Subsea Production Systems Market to Grow by USD 1 billion during 2020-2024

Strategic Insights -

The subsea production systems market is expected to grow by USD 1 billion during 2020-2024, driven by the increasing adoption of ERD technology and the growing demand for offshore oil and gas production. The market is fragmented, with key vendors including Aker Solutions ASA, Dril-Quip Inc., General Electric Co., Halliburton Co., National Oilwell Varco Inc., Nexans SA, Prysmian Spa, Schlumberger Ltd., Siemens AG, and TechnipFMC Plc.

The market is segmented by type, with SURF and pressure control system being the two largest segments. Geographically, the market is segmented into Europe, APAC, North America, MEA, and South America. The European region is expected to be the largest market for subsea production systems, driven by the presence of major oil and gas companies.

Key Takeaways:

  • The global subsea production systems market is expected to grow by USD 1 billion during 2020-2024, progressing at a CAGR of almost 3% during the forecast period.
  • The market is expected to be driven by the increasing adoption of ERD technology and the growing demand for offshore oil and gas production.
  • The SURF and pressure control system segments are expected to be the two largest segments in the market, with SURF accounting for the largest market share.
  • The European region is expected to be the largest market for subsea production systems, driven by the presence of major oil and gas companies.
  • The market is expected to be driven by the increasing adoption of ERD technology, which is expected to increase the efficiency and productivity of offshore oil and gas production.
  • The growing demand for offshore oil and gas production is expected to drive the growth of the market.
  • Key vendors in the market include Aker Solutions ASA, Dril-Quip Inc., General Electric Co., Halliburton Co., National Oilwell Varco Inc., Nexans SA, Prysmian Spa, Schlumberger Ltd., Siemens AG, and TechnipFMC Plc.
  • The market is expected to be driven by the increasing adoption of smart technologies, such as artificial intelligence and robotics, which are expected to increase the efficiency and productivity of offshore oil and gas production.

Statistics:

  • The global subsea production systems market is expected to grow by USD 1 billion during 2020-2024.
  • The market is expected to progress at a CAGR of almost 3% during the forecast period.
  • The SURF segment is expected to account for the largest market share, with a market size of USD 213.46 million in 2019.
  • The pressure control system segment is expected to be the second-largest segment, with a market size of USD 163.71 million in 2019.
  • The European region is expected to be the largest market for subsea production systems, with a market size of USD 342.99 million in 2019.
  • The APAC region is expected to be the second-largest market, with a market size of USD 244.16 million in 2019.

Sources:

  • Technavio, "Global Subsea Production Systems Market 2020-2024"
  • Business Wire, "Technavio Announces Its Latest Market Research Report: Global Subsea Production Systems Market 2020-2024"