High energy demand coupled with continuous conventional onshore petroleum reserves depletion are expected to drive the global subsea production & processing equipment market. Exploration & production in deepwater and ultra deepwater acreages have witnessed increased attention owing to growing global energy requirement. Rapid development of subsea technology along with operational expenditure reduction is presumed to aid subsea production & processing systems market over the forecast period. Increased recovery factors and reduced susceptibility to hydrate formation are expected to further complement the global subsea production & processing systems market growth. Favorable regulatory policies and fiscal incentives for deep & ultra deep water hydrocarbon exploration are touted to play critical role in developing the overall market growth. Massive upfront investments, harsh operating conditions and inadequate technological expertise are anticipated to emerge as major challenges for the market growth. Volatile crude oil and gas prices coupled with operational, technological and political risks are presumed to retard the subsea production & processing equipment market over the forecast period. Stringent environmental safeguards may play further spoilsport to the subsea equipment market growth. Large percentage of recent hydrocarbon discoveries has been through offshore reserves, thus opening up ample opportunities for the subsea equipment market participants. Increasing automation in subsea systems across oil & gas processing industry too opens up myriad opportunities for the industry participants as well as for the automation industry.
The subsea market can be segmented into two categories, viz. subsea production equipments and subsea processing equipments. Production equipments include subsea manifolds, flowlines, subsea trees, multiphase pumps, control modules and umbilical risers. While boosting, separation, injection and compression equipments fall under the subsea processing category. Large scale offshore operations in regions such as the Arctic and the Golden Triangle comprising of Gulf of Mexico, offshore Brazil and offshore West Africa show promising opportunities for the market. Severe energy crunch in the emerging economies in Asia Pacific such as China and India are expected to bolster the subsea market over the forecast period.
Major subsea processing and production equipment market participants include Schlumberger Ltd., Baker Hughes Inc., Aker Solutions, FMC Technologies, GE Energy, Technip, and Transocean, among others.
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