According to the latest research report titled, “Subsea System Market Report (2023 – 2028)” by Mordor Intelligence, the market is estimated at USD 18.73 billion in 2023, and growing at a CAGR of 5.98% during the forecast period.
The offshore oil and gas equipment and services market, including the subsea systems segment, is anticipated to experience significant growth in the forecast period. This growth can be attributed to various factors, such as the rebound in oil prices following a downturn period and increased investments in the offshore oil and gas sector.
Report Summary
Which are the Top Companies in the Subsea System Market?
The subsea systems market is relatively well-diversified with leading players like Subsea 7 SA, TechnipFMC PLC, Akastor ASA, National-Oilwell Varco Inc., and Baker Hughes Co. In February 2023, TechnipFMC received a contract for subsea systems by Equinor for Irpaoil and gas development on the Norwegian Continental Shelf. Under the contract, the company will likely supply and install support for subsea trees, control systems, structures, connections, and tooling. Prominent players in the subsea systems market are:
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Key Highlights from the Subsea System Market Report
1. The Subsea Production Segment is Set to Take Over the Market
2. South America Holds a Significant Market Share
As the world’s energy demand continues to grow at a rapid rate, many countries, large corporations, and institutional investors are turning their attention to deep water because it offers the promise of a predictable supply of crude oil and natural gas for decades to come. However, this means employing technology that can produce oil and natural gas reserves thousands of meters beneath the ocean’s surface. This has raised the demand for deep-sea systems to enhance recovery and lower overall costs.
Many foreign players worldwide are scouting Brazil for a potential investment market in offshore hydrocarbon activities during the next decade. In October 2022, ONGC Videsh Ltd (OVL) invested USD 1 billion in a Brazilian offshore hydrocarbon block. Such projects are likely to impact the subsea systems market during the forecast period positively. Similarly, Argentina’s state-backed energy company YPF expects its first offshore project to produce up to 200,000 barrels per day, which would drive the demand for subsea systems in the country as production resumes.
The ongoing and upcoming projects in deep-water and ultra-deepwater are likely to drive the growth of the subsea systems market during the forecast period in the South American region.
What are the Latest Developments in the Subsea System Market?
Mordor Intelligence Report on the Subsea System Market segments the market based on product type, application, and geography:
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the Subsea System industry. Get a glance at the Subsea System Market Report (2023 – 2028)
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