Global Subsea Market

Description

Market Overview

The global subsea market reached US$ 17 billion in 2022 and is expected to reach US$ 20.2 billion by 2030 growing with a CAGR of 2.2% during the forecast period (2023-2030).

As offshore infrastructure ages and reaches the end of its operational lifespan, there is a need for subsea equipment and services for asset integrity management, repair and decommissioning. The decommissioning of offshore oil and gas platforms requires subsea expertise and equipment for safely removing and disposing of infrastructure components. The decommissioning of aged infrastructure market presents new growth avenues for the subsea industry.

Furthermore, ongoing attempts to commercialize deepsea mining is a major factor that will augment the growth of the global subsea market in the coming years. For instance, in January 2023, Japan's Agency for Natural Resources and Energy announced that commercial deep sea mining operations for rare earth elements will commence by mid-2024.

Market Dynamics

New Technological Advancements

Continuous advancements in subsea technologies have expanded the capabilities and efficiencies of offshore operations. Innovations in subsea processing, control systems, remote monitoring and robotics have enabled deeper exploration and production in challenging environments. With new advancements, it has become possible to explore and exploit new and remote offshore oil and gas deposits, thereby enabling the expansion of global oil and gas production. The technological developments drive the growth of the global subsea market by improving operational efficiency, reducing costs and enhancing safety.

Volatility In Oil And Gas Prices

The global subsea market's growth is closely tied to the oil and gas industry, making it vulnerable to fluctuations in commodity prices. Sharp declines in oil prices can lead to reduced investments in offshore projects, impacting the demand for subsea equipment and services. Furthermore, a prolonged volatility in prices can seriously affect long-term capital expenditure, since companies are unsure whether new projects will yield healthy returns. Price volatility therefore, poses a significant restraint on the growth of the global subsea market, as it affects project economics and industry spending.

COVID-19 Impact Analysis

The pandemic led to a crash in global oil prices due to a drastic reduction in global demand. The global subsea market was majorly affected since offshore oil and gas exploration account for a significant share of the market. Some demand was generated by the maintenance of existing offshore oil rig installations. The market is slowly recovering in the aftermath of the pandemic.

Russia-Ukraine War Impact Analysis

Sanctions imposed on Russia due to the ongoing Russia-Ukraine war stymied the development of offshore oil and gas exploration projects in the country. It has created opportunities for multinational companies to undertake explorations for new oil reserves in South America and Africa. Furthermore, increasing investment in renewable energy, especially in offshore wind farms by European countries to offset the impact of high energy prices caused by the war will also augment market growth during the forecast period.

Artificial Intelligence Impact Analysis

AI has the potential to significantly improve the predictive accuracy of offshore oil and gas exploration, thereby saving high exploration costs. By analyzing real-time data from subsea equipment, AI algorithms can predict potential failures or maintenance requirements before they occur. It enables proactive maintenance planning, reduces downtime, and enhances the reliability of subsea infrastructure.

Segment Analysis

The global subsea market is segmented based on equipment, platform, service, application and region.

Owing to Their Versatility and Robustness, Fixed Platforms Occupy A Major Share

Fixed platforms segment account for nearly 50% share in the platform segment of the global subsea market. Fixed platforms are often considered more cost-effective than other platform types. Additionally, fixed platforms have a longer service life, reducing the need for frequent replacement or upgrades.

The platforms are suitable for shallow water and deepwater fields. Furthermore, they are capable of supporting heavy production facilities and can accommodate large topside structures, including drilling rigs, processing facilities and accommodation modules. Fixed platforms have a proven track record of successful operation and performance. Many fixed platforms have been in service for extended periods, thereby demonstrating their reliability and durability.

Geographical Analysis

Increasing Emphasis On Renewable Energy Makes Europe A Key Player In The Global Market

Europe is expected to account for 27% of the global subsea market. The North Sea is a key area for subsea activities in Europe. It spans across several countries, including the United Kingdom, Norway, Denmark, Germany and the Netherlands. The North Sea has been a major hub for offshore oil and gas production for decades and it continues to contribute significantly to Europe's energy supply.

Europe is witnessing a significant shift towards renewable energy sources, including offshore wind farms. The development of offshore wind projects requires subsea infrastructure for the installation and maintenance of wind turbines, subsea cables and electrical substations. The expansion of the offshore wind sector presents additional opportunities for the subsea market in Europe, diversifying its scope beyond traditional oil and gas activities.

Competitive Landscape

The major global players include: TechnipFMC plc, Subsea 7 S.A., Aker Solutions, Dril-Quip, Inc, Schlumberger Limited, One Subsea, Balmoral Offshore Engineering, Delta Subsea LLC, Baker Hughes and Allseas Group S.A.

Why Purchase the Report?

To visualize the global subsea market segmentation based on equipment, platform, service, application and region, as well as understand key commercial assets and players.
Identify commercial opportunities by analyzing trends and co-development.
Excel data sheet with numerous data points of subsea market-level with all segments.
PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
Product mapping available as Excel consisting of key products of all the major players.

The global subsea market report would provide approximately 64 tables, 75 figures and 204 Pages.

Target Audience 2023

Manufacturers/ Buyers
Industry Investors/Investment Bankers
Research Professionals
Emerging Companies

Product Code: EP2066

1. Methodology and Scope

1.1. Research Methodology
1.2. Research Objective and Scope of the Report

2. Definition and Overview

3. Executive Summary

3.1. Snippet by Equipment
3.2. Snippet by Platform
3.3. Snippet by Service
3.4. Snippet by Application
3.5. Snippet by Region

4. Dynamics

4.1. Impacting Factors
- 4.1.1. Drivers
  - 4.1.1.1. New technological advancements
- 4.1.2. Restraints
  - 4.1.2.1. Volatility in oil and gas prices
- 4.1.3. Opportunity
  - 4.1.3.1. Global warming enabling the expansion of deep-sea exploration in the Arctic regions
- 4.1.4. Impact Analysis

5. Industry Analysis

5.1. Porter's Five Force Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis

6. COVID-19 Analysis

6.1. Analysis of COVID-19
- 6.1.1. Scenario Before COVID
- 6.1.2. Scenario During COVID
- 6.1.3. Scenario Post COVID
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion

7. By Equipment

7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Equipment
- 7.1.2. Market Attractiveness Index, By Equipment
7.2. Wellheads*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Subsea trees
7.4. Manifolds
7.5. Flowline connectors
7.6. Control systems
7.7. Others

8. By Platform

8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Platform
- 8.1.2. Market Attractiveness Index, By Platform
8.2. Fixed Platform*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. Multi-Purpose Service Vessel (MSV)
8.4. Tension Leg Platform (TLP)
8.5. Floating, Production and Offloading Vessel (FPSO)

9. By Service

9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
- 9.1.2. Market Attractiveness Index, By Service
9.2. Installation*
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
9.3. Asset management
9.4. Product optimization
9.5. Inspection
9.6. Maintenance
9.7. Repair Services
9.8. Others

10. By Application

10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 10.1.2. Market Attractiveness Index, By Application
10.2. Crude Oil*
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
10.3. Natural Gas
10.4. Wind Farm

11. By Region

11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 11.1.2. Market Attractiveness Index, By Region
11.2. North America
- 11.2.1. Introduction
- 11.2.2. Key Region-Specific Dynamics
- 11.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Equipment
- 11.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Platform
- 11.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
- 11.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 11.2.7.1. The U.S.
  - 11.2.7.2. Canada
  - 11.2.7.3. Mexico
11.3. Europe
- 11.3.1. Introduction
- 11.3.2. Key Region-Specific Dynamics
- 11.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Equipment
- 11.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Platform
- 11.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
- 11.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 11.3.7.1. Germany
  - 11.3.7.2. The U.K.
  - 11.3.7.3. France
  - 11.3.7.4. Italy
  - 11.3.7.5. Spain
  - 11.3.7.6. Rest of Europe
11.4. South America
- 11.4.1. Introduction
- 11.4.2. Key Region-Specific Dynamics
- 11.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Equipment
- 11.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Platform
- 11.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
- 11.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 11.4.7.1. Brazil
  - 11.4.7.2. Argentina
  - 11.4.7.3. Rest of South America
11.5. Asia-Pacific
- 11.5.1. Introduction
- 11.5.2. Key Region-Specific Dynamics
- 11.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Equipment
- 11.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Platform
- 11.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
- 11.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 11.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 11.5.7.1. China
  - 11.5.7.2. India
  - 11.5.7.3. Japan
  - 11.5.7.4. Australia
  - 11.5.7.5. Rest of Asia-Pacific
11.6. Middle East and Africa
- 11.6.1. Introduction
- 11.6.2. Key Region-Specific Dynamics
- 11.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Equipment
- 11.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Platform
- 11.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Service
- 11.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application

12. Competitive Landscape

12.1. Competitive Scenario
12.2. Market Positioning/Share Analysis
12.3. Mergers and Acquisitions Analysis

13. Company Profiles

13.1. TechnipFMC plc*
- 13.1.1. Company Overview
- 13.1.2. Platform Portfolio and Description
- 13.1.3. Financial Overview
- 13.1.4. Key Developments
13.2. Subsea 7 S.A.
13.3. Aker Solutions
13.4. Dril-Quip, Inc
13.5. Schlumberger Limited
13.6. One Subsea
13.7. Balmoral Offshore Engineering
13.8. Delta Subsea LLC
13.9. Baker Hughes
13.10. Allseas Group S.A.

LIST NOT EXHAUSTIVE

14. Appendix

14.1. About Us and Services
14.2. Contact Us

Global Subsea Market - 2023-2030