Global Subsea Control Systems Market 2018-2023: Growth, Trends, and Forecasts - Offshore Exploration Growth to be a Long Term Market Driver - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jun 6, 2018--The “Global Subsea Control Systems Market - Growth, Trends, and Forecast (2018 - 2023)” report has been added to ResearchAndMarkets.com’s offering.
With an increase in energy consumption across the globe, the focus on offshore drilling has been increasing. The major oil & gas companies have invested on deep water and ultra-deep water projects. As the number of projects located in deep water and ultra-deep waters is increasing, the demand for the subsea control system market is expected to increase. Offshore exploration and the production sector for oil & gas is likely to emerge as an attractive market for subsea control systems, as the systems for the shallow waters have been developed already and the exploration majors are moving toward previously unexplored regions in deep and ultra-deep waters.
Offshore Exploration Growth to be a Long Term Market Driver
In 2018, investments in the oil and gas exploration sector is expected to have the moderate growth, as it had in 2017. However, during the long-term, the same is expected to increase. In 2018, major oil and gas companies are expected to maintain their focus on simpler wells. A significant portion of oil and gas volumes are likely to be discovered in deepwater areas, but due to the high cost, difficult logistics, slow-to-drill wells, and drilling risks involved, the exploration activity is likely to be limited, till the oil prices make the activity profitable. Due to above factors, the demand for subsea control systems is expected to witness notable growth in long-term and moderate growth, in the current scenario.
Positive Outlook for Market in Gulf of Mexico
In October 2017, the United States leased about 77 million acres in the Gulf of Mexico for oil & gas drilling, which is one of the largest leases. The lease opened the gulf’s outer continental shelf, which is estimated to have recoverable resources of up to 48 billion barrels of oil and 141 trillion cubic feet of gas. Moreover, recently (January 2018) Royal Dutch Shell made one of its largest US Gulf of Mexico exploration discoveries. The well encountered about 427 meters of oil bearing pay. Evaluation of the discovery is ongoing. The Gulf of Mexico is expected to be a significant demand center during the forecast period for the subsea control systems market due to its deepwater resources potential.
Mexican Deepwater Exploration Activity on Rise
The Mexican government has offered several blocks for exploration, such as, ten deepwater exploratory wells in 2016, and 19 offshore oil & gas blocks in the Gulf of Mexico at the beginning of 2018. These blocks are located in the vicinity of the developed oil producing blocks in the Gulf of Mexico. Hence, operators in these fields have a better understanding of the geology, which is expected to aid the development in these fields, and start commercial production in relatively less time. The exploration in the region is expected to drive the demand for the subsea control system market in the region.
Major Players are Aker Solutions ASA, Baker Hughes (GE company), Dril-Quip, Inc., Expro Group, FMC Technologies, Inc., Halliburton Company, HITEC PRODUCTS, amongst others.
Key Topics Covered:
1. Executive Summary
2. Research Methodology
3. Market Overview
4. Market Dynamics
5. Value Chain Analysis
6. Industry Attractiveness - Porter’s Five Force Analysis
7. Market Segmentation and Analysis (Market Size, Growth, and Forecast)
8. Regional Market Analysis (Market Size, Growth, and Forecast)
9. Key Company Analysis
10. Competitive LandscapeAker Solutions ASA Baker Hughes (GE company) Dril-Quip Inc. Expro Group FMC Technologies Inc. Halliburton Company HITEC PRODUCTS Kongsberg Gruppen AS Nexans SA Oceaneering International Inc. OneSubsea (Schlumberger company) Parker Hannifin Corporation Proserv Group Inc. Siemens AG Weatherford International plc
For more information about this report visit https://www.researchandmarkets.com/research/dj72cm/global_subsea?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20180606005914/en/
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Related Topics:Engineering,Industrial Automation
INDUSTRY KEYWORD: ENERGY OIL/GAS MANUFACTURING ENGINEERING
SOURCE: Research and Markets
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PUB: 06/06/2018 10:54 AM/DISC: 06/06/2018 10:54 AM