Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "Subsea Production and Processing System - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029" report has been added to ResearchAndMarkets.com's offering.
The Subsea Production and Processing System Market size is estimated at USD 19.93 billion in 2024, and is expected to reach USD 29.98 billion by 2029, growing at a CAGR of 8.51% during the forecast period (2024-2029).
Key Highlights
- Over the medium term, the increasing drilling and completion activities, globally, has been driving the demand for the subsea production and processing system market over the study period.
- On the other hand, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics and several other factors has been restraining the growth in the demand for subsea production and processing systems.
- Nevertheless, the increasing oil and gas discoveries coupled with the liberalization in the industry globally, has been leading to creation of new opportunities for the players to invest in. The new emerging markets are several developing nations of Middle East and Africa, Asia-Pacific and South America.
Middle East and Africa to Dominate the Market
- The upstream oil and gas market in the Middle East & Africa is a key driver of the global energy industry. The region is home to some of the world's largest oil and gas reserves, and its continued growth is critical to meeting global energy demand.
- Recently, there is a significant increase in the demand for subsea systems in the region's oil and gas industry. Subsea systems produce, process, and transport hydrocarbons from offshore fields. They proved a highly efficient and cost-effective solution for developing deepwater and ultra-deepwater reserves.
- The demand for subsea systems in the Middle East & Africa is driven by several factors, including maximizing the reserves recovery, improving efficiency and productivity, and reducing costs. With many of the region's conventional onshore reserves maturing, subsea systems are becoming an increasingly important tool for developing offshore reserves.
- In March 2023, the offshore rig count deployed in the Middle East & Africa stood at 44, up by nearly 57% since October 2020, when the impact of the COVID-19 pandemic peaked. The rising offshore rig deployment in the Middle East significantly impacts the demand for subsea systems.
- Moreover, the rise of liquefied natural gas (LNG) as a cleaner alternative to traditional fossil fuels is also driving the demand for subsea systems in the region. With several major LNG projects currently underway in the Middle East & Africa, companies are investing heavily in subsea infrastructure to help meet the growing demand for natural gas.
A selection of companies mentioned in this report includes, but is not limited to:
- Aker Solutions ASA
- Baker Hughes Company
- Sri Energy Inc.
- Halliburton Company
- Kerui Group Co. Ltd
- National-Oilwell Varco, Inc.
- Oceaneering International
- Schlumberger Limited
- TechnipFMC PLC
- Subsea 7 SA
For more information about this report visit https://www.researchandmarkets.com/r/fivhk2
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
