{"id":129821,"date":"2024-03-15T13:20:39","date_gmt":"2024-03-15T17:20:39","guid":{"rendered":"https:\/\/v2fr5er78d.funnewsdaily.com\/books\/subsea-system-market-size-is-projected-to-reach-usd-19-92-billion-by-2031-growing-at-a-cagr-of-5-6-straits-research\/"},"modified":"2024-03-15T13:20:39","modified_gmt":"2024-03-15T17:20:39","slug":"subsea-system-market-size-is-projected-to-reach-usd-19-92-billion-by-2031-growing-at-a-cagr-of-5-6-straits-research","status":"publish","type":"post","link":"https:\/\/v2fr5er78d.funnewsdaily.com\/books\/subsea-system-market-size-is-projected-to-reach-usd-19-92-billion-by-2031-growing-at-a-cagr-of-5-6-straits-research\/","title":{"rendered":"Subsea System Market Size is projected to reach USD 19.92 billion by 2031, growing at a CAGR of 5.6%: Straits Research"},"content":{"rendered":"
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New York, United States, March 14, 2024 (GLOBE NEWSWIRE) — Subsea systems are crucial in the production and development of offshore energy, especially in the oil and gas industry. These systems are designed for underwater environments, including shallow, deep, and ultra-deep waters. Subsea systems are a vast category of equipment, technology, and infrastructure used to discover, produce, and preserve hydrocarbon resources beneath the ocean’s surface.<\/p>\n
Growing deepwater drilling activities and investment in emerging economies’ oil and gas industries are key market expansion drivers. Slowing global oil prices is a major impediment to market expansion. The deregulation of Mexico’s oil and gas industry opens significant growth opportunities for the subsea systems market. Furthermore, expanding E&P capital expenditures in China, Nigeria, India, Angola, Ghana, and Equatorial Guinea provide oil companies with significant market growth opportunities. Environmental and safety regulations are significant market barriers to the expansion of the subsea systems market, affecting subsea system market share.<\/p>\n
Download Free Sample Report PDF @\u00a0https:\/\/straitsresearch.com\/report\/subsea-system-market\/request-sample<\/a><\/strong><\/p>\n Exploration of Deepwater and Ultra-Deepwater Reserves Drives the Market<\/b><\/p>\n According to Straits Research, \u201cThe global subsea system market size was valued at\u00a0USD 12.2 billion in 2022. It is estimated to reach\u00a0USD 19.92 billion by 2031, growing at a\u00a0CAGR of 5.6% during the forecast period (2023\u20132031).\u201d<\/em><\/strong> Deepwater and ultra-deepwater reserve exploration drives the global subsea system business. Energy companies search deeper offshore for hydrocarbons as shallow-water stocks decline. Subsea systems are essential for exploration and production in these severe underwater settings. The Gulf of Mexico is famous for deepwater exploration. Over 1,000-meter-deep exploration and production have been widespread. Modern subsea technologies and equipment are popular in Gulf of Mexico offshore developments to access deepwater resources.<\/p>\n The U.S. Bureau of Ocean Energy Management said deepwater fields in the Gulf of Mexico produced most of the region’s oil. Recently increased deepwater output shows the industry’s reliance on subsea technology to extract resources from tough environments. The BOEM predicts deepwater projects will propel Gulf of Mexico oil production for years. This driver stresses the importance of current subsea technology in accessing and using deepwater energy resources, influencing the global subsea system market trend.<\/p>\n Digitalization and Data Analytics Creates Tremendous Opportunities<\/b><\/p>\n Integrating digital technologies like IoT, sensors, and data analytics presents a large subsea system business opportunity. Real-time data collection, monitoring, and analysis increase subsea equipment performance, maintenance, and safety. A McKinsey study found that predictive maintenance cuts downtime by 35% and maintenance costs by 30% to 40%. It can increase equipment availability by 10\u201320%. Digitalization and data analytics in subsea systems deliver considerable economic and operational benefits.<\/p>\n Data analytics can optimize reservoir management, production rates, equipment integrity, and predictive maintenance. Remotely monitoring and managing subsea equipment with real-time data reduces on-site staff and improves safety. Data analytics and digitalization offer several opportunities to improve subsea system performance and reliability. Real-time data collection, analysis, and action can improve offshore operations’ efficiency, cost, and safety.<\/p>\n Regional Insights<\/b><\/p>\n Latin America dominates the global market. More than 83% of ultra-deepwater oil and gas came from Brazil and the U.S. in 2019. Brazil leads deepwater and ultra-deepwater project development, according to the EIA. The largest oil field in Brazil is Libra in the Santos Basin. These activities should boost the subsea systems market throughout the projection. The\u00a0South American subsea systems market<\/a> is expected to develop because of current and future deepwater and ultra-deepwater investments.<\/p>\n Similarly, Brazil is a potential offshore hydrocarbon investment destination for international investors in the coming decade. In October 2022, ONGC Videsh Ltd. (OVL) planned a $1 billion Brazilian offshore hydrocarbon block investment. These improvements should benefit the subsea systems market over the forecast period. As production resumes, Argentina’s state-owned oil firm YPF expects its first offshore project to generate up to 200,000 barrels daily, driving subsea system demand. Thus, deepwater and ultra-deepwater projects will likely drive the South American subsea systems market throughout the forecast period.\u00a0<\/p>\n The Middle East and Africa region is projected to grow dramatically. Industrial activity in GCC countries, including Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, has expanded the area. This region is crucial to the subsea systems sector since it contains half the world’s oil.\u00a0<\/p>\n Additionally, the EIA estimates that the Persian Gulf has some of the world’s largest oil and gas reserves. Saudi Arabia’s offshore resources, including Safaniya, use subsea infrastructure. As mentioned, Egypt’s Zohr field has greatly increased natural gas production. The Middle East and Africa subsea system market’s growth is connected to the region’s commitment to offshore exploration and production, renewable energy, and advanced technology to maximize resource recovery. These factors boost the region’s energy security and economic growth, giving subsea technology companies great opportunities.<\/p>\n Key Highlights<\/b><\/p>\n Competitive Landscape<\/b><\/p>\n The key players in the global subsea system market are Subsea 7 SA (U.K.), FMC Technologies (U.S.), G.E. Oil & Gas (U.S.), Aker Solutions (Norway), One Subsea (U.S.), Technip (France), Dril-Quip, Inc. (U.S.), Oceaneering International, Inc. (U.S.), Proserv Group Inc. (U.K.), Kongsberg Oil & Gas Technologies (Norway), Halliburton (U.S.), Aker Solutions ASA (Norway), Baker Hughes (U.S.), Siemens AG (Germany), Weatherford International (U.S.), and Hitec Products (Norway).<\/em><\/strong><\/p>\n Market News<\/b><\/p>\n Global Subsea System Market: Segmentation<\/b><\/p>\n By Technology<\/b><\/p>\n By Type<\/b><\/p>\n By Component<\/b><\/p>\n By Region<\/b><\/p>\n Get Detailed Market Segmentation @\u00a0https:\/\/straitsresearch.com\/report\/subsea-system-market\/segmentation<\/a><\/strong><\/p>\n About Straits Research Pvt. Ltd.<\/strong><\/p>\n Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.<\/p>\n Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client\u2019s purchase. We overcome our clients\u2019 issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.<\/p>\n For more information on your target market, please contact us below:<\/em><\/strong><\/p>\n Phone:<\/strong>\u00a0+1 646 905 0080 (U.S.)<\/p>\n +91 8087085354 (India)<\/p>\n +44 203 695 0070 (U.K.)<\/p>\n Email:\u00a0<\/strong>sales@straitsresearch.com<\/strong><\/a><\/p>\n Follow Us:\u00a0<\/strong>LinkedIn<\/strong><\/a>\u00a0|\u00a0<\/strong>Facebook<\/strong><\/a>\u00a0|\u00a0<\/strong>Instagram<\/strong><\/a>\u00a0|\u00a0<\/strong>Twitter<\/strong><\/a><\/p>\n \n
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