Market Leaders - Subsea Systems Market
The global subsea systems market is projected to grow at a CAGR of 2.02% from 2016 to 2021. Europe is estimated to be the largest market for subsea system, followed by Africa. Also, Africa is projected to be the fastest growing market during the forecast period. The growth of the subsea system market is driven by growing focus in deepwater drilling and rising investments in emerging economies
The subsea systems market is dominated by a few global players. Key players operating in the market include Subsea 7 S.A. (U.K.), Technip (France), FMC Technologies (U.S.), GE Oil & Gas (U.K.), OneSubsea (U.S.), and Aker Solutions (Norway) among others.
Major strategies adopted by players in the subsea system market include contracts & agreements, new product development, mergers & acquisitions, and expansions. Contracts & agreements was the most commonly adopted strategy from 2012 to 2016. Industry players also adopted new product development, which was the second most widely followed strategy over the period of 2012–2016.
Subsea 7 SA is a surface to seabed construction, engineering, and service contractor for the offshore energy industry. Subsea 7 SA was formed as a result of the merger between Acergy S.A. (U.K.) and Subsea 7, Inc. (U.K.) in 2011. The company offers project management services, fleet & facilities, and technologies for subsea operations across the globe. Subsea systems is a part of its technologies segment and majorly provides products/services related to SURF. Subsea 7 SA adopted contracts & agreements as its growth strategies and formed alliances with various oilfield companies to widen its client base; it has formed an alliance with OneSubsea (U.S.), KBR (U.S.), and KBR’s subsidiary Granherne (U.K.) in the recent past. In October 2016, it received a contract from Pharaonic Petroleum Company (Egypt). As per the contract, the company will provide installation, construction, engineering, and procurement of rigid pipeline & umbilical in the Atoll fields of Egypt.
FMC Technologies, Inc. is an energy services and technology provider company. It manages its business through three business segments, including subsea technologies, surface technologies, and energy infrastructure. The company provides well intervention services under its subsea and surface technologies business segments. FMC Technologies, Inc. adopted contracts & agreements as its growth strategies. In January 2016, it received a subsea systems contract worth USD 180 million from Woodside Petroleum (Australia). According to the contract, FMC Technologies will design, manufacture, and supply subsea production systems for the Greater Western Flank Phase 2 project in Western Australia. In June 2015, it formed a joint venture with Technip (France) to form Forsys Subsea (U.K.); it was a 50/50 joint venture. The parties closed the transaction, making Forsys Subsea operational on June 1, 2015. Taking their partnership to the next level, FMC Technologies and Technip (France) announced a merger deal in 2016, a move that will make a new company (to be named TechnipFMC)—a leader in the global subsea systems market.
Related Reports:
Subsea Systems Market by Subsea Production (Subsea Umbilicals, Risers, Flowlines (SURF), Trees, Manifolds, Control System), Subsea Processing (Boosting, Separation, Injection, Compression), and Region - Global Forecast to 2021
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