Global Subsea Control Systems Market: Overview
The vast rise in focus on the development of offshore oil and gas reserves in the past few years has given rise to significant demand for machineries and controls especially designed for operations at deep- and ultra-deep-water environments.
Subsea control systems are often referred to as the logistics backbone of the subsea oil and gas production industry. Thus, the remarkable rise in the production of oil and gas production activities in the subsea areas will present the need for special subsea control systems accordingly in the near future.
This report on the global subsea control systems market gives a detailed overview of the present state of the market and forecasts the course of development expected to be followed by the market over the period between 2016 and 2024.
The report gives an expansive account of the key factors expected to have a notable influence on the overall development of the market over the said period. As such, details regarding key growth drivers, restraints, trends, regulatory factors, and recent changes in the market’s competitive landscape are included in the report.
Global Subsea Control Systems Market: Drivers and Restraints
The increased global consumption of petrochemical products, the vast surge in demand for power and fuel, and depleting reserves of traditional onshore oil and gas resources are compelling the global oil and gas industry to shift its focus to the offshore oil and gas industry. This flourishing offshore oil and gas industry is central to the healthy growth prospects of the global subsea control systems market.
A vast rise in the number of exploration activities being undertaken in non-traditional oil and gas exploration zones such as Latin America and Africa and technological advancements enabling the development of precise and highly effective subsea production systems are also driving the global subsea control systems market.
However the complex nature of underwater conditions makes the manufacture of subsea control systems extremely difficult. This factor could act as a restrain for the subsea control systems market to a certain level. Nevertheless, the vast demand for effective subsea control systems across the swelling offshore oil and gas industry will help companies gain promising returns for their investment in research and development activities.
Global Subsea Control Systems Market: Segmentation
Based on the type of subsea control systems, the market can be segmented into topside control equipment and underwater control equipment. On the basis of depth of operation of subsea control systems, the market can be segmented into shallow water, deep-water and ultra-deep-water.
In terms of applications, the subsea control systems market can be segmented as production, distribution, and processing. In terms of geography, the market analyzes the market for subsea control systems is examined in the report for regions such as North America, Latin America, Asia Pacific, Europe, and Middle East and Africa.
Of these, the Europe subsea control systems market presently dominates in terms of contribution of revenue to the global market. However, the Asia Pacific market, in spite of its small size, is expected to emerge as the most promising region with growth rate higher than other regional markets from 2016 through 2024.
On the basis of depth of operation, the segment of deep-water offshore locations will lead to the most lucrative growth opportunities. As shallow water areas are already developed, oil and gas producing companies will focus more on the development of deep-water reserves and invest more on infrastructure development activities, leading to the increased demand for control systems.
Companies Mentioned in the Report
Some of the key vendors in the subsea control systems landscape are Zetechtics Ltd., Aker Solutions, KW Ltd., General Electric Company, Cameron International, HCS Control Systems, and FMC Technologies.