallow water drilling programs with incentives and cheap royalty rates for the leased areas is promoting market trends in the forecast years. As per the U.S. Bureau of Ocean Energy Management, there were 11,070 wells with less than 500 feet in height in 15 years with just 15 barrels of oil spilled in the U.S. Department[MK5] of Interior.
Subsea Control Systems, Segmentation by Depth
- Shallow Water
- Deep Water
- Ultra-Deep Water
The deep and ultra-deepwater segment from the subsea control systems is outlined to secure a market revenue share of more than 60% in the coming years. The rising number of explorations in the deep waters for research and industrial objectives is fueling the market segment. India declared the project called Samudrayaan to go 6000 feet into the water with three people by the end of 2026 and China[MK6] planning to build an icebreaker with submersible to explore the Arctic seabed.
Subsea Control Systems, Segmentation by Application
- Production
- Processing
The production segment from the subsea control systems market is outlined to garner a market share of more than 60% in the coming years. The market growth is accredited to the rising demand for hydrocarbon across the globe. The use of hydrocarbons as raw materials in industrial chemicals, fibers, rubber, fuels, and solvents is intensifying the market segment size. Further, the hydrocarbons are the major element in the natural gas and petroleum resources. The petroleum consumed in the U.S. in the year 2022 was nearly 21 million barrels[MK7] per day including 1.2 million barrels per day of biofuels.
A few of the well-known industry leaders in the subsea control systems market that are profiled by Research Nester are Ocean Floor Geophysics, Inc., Baker Hughes Company, ABB, Siemens, Kongsberg Maritime, Schlumberger Limited, General Electric, Saipem SpA, Weatherford, NOV, Inc., and others.
Recent Development in the Market
- Ocean Floor Geophysics, Inc. (OFG) declared the acquisition of NCS SubSea. The NCS SubSea will provide ultra-high-resolution 3D seismic data through a P-Cable system to the oil, gas, and other new energy markets. The new P-cable system delivers the broadest range of marine geophysical data technology and services with the widest sensor solutions from AUV, ROV, and surface platforms combining the multiphysics processing, interpretation, and integration capabilities.
- Baker Hughes and Chevron Australia Pty Ltd., an energy technology company revealed a 20-year agreement on Tuesday. The company provides advanced Aptara Subsea production systems to Chevron Australia for its offshore projects to meet the growing needs of the industry including subsea trees, wellheads, control systems, and others. The company provides TOTEX-lite subsea systems that are adaptable, compact, and less weight.
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