The
global subsea production and processing systems market has witnessed
an impressive growth in its market valuation in recent times. The
increase in oil discoveries has propelled this worldwide market to a
greater extent. Companies functional in the market for subsea
production and processing systems across the globe have shifted their
focus on deep water drilling, which is another factor, driving the
growth of this market. However, the inconsistency in the oil prices
creates a severe challenge for this market to grow steadily.
Moreover, the strict rules and regulations pertaining to
environmental safety are also expected to hamper the development of
this market in the next few years.
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Surf
To Maintain Dominance in Global Subsea Production Technology Market
The
worldwide market for subsea production and processing systems is
broadly analyzed on the basis of subsea processing systems and
subsea production technology. Based on subsea production technology,
the global subsea production and processing systems market is
segmented into subsea trees, subsea manifolds, subsea control
systems, and surf.
Subsea
boosting system, subsea injection system, subsea separation system,
and subsea compression system are the major segments of the global
subsea production and processing systems market based on processing
systems. The market for surf has occupied the leading position in the
global market based on production technology. The increasing focus of
market participants on deep water drilling is the main driving force
behind the growth of the surf market. Apart from this, the
discoveries of oil in emerging countries is likely to boost the surf
market, enabling it to maintain its leadership in the near future.
Europe
to Retain Leadership in Global Subsea Production and Processing
Systems Market
The
global subsea production and processing systems market is spread
across North America, Asia Pacific, Europe, and the Rest of the
World. Among these, Europe has acquired the dominance with a majority
share in the worldwide market. Major initiatives taken by the
governments of Norway and the U.K. in order to increase the
production of oil have fueled the market for subsea production and
processing systems in Europe.
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Analysts
project this regional market to retain its position. The pipeline
projects of major subsea compression systems in the North Sea are
expected to stimulate the growth of the Europe subsea production and
processing systems market in the coming years.The Rest of the World
region occupied the second position in the global market for subsea
production and processing systems. The increasing investments in
several oil producing nations such as Angola, Nigeria, Ghana, and
Equatorial Guinea have contributed towards the development of this
regional market.
Global
Subsea Production and Processing Systems Market: Key Players
Siemens
AG, Dril-Quip Inc., ABB Ltd., Aker Solutions, Parker Hannifin Corp.,
National Oilwell Varco, Vallourec, Kongsberg, Technip, Nexans SA,
Onesubsea, GE Oil & Gas, Twister BV, Oceaneering International
Inc., and FMC Technologies are the key companies operating in the
global market for subsea production and processing systems. The
liberalization in the oil and gas market in Mexico and the arctic
discoveries have opened many avenues for the market participants.
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