Subsea Systems Global Market is Projected to Reach $16.5 Billion by 2030: Fossil Fuel Consumption to Remain Unperturbed Despite Rise of Renewables


Dublin, June 21, 2023 (GLOBE NEWSWIRE) -- The "Subsea Systems: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global market for Subsea Systems estimated at US$12.5 Billion in the year 2022, is projected to reach a revised size of US$16.5 Billion by 2030, growing at a CAGR of 3.6% over the analysis period 2022-2030.

SURF, one of the segments analyzed in the report, is projected to record a 3.9% CAGR and reach US$5.4 Billion by the end of the analysis period.

Taking into account the ongoing post pandemic recovery, growth in the Subsea Trees segment is readjusted to a revised 2.8% CAGR for the next 8-year period.

The U.S. Market is Estimated at $1.8 Billion, While China is Forecast to Grow at 3.9% CAGR

The Subsea Systems market in the U.S. is estimated at US$1.8 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1.1 Billion by the year 2030 trailing a CAGR of 3.9% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 3.2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR.

Select Competitors (Total 36 Featured) -

  • Aker Solutions ASA
  • Baker Hughes, Inc.
  • Dril-Quip, Inc.
  • Kongsberg Gruppen ASA
  • McDermott International, Inc.
  • National Oilwell Varco
  • Oceaneering International, Inc.
  • OneSubsea
  • Parker Hannifin Corporation
  • Proserv Group Inc.
  • Saipem S.p.A.
  • Siemens AG
  • Subsea 7 S.A.
  • TechnipFMC plc

Key Attributes:

Report AttributeDetails
No. of Pages412
Forecast Period2022 - 2030
Estimated Market Value (USD) in 2022$12.5 Billion
Forecasted Market Value (USD) by 2030$16.5 Billion
Compound Annual Growth Rate3.5%
Regions CoveredGlobal

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Impact of Covid-19: A Looming Global Recession and Depressive Oil Industry Outlook for 2020
  • Massive Decline in Crude Oil Demand Pushes Oil Industry CAPEX and E&P Spending to Downward Trajectory
  • Global Daily Crude Oil Demand in Million Barrels for the Years 2015 through 2020
  • World E&P Spending (in US$ Billion) for the Years 2016 through 2021
  • Breakdown of Global E&P Spending (in %) by Supply Segment for the Year 2019 & 2020
  • Breakdown of North American E&P Capital Spending (in %) by Type of Company for 2020
  • Breakdown of CAPEX Reductions (in US$ Billion) by Type of Oil Company in 1Q 2020
  • An Introduction to Subsea Systems
  • Subsea Systems: Current Market Scenario and Outlook
  • Recent Market Activity
  • Subsea Umbilicals, Risers, and Flowlines (SURF): Largest Product Segment
  • Subsea Trees Continue to Widen Addressable Market
  • Subsea Boosting Systems Exhibit Fastest Growth
  • Sustained Demand for Subsea Separation Systems
  • Control Systems Make a Cut
  • Manifolds Remain Highly Relevant
  • Market for Injection Systems & Compression Systems Will Continue to Grow
  • COVID-19 Pandemic Set to Dent Economic Growth Across All Regions, While Inducing Weakness Into Oil & Gas Sector
  • World Economic Growth Projections (Real GDP, annual % Change) for 2019, 2020 & 2021
  • Global Purchasing Managers' Index (PMI) Points for the Years 2018 through 2020
  • Competitive Scenario: A Consolidated Marketplace
  • Subsea Systems - Global Key Competitors Percentage Market Share in 2022 (E)
  • Subsea Trees (Production System Type) Global Competitor Market Share Positioning for 2019
  • Subsea Boosting Systems (Processing System Type) Global Competitor Market Share Positioning for 2019
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Favorable Long-Term Forecasts for Oil & Gas Sector Instil Market Optimism
  • Top Countries with Proven Reserves of Crude Oil in Billion Barrels for the Years 2014-2019
  • Fossil Fuel Consumption to Remain Unperturbed Despite Rise of Renewables
  • Breakdown World Energy Demand (in %) by Fuel Type for the Years 2019 and 2040
  • Emphasis on Migration from Onshore to Offshore Operations to Augment Long-Term Growth Prospects
  • Offshore Oil and Gas Exploration & Production Expenditure Worldwide by Segment (2015-2019): Percentage Breakdown of Expenditure for Drilling, Engineering, Procurement, Construction, Installation (EPCI), Life of Field, Offshore Supply Vehicle, and Subsea
  • Growing Importance of Deep & Ultra Deep Water Hydrocarbon Exploration Instigates Robust Growth
  • New Offshore Projects Worldwide Prioritize Deep & Ultra Deep Water Exploration
  • Breakdown of Global Oil Production Volume by Onshore, Offshore, and Offshore Deepwater Activity for the Years 2011, 2015 and 2019
  • Subsea Capital Expenditure Worldwide by Depth of Installation (2019 & 2022): Percentage Breakdown of CAPEX for Installations at Depth of Below 99 Meters, 100-499, 500-999, 1000-1499, and 1500 Meters and Above
  • Rise of Sophisticated EOR Technologies Augments Subsea Systems Market
  • Brief Description of EOR Methods
  • A Glance at Select Chemical EOR Projects Worldwide
  • Technology Advancements Widen Scope & Span of Subsea Systems
  • A Brief Review of Technology Innovations in the Subsea Systems Domain
  • Digitalization and IoT Step-In to Revolutionize Subsea Landscape
  • Subsea Systems Market: Strongly Influenced by Trends in Oil Prices
  • Crude Prices Tumble as Covid-19 Pandemic Weakens Demand
  • Average Annual OPEC Crude Oil Prices (in US$ per Barrel) for Years 2010 through 2021
  • OPEC Steps In with Production Cut Strategy to Curb Declining Trend in Crude Prices
  • A Glimpse of OPEC's April 2020 Production Cut Deal

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/4asmk

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Global Market for Subsea Systems

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