NEW YORK, Feb. 06, 2018 (GLOBE NEWSWIRE) -- The report segments Oil and Gas Subsea Power Grid Market by Component (Variable Speed Drivers, Transformers, Switch Gear, Power Cables, Connectors, Others) by Configuration (Topside/Shore, Seabed), by End User (Production Facilities, Drilling Rigs, Floating Production System, Other), by Region (North America, Europe, Asia-Pacific, Middle East and Africa (MEA), Rest of the World (RoW)). The report studies the global oil and gas subsea power grid market over the forecast period (2017-2023). The oil and gas subsea power grid market is expected to witness a CAGR of 10.22% and is projected to reach 3.75 billion USD 2023. Factors propelling the growth of the oil and gas subsea power grid market are increasing deep-sea oil and gas operations, high reliability and minimum maintenance cost, increasing energy demand, and rise in subsea power load.
A network of interconnected variable speed drives, power cables, transformers and switchgear forms subsea power grid system. The future of oil and gas industry lies in the development of complex reserves. The subsea processing system is a cost-effective solution to the production of oil and gas from the offshore wells. The oil and gas subsea power grid is quintessential to power the subsea processing equipment such as subsea compressor, pumps, and motors among others. Oil and gas subsea power grid not only promises the uninterrupted power supply to the subsea processing facilities but also accounts for the increasing power requirement of these processing facilities.
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Key findings of the Oil and Gas Subsea Power Grid Market Report
- The global oil and gas subsea power grid market is valued at 1.26 billion USD in 2016
- Based on Component, the power cable dominates the subsea oil and gas market in 2016. The development of long step out power grid configuration has propelled the sales of subsea power cables
- Based on End Use, the production facilities currently dominates the oil and gas subsea power grid market and is expected to maintain its dominance during the forecast period. The oil and gas industry is increasingly deploying the cost-effective subsea processing system to boost production
- Based on Configuration, the topside/shore holds the major share of oil and gas subsea power grid market in 2016
- Based on Configuration, the seabed is expected to grow at the highest CAGR during the forecast period. The development of power grid components that can withstand the high pressure of the water column propels the growth of seabed power grid segment
- Geographically, Middle East Africa dominated the oil and gas subsea power grid market in 2016. Large-scale subsea projects in African region propel the growth of the oil and gas subsea market during the forecast period
- South America is the second largest oil and gas subsea power grid market in 2016. Brazil with a good number of subsea operation has become a hub of subsea development in the South American region
- In 2017, Norway awarded a sum of 1.16 million pounds for subsea technology research
- ABB is the leading oil and gas subsea power grid company. The company is engaged in a five-year joint industrial program, started in 2013, to develop complete power solutions at the seabed
- The key players dealing in the oil and gas subsea power grid market are ABB, Siemens, Aker Solutions, General Electric, Subsea Technology Group AS, Cameron International Corporation, FMC Technology, Schneider Electric, Expro International Group Holdings Limited, Drill-Quip Inc.
Investor Corner
Subsea power grid provides an opportunity for oil and gas companies to increase recovery rate from the existing fields and maximize return. The power generation and distribution is vital for subsea production facilities. The push toward deep sea oil and gas exploration has given impetus to the development of subsea power grid. The oil and gas companies are now interested in subsea power grid technology that can operate remotely at ultra-deep sea level. This could be a challenge as well as an opportunity for the manufacturing companies to develop an eco-friendly power grid system that can generate power at the seabed thus eliminating the topside or shore-based power system. The technology pioneer such as ABB has teamed up with oil and gas conglomerates such as Statoil under joint industry program to develop subsea power grid solution. Similar programs have been adopted by other companies as well.
Regional Insight
The African region with huge CAPEX in subsea oil and gas operation is the leading subsea power grid market. African region with huge oil and gas reserves have drawn the attention of oil and gas major to bring about investments in the region. Moreover, the rapid growth of deepwater industry offshore West Africa has sparkled massive investments in subsea power grid market. Further, the subsea satellite developments in Nigeria and Angola have brought about investment in the subsea power grid market.
The South American region is the second largest oil and gas subsea power grid market. The growth of oil and gas subsea power grid market in the region is propelled by the capital investments in subsea completions. European oil and gas subsea power grid market is driven by the investments in research and development programs initiated by governments and companies coupled with the heavy offshore infrastructure development of in the region.
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