Subsea System Market Revenues to Reach USD 25.04 Billion by 2028 – Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

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Subsea System Market Revenues to Reach USD 25.04 Billion by 2028 – Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

November 23
20:53 2023
Subsea System Market Revenues to Reach USD 25.04 Billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

According to the latest research report titled, “Subsea System Market Report (2023 – 2028)” by Mordor Intelligence, the market is estimated at USD 18.73 billion in 2023, and growing at a CAGR of 5.98% during the forecast period. 

The offshore oil and gas equipment and services market, including the subsea systems segment, is anticipated to experience significant growth in the forecast period. This growth can be attributed to various factors, such as the rebound in oil prices following a downturn period and increased investments in the offshore oil and gas sector.  

Report Summary 

  • Market Size (2023): USD 18.73 Billion 
  • Market Size (2028): USD 25.04 Billion 
  • CAGR (2023 – 2028): 5.98% 
  • Study Period: (2019-2028) 
  • Fastest Growing Market: South America 
  • Fastest Growing Market: North America 
  • Forecast Units: Value (USD Billion)   
  • Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends    
  • Key Market Drivers: Improved Viability of Offshore Oil and Gas Projects, Rising Deep Water Oil & Gas Exploration and Production Activities in The Americas, Asia-pacific, and Middle East & Africa Region 

Which are the Top Companies in the Subsea System Market?     

The subsea systems market is relatively well-diversified with leading players like Subsea 7 SA, TechnipFMC PLC, Akastor ASA, National-Oilwell Varco Inc., and Baker Hughes Co. In February 2023, TechnipFMC received a contract for subsea systems by Equinor for Irpaoil and gas development on the Norwegian Continental Shelf. Under the contract, the company will likely supply and install support for subsea trees, control systems, structures, connections, and tooling.  Prominent players in the subsea systems market are: 

  • Akastor ASA 
  • Subsea 7 SA 
  • TechnipFMC PLC 
  • National-Oilwell Varco Inc. 
  • Baker Hughes Co. 
  • Schlumberger Ltd 
  • Halliburton Co. 
  • Oceaneering International 
  • Kerui Group Co. Ltd 
  • Dril-Quip Inc. 

Other Reports that Might be of Your Interest 

  • Subsea Production and Processing System Market Report: The Subsea Production and Processing System Market size is expected to grow from USD 18.37 billion in 2023 to USD 27.63 billion by 2028, at a CAGR of 8.51% during the forecast period (2023-2028) 
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Key Highlights from the Subsea System Market Report 

1.  The Subsea Production Segment is Set to Take Over the Market 

  • The global energy demand is expected to increase by 5% by 2030, with oil and natural gas contributing to approximately half the need.  
  • In April 2022, oil and gas giants Shell PLC and TotalEnergies secured six and two offshore exploration blocks in the Santos Basin offshore Brazil as part of the country’s latest bid round. In the auction, 59 exploration blocks were acquired in six basins. 
  • According to Baker Hughes, as of March 2023, Asia-Pacific has 90 active offshore rigs. With the increasing exploration, rig counts are expected to grow significantly as more offshore discoveries are made, which, in turn, will boost the demand for the subsea production system. 
  • In February 2022, EniSpA announced its first exploration well in Abu Dhabi. The company also revealed that it had recorded positive results from its first exploration well, XF-002, currently under drilling in offshore Block 2 Abu Dhabi (UAE) at 115 feet of water depth. 
  • With the increasing deepwater and ultra-deepwater activities in the South American, North American, and European regions, the deepwater fields’ production is expected to reach 7.6 million barrels per day by 2025 and 9 million barrels per day by 2040  

2. South America Holds a Significant Market Share 

As the world’s energy demand continues to grow at a rapid rate, many countries, large corporations, and institutional investors are turning their attention to deep water because it offers the promise of a predictable supply of crude oil and natural gas for decades to come. However, this means employing technology that can produce oil and natural gas reserves thousands of meters beneath the ocean’s surface. This has raised the demand for deep-sea systems to enhance recovery and lower overall costs. 

Many foreign players worldwide are scouting Brazil for a potential investment market in offshore hydrocarbon activities during the next decade. In October 2022, ONGC Videsh Ltd (OVL) invested USD 1 billion in a Brazilian offshore hydrocarbon block. Such projects are likely to impact the subsea systems market during the forecast period positively. Similarly, Argentina’s state-backed energy company YPF expects its first offshore project to produce up to 200,000 barrels per day, which would drive the demand for subsea systems in the country as production resumes. 

  The ongoing and upcoming projects in deep-water and ultra-deepwater are likely to drive the growth of the subsea systems market during the forecast period in the South American region.    

What are the Latest Developments in the Subsea System Market?    

  • March 2023: One Subsea announced it had won a tender to provide the equipment for the Búziosfield in the Santos Basin pre-salt. The contract offers the delivery of 16 wet Christmas trees (ANMs) in phase 10 of the field’s exploration. 
  • February 2023: Aker Solutions announced securing a contract from Eni Angola SpA. – Sucursal de Angola, an AzuleEnergy Holdings Limited subsidiary. The contract is to deliver the static and dynamic subsea umbilicals for the Agogo field development in offshore Angola. 
  • In February 2023, Equinor made a new commercial oil and gas discovery in the North Sea off Norway using a Transocean-owned rig. The discovery was made after the conclusion of drilling a wildcat well (31/1-3 S) and an appraisal well (31/1-3 A) in production license 923.    

Mordor Intelligence Report on the Subsea System Market segments the market based on product type, application, and geography:     

  • By Type (Market Size & Forecast based on Value (USD billion), 2023-2028)   
  • Subsea Production Systems 
  • Subsea Processing Systems 
  • By Component (Market Size & Forecast based on Value (USD billion), 2023-2028)   
  • Subsea Umbical Riser and Flowlines (SURF) 
  • Trees 
  • Wellhead 
  • Manifolds 
  • Other Components 
  • By Geography (Market Size & Forecast based on Value (USD billion), 2023-2028)   
  • North America  
  • United States of America 
  • Canada 
  • Mexico 
  • Rest of North America 
  • Europe 
  • Norway 
  • United Kingdom 
  • France 
  • Italy 
  • Asia-Pacific 
  • China 
  • India 
  • Japan 
  • Rest of the Asia-Pacific 
  • South America 
  • Brazil  
  • Argentina 
  • Rest of the South America 
  • Middle East and Africa 
  • United Arab Emirates 
  • Saudi Arabia 
  • Iran 
  • Iraq 
  • Rest of the Middle East and Africa 

In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the Subsea System industry. Get a glance at the Subsea System Market Report (2023 – 2028) 

About Mordor Intelligence 

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.  

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.   

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