With an increase in energy consumption across the globe, the focus on offshore drilling has been increasing. The major oil & gas companies have invested on deep water and ultra-deep water projects. As the number of projects located in deep water and ultra-deep waters is increasing, the demand for the subsea control system market is expected to increase. Offshore exploration and the production sector for oil & gas is likely to emerge as an attractive market for subsea control systems, as the systems for the shallow waters have been developed already and the exploration majors are moving toward previously unexplored regions in deep and ultra-deep waters.
Offshore Exploration Growth to be a Long Term Market Driver
In 2018, investments in the oil and gas exploration sector is expected to have the moderate growth, as it had in 2017. However, during the long-term, the same is expected to increase. In 2018, major oil and gas companies are expected to maintain their focus on simpler wells. A significant portion of oil and gas volumes are likely to be discovered in deepwater areas, but due to the high cost, difficult logistics, slow-to-drill wells, and drilling risks involved, the exploration activity is likely to be limited, till the oil prices make the activity profitable. Due to above factors, the demand for subsea control systems is expected to witness notable growth in long-term and moderate growth, in the current scenario.
Positive Outlook for Market in Gulf of Mexico
In October 2017, the United States leased about 77 million acres in the Gulf of Mexico for oil & gas drilling, which is one of the largest lease. The lease opened the gulf’s outer continental shelf, which is estimated to have recoverable resources of up to 48 billion barrels of oil and 141 trillion cubic feet of gas. Moreover, recently (January 2018) Royal Dutch Shell made one of its largest US Gulf of Mexico exploration discoveries. The well encountered about 427 meters of oil bearing pay. Evaluation of the discovery is ongoing. The Gulf of Mexico is expected to be a significant demand center during the forecast period for the subsea control systems market due to its deepwater resources potential.
Mexican Deepwater Exploration Activity on Rise
The Mexican government has offered several blocks for exploration, such as, ten deepwater exploratory wells in 2016, and 19 offshore oil & gas blocks in the Gulf of Mexico at the beginning of 2018. These blocks are located in the vicinity of the developed oil producing blocks in the Gulf of Mexico. Hence, operators in these fields have a better understanding of the geology, which is expected to aid the development in these fields, and start commercial production in relatively less time. The exploration in the region is expected to drive the demand for the subsea control system market in the region.
Key Developments in the Market
February 2018: Aker Solutions won an order from Wintershall Norge AS to provide the subsea production system, umbilicals, and services for the Nova oil & gas field offshore Norway.
Major Players: Aker Solutions ASA , Baker Hughes, a GE company, Dril-Quip Inc., TechnipFMC PLC, Proserv Group Inc., Kongsberg Gruppen AS, Oceaneering International, OneSubsea (Schlumberger Company), Parker Hannifin Corp, Siemens AG, and Weatherford International PLC.
Reasons to Purchase this Report
- Current and future global subsea control systems market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel).
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1. Executive Summary
2. Research Methodology
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments
3.4 Government Rules & Regulations
4. Market Dynamics
5. Value Chain Analysis
6. Industry Attractiveness - Porter’s Five Force Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitutes
6.5 Intensity of Competitive Rivalry
7. Market Segmentation and Analysis (Market Size, Growth, and Forecast)
7.1 By Types
7.1.1 Topside Subsea Control Systems
7.1.2 Underwater Subsea Control Systems
7.2 By Components
7.2.1 Subsea Control Module
7.2.2 Umbilical Assembly
7.2.3 Master Control Systems (MCS)
7.3 By Application
8. Regional Market Analysis (Market Size, Growth, and Forecast)
8.1 North America
8.1.2 United States
8.1.3 Rest of North America
8.2 South America
8.2.4 Rest of South America
8.3.4 Rest of Asia-Pacific
8.4 Middle East and Africa
8.4.1 United Arab Emirates
8.4.2 Saudi Arabia
8.4.5 Rest of Middle East and Africa
8.5.2 United Kingdom
8.5.3 Rest of Europe
9. Key Company Analysis* (Overview, Products & Services, Financials**, Recent Development, and Analyst View)
9.1 Aker Solutions ASA
9.2 Baker Hughes, a GE company
9.3 Dril-Quip Inc.
9.4 TechnipFMC PLC
9.5 Proserv Group Inc.
9.6 Kongsberg Gruppen AS
9.7 Oceaneering International
9.8 OneSubsea (Schlumberger Company)
9.9 Parker Hannifin Corp
9.10 Siemens AG
9.11 Weatherford International PLC
10. Competitive Landscape
10.1 Mergers and Acquisitions
10.2 Joint Ventures, Collaborations, and Agreements
10.3 Strategies Adopted by Leading Players
*List not Exhaustive
**Subject to availability to public domain
- Aker Solutions ASA
- Baker Hughes, a GE company
- DrilQuip Inc.
- TechnipFMC PLC
- Proserv Group Inc.
- Kongsberg Gruppen AS
- Oceaneering International
- OneSubsea (Schlumberger Company)
- Parker Hannifin Corp
- Siemens AG
- Weatherford International PLC