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Subsea Production and Processing Systems Become an Integral Part of the Offshore Production
In recent times, the offshore drilling has witnessed multiple developments. The growing global energy demand has pushed the drilling and exploration companies towards drilling in deep and ultra-deep waters. The offshore drilling activities in deep and ultra-deep waters which have to be carried out under extremely challenging geological conditions require advanced technological and innovative equipment.
Offshore drilling in challenging conditions, shale reserves, and increasing drilling activities in emerging regions such as Africa, Latin America, and Asia-Pacific regions further boosted by the shale boom has created new revenue pockets for the subsea production and processing systems market. These revenue pockets are further complemented by the emergence of new safer and efficient technological enhancements.
Subsea production and processing systems which have become an integral part of the offshore production are driven by rising offshore and heavy oil productions. Soaring demand of energy and maturity of many existing oil fields have intensified a major portion of upstream oil and gas capital expenditure towards new offshore fields exploration and production.
The offshore oil and gas market continues to grow at an increasing pace, as oil and gas operators continue to discover new reserves in deeper water areas where subsea development is highly required to make the recovery economically viable. Also, the requirement for maintaining and boosting recovery rates from these subsea wells has increased and will continue to do so. As a result of the need to maintain and boost production, subsea production and processing systems will play a key role in the future of the offshore oil and gas market.
European, Africa & Middle East, and Latin American regions are the biggest markets for subsea production and processing systems. The leading players of the subsea production and processing systems industry are ABB (Switzerland), Aibel AS Stavanger (Norway), Aker Solutions (Norway), Cameron (U.S.), Dril-Quip Inc. (U.S.), FMC Technologies Inc. (U.S.), General Electric Co. (U.S.), and Helix Energy Solutions Group Inc. (U.S.).
Subsea Production & Processing Systems Market by Technology/Components (Subsea Umbilicals, Risers, Flowlines, Trees, Control Modules, Manifolds), Types (Boosting, Injection, Separation, Compression), & Geography - Global Trends & Forecast to 2018
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