Subsea Control Systems Market Research Report – Global Forecast till 2027

Subsea Control Systems Market Research Report: Information by Types (Topside & Underwater), Component (Subsea Control Module, Umbilical Assembly, Master Control Systems, Sensors) Application (Production and Processing) & Region – Global Forecast till 2027

ID: MRFR/E&P/5675-HCR | February 2021 | Region: Global | 111 pages

Subsea Control Systems Market Scenario


Subsea Control Systems Market is expected to grow at a 5.78% CAGR,  USD 10,951.5 Million  during the forecast period.


Global Subsea Control Systems Market


Global Subsea Control Systems Market is expected to witness significant growth during the forecast period growing offshore oil & gas sector and recent trend in deepwater & ultra-deepwater production. Various major oil & gas companies across the world are investing in their respective subsea business in order to attain profitability. For instance, in May 2018, Baker Hughes (GE Company) invested around USD 62.4 million in order to increase its footprint in the North East of Scotland. Similarly, Rovco (UK), one of the major subsea services company, is also rapidly growing its share of its global subsea market after making investment of USD 15.3 million. This investment will eventually enable the company to launch its advanced live 3D subsea survey system. Thus, driving the market for new Subsea Control Systems.


Key Players


The Key Players of Global Subsea Control Systems Market are FMC Technologies Inc.  (US), Halliburton (US), GE Oil & Gas Spa (US), Aker Solutions ASA (Norway), OneSubsea (US), Baker Hughes (US), Kongsberg Gruppen (Norway), Proserve Group Inc. (UK), Oceaneering International, Inc. (US), Siemens AG (Germany), Weatherford International (US), and Hitec Products (Norway), among others.


Recent trends of deepwater and ultra-deepwater production will drive the subsea control systems market. Moreover, need for the replacement of shallow water basin and rapid discovery of hydrocarbon reserves present significant opportunities for subsea control systems market. Also, developing markets of Asia-Pacific offers many opportunities to subsea control systems market as Asia-Pacific is reducing its dependency on imported oil & gas by upscaling its local offshore exploration and production activities. For instance, in April 2018, Google Inc. expanded its Asia Pacific cloud network with new subsea cables of 9,500 km installed undersea. This project is expected to be completed by the last quarter of 2019.


Global Subsea Control Systems Market is projected to grow at a significant growth rate during the forecast period, mainly due to recent trends of deepwater and ultra-deepwater production. For instance, the US deepwater Gulf of Mexico has also started to show a positive outlook after a struggling phase in late 2014. The production of oil & gas in deepwater Gulf of has reached 1,935 kboe/d in 2018 which is almost 13% higher than the previous year. Moreover, the Mexican government has proposed new opportunities for oil & gas exploration including 10 deepwater exploratory wells in 2016 and nearly 19 offshore oil & gas blocks in the Gulf of Mexico. All these factors are likely to drive the demand for subsea control systems.Global subsea systems market has been segmented based on type, component, application, and region. Based on type, the market has been classified into topside control system and underwater control system. The topside control system dominates the market as these types of control systems usually provide complete control and monitoring of both subsea equipment as well as surface electrical power units (EPU) including hydraulic power units (HPU).


Global Subsea Control Systems Market is expected to grow at a 9.15% CAGR during the forecast period.


Market Segmentation
 


Subsea control system is a system that provides monitoring and control to oil & gas subsea assets such as valves, subsea trees, templates, and pipelines. This system involves the receiving and transmission of data between the surface and subsea systems. The main component of typical subsea control systems include electrical power unit, master control stations, hydraulic power units, subsea umbilical termination assembly, umbilicals, electrical & hydraulic flying leads, and subsea control module. The subsea control system and auxiliary monitoring devices can be installed near to subsea trees with open architecture communications and modular designs.



Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 10,951.5 Million
  CAGR   5.78% CAGR (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Types, Component and Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   FMC Technologies Inc. (US), Halliburton (US), GE Oil & Gas Spa (US), Aker Solutions ASA (Norway), OneSubsea (US), Baker Hughes (US), Kongsberg Gruppen (Norway), Proserve Group Inc. (UK), Oceaneering International, Inc. (US), Siemens AG (Germany), Weatherford International (US), and Hitec Products (Norway)
  Key Market Opportunities   New product launches and R&D amongst major key players
  Key Market Drivers   Recent trends of deepwater and ultra-deepwater production


Frequently Asked Questions (FAQ) :


The subsea control systems market is poised to mark 5.78% CAGR.

The major players are FMC Technologies Inc. (US), GE Oil & Gas Spa (US), Weatherford International (US), Halliburton (US), Aker Solutions ASA (Norway), Baker Hughes (US), OneSubsea (US), Kongsberg Gruppen (Norway), Oceaneering International, Inc. (US), Proserve Group Inc. (UK), Siemens AG (Germany), and Hitec Products (Norway),

The ongoing trend of deepwater and ultra-deepwater production is supposed to drive the growth of the subsea control systems market.

The segments of the subsea control systems market, based on type, are underwater control system and topside control system.

The topside control system is presumed to dominate the subsea control systems market.