The global subsea power grid systems market is expected to grow over the forecast period owing to increasing oil & gas exploration activities in major offshore locations. The regular electric power supply is essential to continue operations in such deep water locations. The depletion of on-shore oil & gas reserves has led to rising offshore reserves exploration, subsequently creating demand for subsea power grid systems. Rapid sub-sea infrastructural development in order to cater increasing off-shore exploration activities has increased the power demand in the region and is further expected to drive the subsea power grid systems market over the forecast period. Depletion of conventional fossil fuel reserves has led to increasing oil & gas exploration activities in deep waters across the globe. Technologically advanced equipment are being utilized for oil & gas exploration and electricity requirements for these equipment are also massive. Subsea power grid industry is expected to display significant growth over coming seven years on account of accelerating oil exploration activities in Latin America & Africa. Renewable energy development in offshore locations and energy demand from emerging economies such as India and China are increasing day by day, leading to rising electricity production from new energy sources. Unconventional oil & gas-based energy generation requires compressors, pumps, steam, and CO2 for start of production, thus creating product demand. New fields need to be explored extensively to fulfill primary energy demand which has increased offshore exploration activities. Depleted reserves require higher amounts of energy for pumping and compression pressure. Installation of subsea power grid systems results in reduced emissions and increased efficiency. These factors are expected to drive the subsea power grid market. However, high operational risks and technological issues are expected to hamper industry growth over the coming seven years. Limitations such as transmission losses during long-distance power transmission are also expected to hinder the market over the next seven years.
Subsea power grid systems market can be segmented on the basis of various components utilized in the systems which create a power generation base. Based on the type of work, market can be categorized as variable speed drives, subsea transformers, and switchgears. subsea power grid system market can also be categorized on the basis of power generation source into wind power generation, tidal & wave energy, and captive power; all these sources are primary energy sources in offshore locations.
Regional segmentation includes major geographic areas such as North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America. North America is expected to witness moderate market growth, owing to rising focus on shale reserves exploration in the region. European Subsea power grid system market is slated to grow due to rising investment in prospective offshore locations such as Norway along with increasing initiatives taken by the government for power generation from wind energy. CSA and MEA regions are anticipated to display huge growth over the forecast period, owing to increasing deepwater oil & gas exploration activities in the regions. Increasing energy demand in Asia Pacific region coupled with a large shore area is expected to influence the regional demand positively.
Market participants are carrying out R&D activities to implement production processes that reduce production costs. They are also trying to produce systems with extended life span and reduced maintenance costs. Market participants are installing integrated condition monitoring systems to monitor reliability and predict hazardous situations to avoid unexpected shutdowns and evaluate changes. They are also employing promotional strategies to penetrate into low penetrated markets. These initiatives by numerous market players are slated to boost product demand over the forecast period.
Major market players operating in the global subsea power grid market include Cameron International Corporation, General Electric Company, Aker Solutions ASA, FMC Technologies Inc., Technip SA, and Siemens AG.
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