Subsea Production and Processing Market

Introduction of the Subsea Production and Processing Market Report

Subsea production and processing involve wells located on the seafloor opposed at the surface. The well is drilled by a movable rig despite building a production platform for that well. Natural gas and oil that is extracted from the well are transported by riser or even by an undersea pipeline to a production platform nearby. Subsea systems are usually at depths of 7,000 ft or more and have the ability to extract and transport.

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Market Dynamic

Key Drivers and Emerging Trends

The major factor driving the growth of the global subsea production and processing market is the growing drilling and completion processes for oil and gas industry worldwide. Moreover, the rising oil and gas discoveries supported by the liberalization in the industry has created new opportunities for the leading players. For instance, in 2020, ConocoPhillips made a significant oil discovery in PL 891 on the Slagugle prospect, which is located 14 miles north-northeast of Heidrun field in the Norwegian Sea. Furthermore, the substantial drop in on-shore petroleum reserves coupled with accommodation of subsea fields and the increasing offshore drilling activities in developing economies is positively impacting the growth of the market. In addition, there has been an increase in the exploration & production in the ultra-deepwater and deepwater acreages due to the growing energy requirement across the globe, which is further supplementing the growth of the global subsea production and processing market. Furthermore, increased recovery factors, and decreased susceptibility to hydrate formation are some other factors augmenting the growth of the market.

Restraint in the Infrared Imaging Market

On the other hand, unfavorable operating conditions, improper technological expertise, and high upfront investments might hamper the growth of the market. Moreover, volatile gas and crude oil prices, political and technological risks, strict government regulations for environmental safety, and operational risks are some other factors which are expected to restrain the growth of the global subsea production and processing market.

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Processing System Type – Segment Analysis

Based on the processing system type, the boosting segment is anticipated to witness a faster CAGR over the forecast period. This is majorly attributed to the increased demand for petroleum products and fossil fuels across the globe. Subsea boosting systems are mostly deployed as they are effective in improving the production of oil & gas from developed reservoirs. Moreover, the subsea boosting system supplements the recuperation and creation and increases the monetary life of the field. These factors are significantly contributing to the growth of the boosting segment in the global subsea production and processing market.

Water Depth – Segment Analysis

On the basis of the water depth, the deepwater and ultra-deepwater is expected to grow at a higher CAGR over the forecast period. The ultra-deepwater and deepwater processes have a direct impact on subsea processing and production in the offshore. There are several ongoing deepwater projects, which includes The West Delta Deep Marine project in Egypt, which is in its development phase. Moreover, in 2019, Royal Dutch Shell announced its drilling project in Montu well, which is the deepest well in Egypt. These factors play a crucial role in augmenting the growth of the ultra-deepwater and deepwater segment in the global subsea production and processing market.

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Region – Segment Analysis

Based on the region, the North America region is projected to grow at a higher CAGR during the forecast period. North America is the largest producer of oil and gas. There are more than around 900,000 oil and gas wells, which are active in the US and more than around 130,000 have been drilled since 2010. There have been a lot of discoveries in this region over the past few years. For example, the US witnessed three major discoveries in 2018, which includes one at Appomattox (140 Mb) 2300 m underwater and two in the Gulf of Mexico, at Ballymore (545 Mb) at a depth of 2000 m underwater. These factors are likely to boost the growth of the subsea production and processing market in North America. 

Top Market Players

Various notable players operating in the market include Aker Solutions, China Oilfield Services Limited, Baker Hughes Company, Kerui Petroleum, Halliburton, Oceaneering International, Inc., NOV Inc., TechnipFMC plc, Schlumberger Limited, and Weatherford, among others.

Key Developments

• • In 2020, Baker Hughes Company announced the launch of Terminator, a vessel-deployed subsea wellhead cutting system. It has proven its capabilities by successfully cutting a subsea wellhead from an abandoned exploration well, which is owned by Wintershall DEA in Norway. 

Segments covered in the Report:

The global subsea production and processing market has been segmented on the basis of production system component, processing system type, water depth, and regions. Based on production system component, the market is segmented into subsea trees, subsea umbilical, risers, & flowlines, subsea wellhead, and others. Based on processing system type, the market is segmented into boosting, separation, injection, and gas compression. Based on water depth, the market is segmented into shallow water and deep water & ultra-deep water. 

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Key questions answered in this research report:

• • At what pace is global subsea production and processing market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in subsea production and processing market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global subsea production and processing market?
  • Which production system component generated maximum revenues in 2019 and identify the most promising production system component during the forecast period?
  • What are the various processing system type areas of global subsea production and processing market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Production System Component, By Processing System Type, By Water Depth, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Aker Solutions, China Oilfield Services Limited, Baker Hughes Company, Kerui Petroleum, Halliburton, Oceaneering International, Inc., NOV Inc., TechnipFMC plc, Schlumberger Limited, Weatherford, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Subsea Production and Processing Market by Production System Component

• • Subsea Trees
  • Subsea Umbilical, Risers, & Flowlines
  • Subsea Wellhead
  • Others

Global Subsea Production and Processing Market by Processing System Type

• • Boosting
  • Separation
  • Injection
  • Gas Compression

Global Subsea Production and Processing Market by Water Depth

• • Shallow Water
  • Deepwater and Ultra-Deepwater

Global Subsea Production and Processing Market by Region

• • North America Subsea Production and Processing Market (Option 1: As a part of the free 25% customization)
    • North America Subsea Production and Processing Market by Production System Component
    • North America Subsea Production and Processing Market by Processing System Type
    • North America Subsea Production and Processing Market by Water Depth
    • US Subsea Production and Processing Market All-Up
    • Canada Subsea Production and Processing Market All-Up
  • Europe Subsea Production and Processing Market (Option 2: As a part of the free 25% customization)
    • Europe Subsea Production and Processing Market by Production System Component
    • Europe Subsea Production and Processing Market by Processing System Type
    • Europe Subsea Production and Processing Market by Water Depth
    • UK Subsea Production and Processing Market All-Up
    • Germany Subsea Production and Processing Market All-Up
    • France Subsea Production and Processing Market All-Up
    • Spain Subsea Production and Processing Market All-Up
    • Rest of Europe Subsea Production and Processing Market All-Up
  • Asia-Pacific Subsea Production and Processing Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Subsea Production and Processing Market by Production System Component
    • Asia-Pacific Subsea Production and Processing Market by Processing System Type
    • Asia-Pacific Subsea Production and Processing Market by Water Depth
    • China Subsea Production and Processing Market All-Up
    • India Subsea Production and Processing Market All-Up
    • Japan Subsea Production and Processing Market All-Up
    • Rest of APAC Subsea Production and Processing Market All-Up
  • RoW Subsea Production and Processing Market (Option 4: As a part of the free 25% customization)
    • RoW Subsea Production and Processing Market by Production System Component
    • RoW Subsea Production and Processing Market by Processing System Type
    • RoW Subsea Production and Processing Market by Water Depth
    • Brazil Subsea Production and Processing Market All-Up
    • South Africa Subsea Production and Processing Market All-Up
    • Saudi Arabia Subsea Production and Processing Market All-Up
    • UAE Subsea Production and Processing Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Subsea Production and Processing Market All-Up

Major Players Operating in the Subsea Production and Processing (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Aker Solutions
  • China Oilfield Services Limited
  • Baker Hughes Company
  • Kerui Petroleum
  • Halliburton
  • Oceaneering International, Inc.
  • NOV Inc.
  • TechnipFMC plc
  • Schlumberger Limited
  • Weatherford