Increasing demand for energy worldwide is likely to drive the global subsea production and processing system market growth in the forthcoming years. According to the National Petroleum Council (NPC) of the US, by 2030, world total energy demand will rise by 50% to 60% from the current levels. The primary reason for this considerable rise is the ever-increasing population around the world, which, as per World Bank projections, will reach 10 billion by 2050. The NPC also predicts that majority of this energy demand will be met by oil, gas, and coal in spite of the global movement towards renewables. As a result, subsea exploration and production of hydrocarbons will gather momentum to meet the skyrocketing energy demands across the globe. Production and processing systems will, therefore, play a central role in managing the vast amounts of the fossil fuels extracted from both conventional and unconventional sources.
The new Fortune Business Insights™ report, titled “Production and Processing System Market Size, Share & Industry Analysis, By Components (Production System, Processing System), By Water Depth (Shallow water, Deepwater, Ultra-Deepwater) and Regional Forecast, 2019-2026”, shares the following information:
- In-depth research into the various segments of the market;
- Exhaustive study of the drivers and restraints shaping the size and share of the market;
- 360-degree overview of the industry outlook; and
- Comprehensive assessment of the competitive and regional dynamics of the market.
Key Questions Answered:
• What are the key technological and trends shaping the market?
• What are the key opportunities in the market?
• What are the key companies operating in the market?
• Which company accounted for the highest market share?
• Why Choose Fortune Business Insights?
• What is the market size and growth rate of the global and regional market by various segments?
• What is the market size and growth rate of the market for selective countries?
• Which region or sub-segment is expected to drive the market in the forecast period?
• What Factors are estimated to drive and restrain the Market growth?
Strategic Collaborations Between Players to Intensify Competition
The subsea production and processing system market forecast predicts a period of intense competition in this market as many companies are aggressively partnering with their fellow competitors. This move will enable players to broaden their business horizons as well as widen their product portfolio.
- August 2019: ABB, Total, Chevron, and Equinor formed a Joint Industry Project (JIP) to develop subsea power conversion, distribution, and transmission technologies. Under the JIP, a shallow water test is expected to be completed by the end of 2019.
- July 2019: McDermott International teamed up with Baker Hughes to secure a subsea production contract for the Ichthys Liquified Natural Gas (LNG) development project off the north-western coast of Western Australia. The contract would require Baker Hughes and McDermott to jointly provide subsea equipment to this Inpex-operated project.
Major Players Covered in the Subsea Production and Processing System Market Report:
- Rongsheng Machinery Manufacture Ltd.
- Helix Energy Solutions Group
- Audubon Companies
- Baker Hughes
- KERUI PETROLEUM
- Worldwide Oilfield Machine
- National Oilwell Varco
- Aker Solutions
Steady Demand for Oil to Favor Market Growth
The global demand has remained steady and is expected to rise during the forecast period, making it one of the leading subsea production and processing system market trends. According to the World Oil Outlook Report released by the Organization of Oil Exporting Countries (OPEC), with a share of 27%, oil is expected to remain the dominant fuel for energy production till 2040. The case will be similar for natural gas which will hold a share of around 25% by 2040. Thus, oil and gas together will hold a combined share of 52% by 2040. Furthermore, the OPEC report foresees an investment of close to USD 10.5 trillion by 2040 in the oil and gas industry. One of the major reasons for this meteoric rise will be the promising prospects offered by the growing world economy, which the OPEC report predicts will increase by 3.4% between 2016 and 2022. Moreover, governments around the world are designing policies to promote subsea E&P activities to meet their citizens’ energy needs.
- By Components
- By Water Depth
- By Geography
North America to Lead the Pack; Middle East and Africa to Follow Closely
Among regions, North America is slated to dominate the subsea production and processing system market share owing to increasing offshore oil and gas E&P activities in the region. Besides this, rising shale oil production in the US and gathering pace of oil exploration ventures in the Gulf of Mexico will be the other factors propelling the market in North America. Middle East countries are known for their crude oil reserves and have historically been the primary oil exporters in the world. In Africa, unexplored subsea regions are attracting the attention of many global players, while governments in Asia-Pacific are actively promoting E&P ventures to meet their energy demands.
- North America (The USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Major Table of Content for Production and Processing System Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Production and Processing System Market Analysis, Insights and Forecast, 2026
- North America Production and Processing System Market Analysis, Insights and Forecast, 2026
- Europe Production and Processing System Market Analysis, Insights and Forecast, 2026
- Asia Pacific Production and Processing System Market Analysis, Insights and Forecast, 2026
- Middle East and Africa Production and Processing System Market Analysis, Insights and Forecast, 2026
- Latin America Production and Processing System Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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