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DATE
SEP 2020
TABLES
75
PAGES
412
EDITION
9
PRICE
USD $4950

The entire O&G value chain is feeling the pain as upstream, midstream and downstream operations collapse under a domino effect. Against this backdrop, the global market for Subsea Systems is forecast to witness severe short-to-medium term pain before reaching a revised market size of US$14.5 billion by the year 2027. As financial losses build-up for oil companies, CAPEX investments will also witness a parallel blow reducing opportunities for subsea systems that aid in processing and production of hydrocarbons from offshore wells. Currently for most oil giants worldwide higher prices are needed to breakeven. Breakeven prices for Saudi Arabia, UAE, Iraq, Azerbaijan, Kuwait, Kazakhstan, and Russia include US$85, US$65, US$64, US$51, US$49, US$42, and US$40 respectively. A Hiatus in growth is therefore seen as inevitable until capital availability recovers for Deepwater offshore drilling for hydrocarbon extraction. The virus led recession will likely delay the recovery further.
The market will nevertheless bounce back as the economic climate improves, since the goal of energy independence is an evergreen force driving countries to extract oil from the ocean depths. Continued political unrest makes reliance on conventional oil wells in the Middle East very undesirable and a growing number of oil enterprises will continue to lean towards deeper water plays as geo-political issues make Iran and Iraq etc. unpredictable environments for investors. Rise of enhanced oil recovery (EOR) technologies is another major factor that has contributed immensely to the growth of offshore exploration activities over the last decade. Since most oilfields are present 400 meters and 1,500 meters below the sea level, success of Deepwater resource extraction depends largely on innovations in subsea equipment. New generation subsea equipment will therefore play a key role in increasing the productivity, integrity and safety of subsea production processes. Subsea environment requires the use of a range of sophisticated technologies and systems that enable processing and production of hydrocarbons from offshore wells without the need for surface production activity. Major activities undertaken are down hole and seabed oil/gas/water separation, seabed and down hole multi-phase pumping, gas compression, and flow assurance. Primary benefits of using subsea systems include improved recovery of oil and gas stocks, lowered costs pertaining to surface production, reduced chances of gas hydrate formation in flow lines, increased Net Present Value (NPV), and overall higher production.
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I. INTRODUCTION, METHODOLOGY & REPORT SCOPE |
II. EXECUTIVE SUMMARY |
1. MARKET OVERVIEW |
Impact of Covid-19: A Looming Global Recession and Depressive Oil Industry Outlook for 2020 |
Massive Decline in Crude Oil Demand Pushes Oil Industry CAPEX and E&P Spending to Downward Trajectory |
EXHIBIT: Global Daily Crude Oil Demand in Million Barrels for the Years 2015 through 2020 |
EXHIBIT: World E&P Spending (in US$ Billion) for the Years 2016 through 2021 |
EXHIBIT: Breakdown of Global E&P Spending (in %) by Supply Segment for the Year 2019 & 2020 |
EXHIBIT: Breakdown of North American E&P Capital Spending (in %) by Type of Company for 2020 |
EXHIBIT: Breakdown of CAPEX Reductions (in US$ Billion) by Type of Oil Company in 1Q 2020 |
An Introduction to Subsea Systems |
Subsea Systems: Current Market Scenario and Outlook |
Recent Market Activity |
Subsea Umbilicals, Risers, and Flowlines (SURF): Largest Product Segment |
Subsea Trees Continue to Widen Addressable Market |
Subsea Boosting Systems Exhibit Fastest Growth |
Sustained Demand for Subsea Separation Systems |
Control Systems Make a Cut |
Manifolds Remain Highly Relevant |
Market for Injection Systems & Compression Systems Will Continue to Grow |
COVID-19 Pandemic Set to Dent Economic Growth Across All Regions, While Inducing Weakness Into Oil & Gas Sector |
EXHIBIT: World Economic Growth Projections (Real GDP, annual % Change) for 2019, 2020 & 2021 |
EXHIBIT: Global Purchasing Managers' Index (PMI) Points for the Years 2018 through 2020 |
Competitive Scenario: A Consolidated Marketplace |
Global Competitor Market Shares |
EXHIBIT: Subsea Umbilicals, Risers, Flowlines (SURF) Competitor Market Share Scenario Worldwide (in %): 2019 |
EXHIBIT: Subsea Trees (Production System Type) Global Competitor Market Share Positioning for 2019 |
EXHIBIT: Subsea Boosting Systems (Processing System Type) Global Competitor Market Share Positioning for 2019 |
2. FOCUS ON SELECT PLAYERS |
3. MARKET TRENDS & DRIVERS |
Favorable Long-Term Forecasts for Oil & Gas Sector Instil Market Optimism |
EXHIBIT: Top Countries with Proven Reserves of Crude Oil in Billion Barrels for the Years 2014-2019 |
Fossil Fuel Consumption to Remain Unperturbed Despite Rise of Renewables |
EXHIBIT: Breakdown World Energy Demand (in %) by Fuel Type for the Years 2019 and 2040 |
Emphasis on Migration from Onshore to Offshore Operations to Augment Long-Term Growth Prospects |
EXHIBIT: Offshore Oil and Gas Exploration & Production Expenditure Worldwide by Segment (2015-2019): Percentage Breakdown of Expenditure for Drilling, Engineering, Procurement, Construction, Installation (EPCI), Life of Field, Offshore Supply Vehicle, and Subsea |
Growing Importance of Deep & Ultra Deep Water Hydrocarbon Exploration Instigates Robust Growth |
New Offshore Projects Worldwide Prioritize Deep & Ultra Deep Water Exploration |
EXHIBIT: Breakdown of Global Oil Production Volume by Onshore, Offshore, and Offshore Deepwater Activity for the Years 2011, 2015 and 2019 |
EXHIBIT: Subsea Capital Expenditure Worldwide by Depth of Installation (2019 & 2022): Percentage Breakdown of CAPEX for Installations at Depth of Below 99 Meters, 100-499, 500-999, 1000-1499, and 1500 Meters and Above |
Rise of Sophisticated EOR Technologies Augments Subsea Systems Market |
Brief Description of EOR Methods |
A Glance at Select Chemical EOR Projects Worldwide |
Technology Advancements Widen Scope & Span of Subsea Systems |
A Brief Review of Technology Innovations in the Subsea Systems Domain |
Digitalization and IoT Step-In to Revolutionize Subsea Landscape |
Subsea Systems Market: Strongly Influenced by Trends in Oil Prices |
Crude Prices Tumble as Covid-19 Pandemic Weakens Demand |
EXHIBIT: Average Annual OPEC Crude Oil Prices (in US$ per Barrel) for Years 2010 through 2021 |
OPEC Steps In with Production Cut Strategy to Curb Declining Trend in Crude Prices |
EXHIBIT: A Glimpse of OPEC’s April 2020 Production Cut Deal |
4. GLOBAL MARKET PERSPECTIVE |
Subsea Systems Global Market Estimates and Forecasts in US$ Thousand by Region/Country: 2020-2027 |
Subsea Systems Global Retrospective Market Scenario in US$ Thousand by Region/Country: 2012-2019 |
Subsea Systems Market Share Shift across Key Geographies Worldwide: 2012 VS 2020 VS 2027 |
SURF (Type) World Market by Region/Country in US$ Thousand: 2020 to 2027 |
SURF (Type) Historic Market Analysis by Region/Country in US$ Thousand: 2012 to 2019 |
SURF (Type) Market Share Breakdown of Worldwide Sales by Region/Country: 2012 VS 2020 VS 2027 |
Subsea Trees (Type) Potential Growth Markets Worldwide in US$ Thousand: 2020 to 2027 |
Subsea Trees (Type) Historic Market Perspective by Region/Country in US$ Thousand: 2012 to 2019 |
Subsea Trees (Type) Market Sales Breakdown by Region/Country in Percentage: 2012 VS 2020 VS 2027 |
Subsea Control Systems (Type) Geographic Market Spread Worldwide in US$ Thousand: 2020 to 2027 |
Subsea Control Systems (Type) Region Wise Breakdown of Global Historic Demand in US$ Thousand: 2012 to 2019 |
Subsea Control Systems (Type) Market Share Distribution in Percentage by Region/Country: 2012 VS 2020 VS 2027 |
Subsea Manifolds (Type) World Market Estimates and Forecasts by Region/Country in US$ Thousand: 2020 to 2027 |
Subsea Manifolds (Type) Market Historic Review by Region/Country in US$ Thousand: 2012 to 2019 |
Subsea Manifolds (Type) Market Share Breakdown by Region/Country: 2012 VS 2020 VS 2027 |
Subsea Boosting Systems (Type) World Market by Region/Country in US$ Thousand: 2020 to 2027 |
Subsea Boosting Systems (Type) Historic Market Analysis by Region/Country in US$ Thousand: 2012 to 2019 |
Subsea Boosting Systems (Type) Market Share Distribution in Percentage by Region/Country: 2012 VS 2020 VS 2027 |
Subsea Separation Systems (Type) World Market Estimates and Forecasts in US$ Thousand by Region/Country: 2020 to 2027 |
Subsea Separation Systems (Type) Market Worldwide Historic Review by Region/Country in US$ Thousand: 2012 to 2019 |
Subsea Separation Systems (Type) Market Percentage Share Distribution by Region/Country: 2012 VS 2020 VS 2027 |
Subsea Injection Systems (Type) Market Opportunity Analysis Worldwide in US$ Thousand by Region/Country: 2020 to 2027 |
Subsea Injection Systems (Type) Global Historic Demand in US$ Thousand by Region/Country: 2012 to 2019 |
Subsea Injection Systems (Type) Market Share Distribution in Percentage by Region/Country: 2012 VS 2020 VS 2027 |
Subsea Compression Systems (Type) World Market by Region/Country in US$ Thousand: 2020 to 2027 |
Subsea Compression Systems (Type) Historic Market Analysis by Region/Country in US$ Thousand: 2012 to 2019 |
Subsea Compression Systems (Type) Market Share Breakdown of Worldwide Sales by Region/Country: 2012 VS 2020 VS 2027 |
III. MARKET ANALYSIS |
GEOGRAPHIC MARKET ANALYSIS |
UNITED STATES |
United States Subsea Systems Market Estimates and Projections in US$ Thousand by Type: 2020 to 2027 |
Subsea Systems Market in the United States by Type: A Historic Review in US$ Thousand for 2012-2019 |
United States Subsea Systems Market Share Breakdown by Type: 2012 VS 2020 VS 2027 |
CANADA |
Canadian Subsea Systems Market Estimates and Forecasts in US$ Thousand by Type: 2020 to 2027 |
Canadian Subsea Systems Historic Market Review by Type in US$ Thousand: 2012-2019 |
Subsea Systems Market in Canada: Percentage Share Breakdown of Sales by Type for 2012, 2020, and 2027 |
JAPAN |
Japanese Market for Subsea Systems: Annual Sales Estimates and Projections in US$ Thousand by Type for the Period 2020-2027 |
Subsea Systems Market in Japan: Historic Sales Analysis in US$ Thousand by Type for the Period 2012-2019 |
Japanese Subsea Systems Market Share Analysis by Type: 2012 VS 2020 VS 2027 |
CHINA |
Chinese Subsea Systems Market Growth Prospects in US$ Thousand by Type for the Period 2020-2027 |
Subsea Systems Historic Market Analysis in China in US$ Thousand by Type: 2012-2019 |
Chinese Subsea Systems Market by Type: Percentage Breakdown of Sales for 2012, 2020, and 2027 |
EUROPE |
European Subsea Systems Market Demand Scenario in US$ Thousand by Region/Country: 2020-2027 |
Subsea Systems Market in Europe: A Historic Market Perspective in US$ Thousand by Region/Country for the Period 2012-2019 |
European Subsea Systems Market Share Shift by Region/Country: 2012 VS 2020 VS 2027 |
European Subsea Systems Market Estimates and Forecasts in US$ Thousand by Type: 2020-2027 |
Subsea Systems Market in Europe in US$ Thousand by Type: A Historic Review for the Period 2012-2019 |
European Subsea Systems Market Share Breakdown by Type: 2012 VS 2020 VS 2027 |
FRANCE |
Subsea Systems Market in France by Type: Estimates and Projections in US$ Thousand for the Period 2020-2027 |
French Subsea Systems Historic Market Scenario in US$ Thousand by Type: 2012-2019 |
French Subsea Systems Market Share Analysis by Type: 2012 VS 2020 VS 2027 |
GERMANY |
Subsea Systems Market in Germany: Recent Past, Current and Future Analysis in US$ Thousand by Type for the Period 2020-2027 |
German Subsea Systems Historic Market Analysis in US$ Thousand by Type: 2012-2019 |
German Subsea Systems Market Share Breakdown by Type: 2012 VS 2020 VS 2027 |
ITALY |
Italian Subsea Systems Market Growth Prospects in US$ Thousand by Type for the Period 2020-2027 |
Subsea Systems Historic Market Analysis in Italy in US$ Thousand by Type: 2012-2019 |
Italian Subsea Systems Market by Type: Percentage Breakdown of Sales for 2012, 2020, and 2027 |
UNITED KINGDOM |
United Kingdom Market for Subsea Systems: Annual Sales Estimates and Projections in US$ Thousand by Type for the Period 2020-2027 |
Subsea Systems Market in the United Kingdom: Historic Sales Analysis in US$ Thousand by Type for the Period 2012-2019 |
United Kingdom Subsea Systems Market Share Analysis by Type: 2012 VS 2020 VS 2027 |
Norway |
Subsea Systems Market in Norway: Recent Past, Current and Future Analysis in US$ Thousand by Type for the Period 2020-2027 |
Norway Subsea Systems Historic Market Analysis in US$ Thousand by Type: 2012-2019 |
Subsea Systems Market Share Distribution in Norway by Type: 2012 VS 2020 VS 2027 |
REST OF EUROPE |
Rest of Europe Subsea Systems Market Estimates and Forecasts in US$ Thousand by Type: 2020-2027 |
Subsea Systems Market in Rest of Europe in US$ Thousand by Type: A Historic Review for the Period 2012-2019 |
Rest of Europe Subsea Systems Market Share Breakdown by Type: 2012 VS 2020 VS 2027 |
Asia-Pacific |
Indian Hydrocarbon Sector Demands Investments in Deep & Ultra-Deep Water Oil & Gas Fields for Energy Security |
Subsea Systems Market in Asia-Pacific by Type: Estimates and Projections in US$ Thousand for the Period 2020-2027 |
Asia-Pacific Subsea Systems Historic Market Scenario in US$ Thousand by Type: 2012-2019 |
Asia-Pacific Subsea Systems Market Share Analysis by Type: 2012 VS 2020 VS 2027 |
Latin America |
South America's Deep & Ultra Deep Water Exploration & Production Market: A Brief Note |
Latin American Subsea Systems Market Growth Prospects in US$ Thousand by Type for the Period 2020-2027 |
Subsea Systems Historic Market Analysis in Latin America in US$ Thousand by Type: 2012-2019 |
Latin American Subsea Systems Market by Type: Percentage Breakdown of Sales for 2012, 2020, and 2027 |
Middle East |
The Middle East Subsea Systems Market Estimates and Forecasts in US$ Thousand by Type: 2020 to 2027 |
The Middle East Subsea Systems Historic Market by Type in US$ Thousand: 2012-2019 |
Subsea Systems Market in the Middle East: Percentage Share Breakdown of Sales by Type for 2012,2020, and 2027 |
Africa |
African Subsea Systems Market Estimates and Projections in US$ Thousand by Type: 2020 to 2027 |
Subsea Systems Market in Africa by Type: A Historic Review in US$ Thousand for 2012-2019 |
African Subsea Systems Market Share Breakdown by Type: 2012 VS 2020 VS 2027 |
IV. COMPETITION |
Total Companies Profiled : 36 Click here to request a full table of contents and more details on this project. |
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