Subsea Market Size, Share and Forecast 2019-2026

SKU: DEU89 | Last Updated On: Oct 11 2019 | No. of Pages: 232 | Available Formats

On September 2019, Subsea 7 has been awarded a contract by Saudi Aramco for the Marjan Increment Projects - Package 2, offshore Saudi Arabia. The EPCI contract is awarded for execution in consortium with L&T Hydrocarbon Engineering (LTHE), a subsidiary of Larsen & Toubro.

Market Overview

Subsea is completely submerged offshore ocean equipment, placed on the seabed, to control the flow of crude oil and natural gas from the reservoir to a host processing facility. Companies operating in subsea business provides integrated solutions, products, systems and services for the subsea oil and gas market, including integrated subsea production systems involving wellheads, subsea trees, manifolds, and flowline connectors, control systems, connectors and services designed to maximize reservoir recovery and extend the life of each field.

 

Subsea market is divided into equipment type, and service type. By equipment type the market is divided into wellheads, Subsea trees, Manifolds, Flowline connectors, Control systems, and Others. Whereas by service type includes asset management, product optimization, inspection, maintenance, repair services, and others.

 

The Subsea market will be likely to advance in the coming years when compared to the last five years. Owing to the substantial subsea technology progress in reducing the cost of developing offshore energy, to help offshore oil and gas developments viable at significantly lower breakeven prices. Also, key projects sanctions from oil and gas companies in 2019. Future pipelined projects with stable crude prices estimations in near term to drive the demand for subsea equipment. 

Global Subsea Market Value  (USD Million), 2018-2026

Market Dynamics

At present, 70% of all oil is produced onshore. While 30% is produced offshore and only 9% is subsea produced. Moving forward subsea oil and gas exploration and production will likely to experience growth, due to the fact that subsea oilfields have significant deposits of hydrocarbons, and it is anticipated that 400 deepwater discoveries have yet to be developed.

 

Also, Investments in oil and gas production are needed to compensate for the natural depletion of producing wells. Offshore oil accounts for over a quarter of the world’s supply, it is anticipated,  depletion of 16% net decline in offshore supply is expected by 2030. To maintain global supply, new offshore reserves must be developed, and existing reserves maximized with the addition of new wells.

 

In addition, technological advancements and strong oil and gas company financial backups have increased ultra-deep and deep oil exploration. In addition, depletion of onshore oil and gas resources is will likely to propel the demand of offshore oil and gas exploration assets.  

In 2018, there were an increase in subsea equipment such as umbilicals risers, and flowlines  awards to market, these projects are mostly brownfield developments. These developments have lower investment decision hurdles because of the capital commitments are lower, as infrastructure is already in place and production underway.

While, In 2019 and coming years as well to the brownfield developments, greenfield Subsea projects sanctioning in 2019 are expected to surpass compared to the last five years on account of lowering breakeven costs, for instance Saudi Aramco has awarded 34 contracts worth a combined $18 billion on July, 2019 for engineering, procurement, and construction work on the Marjan and Berri fields offshore Saudi Arabia.

 

Equipment type Segmentation

By equipment type, the Subsea market is segmented into wellheads, Subsea trees, Manifolds, Flowline connectors, Control systems, and Others. The global subsea trees equipment was worth USD XX million in 2018 and is estimated to reach USD XX million by 2026, at a CAGR of XX% during the forecast period.

Global Subsea Market Share, By Equipment, 2018 (%)

subsea trees, can be used with any hull form, but are typically used in conjunction with FPSOs, which represent about 70-80% of global floating facilities. These systems are suitable to all reservoir geometries and areal sizes, and allow increased flexibility in field layouts, such as multiple individual wells and multiple drill centers. They also remove the need to pre-design the number of well slots on the host facility.

 

Wet tree systems can be used in deeper water, reaching the industry’s current capability of subsea completion technology for operating in water depths up to 9600ft. mobile offshore drilling unit and drillships are used for drilling and completion activities. Wells are tied back through a common production system to the floating facility.                 

Geographical Analysis

The Asia Pacific Subsea market size was worth USD XX million in 2018 and is estimated to reach USD XX million by 2026, at a CAGR of XX % during the forecast period.

 

Subsea oil and gas reserves, exploration and production is found in North Sea, U.S gulf of mexico, Marjan and Berri fields offshore Saudi Arabia majorly.

 

Saudi Aramco has awarded 34 contracts worth a combined $18 billion on July, 2019 for engineering, procurement, and construction work on the Marjan and Berri fields offshore Saudi Arabia.

 

Shell Offshore Inc, has made deep-water announcements in recent months namely, discovery at the Blacktip prospect in the deepwater U.S. Gulf of Mexico. According to the Shell Offshore Inc, company’s global deep water production is on track to exceed 900,000 boe per day by 2020, from already discovered, established areas.

 

Whereas on August 2, 2019 Shell has taken final investment decision for the PowerNap deepwater project in the US Gulf of Mexico. The project, which will be tied back to the Shell operated Olympus production hub, is forecast to start production in late 2021 and produce up to 35,000 boe per day at its full capacity.

 

Despite the fact that other major oil and gas company BP p.l.c. has started up six major upstream projects in Europe and Eurasia, North Africa and North America. Together with the projects already brought on line in 2016, these new projects will make a major contribution to the 900,000 barrels of oil equivalent per day (mboed) of new production, net to BP p.l.c.

 

By 2021. Hence therefore the upstream projects lined up in the oil and gas companies project pipeline to drive the subsea equipment across the North Sea, U.S Gulf of Mexico and Middle East regions.

Global Subsea Market Share (%), By Geography, 2018

Competitive Landscape

The Subsea market is competitive with existing players in the market. Some of the major players include Subsea 7 S.A, Aker Solutions, Dril-Quip, Inc, Schlumberger Limited, OneSubsea, Balmoral Offshore Engineering, Delta SubseaLLC, Baker Hughes, and Allseas Group S.A.  Existing players in the market are focusing to gain subsea contracts.

 

Subsea 7 has been awarded a contract by Saudi Aramco for the Marjan Increment Projects - Package 2, offshore Saudi Arabia.  The EPCI contract is awarded for execution in consortium with L&T Hydrocarbon Engineering (LTHE), a subsidiary of Larsen & Toubro.

 

TechnipFMC has been awarded significant subsea contracts by Reliance Industries Limited for the MJ1 field located in deep water offshore India in the Krishna Godavari basin.These contracts cover the fabrication and installation of flexible risers, rigid and flexible flowlines and umbilicals.

 

Why Purchase the Report?

  • Visualize the composition of the Subsea in terms of  equipment, and service highlighting the key commercial assets and players.
  • Identify commercial opportunities in Subsea market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of Subsea market - level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players

 

The Subsea report would provide an access to an approx, 53 data tables, 49 figures and 185 pages.

 

Target Audience

  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers
  1. Subsea Market Methodology and Scope

    1. Research Methodology
    2. Research Objective and Scope of the Report
  2. Subsea Market – Market Definition and Overview

  3. Subsea Market – Executive Summary

    1. Market Snippet by Equipment
    2. Market Snippet by Service
    3. Market Snippet by Region
  4. Subsea Market Dynamics

    1. Market Impacting Factors
      1. Drivers
        1. Surge in ultra-deep and deep oil exploration drives the subsystems market.
      2. Restraints
        1. Difficulty in maintaining and manufacturing the subsea systems equipment.
      3. Opportunity
      4. Impact Analysis
  5. Subsea Market – Industry Analysis

    1. Porter's Five Forces Analysis
    2. Regulatory Analysis
    3. Supply Chain Analysis
  6. Subsea Market – By Equipment

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Equipment
      2. Market Attractiveness Index, By Equipment
    2. Wellheads*
      1. Introduction
      2. Market Size Analysis, USD Million, 2016-2025 and Y-o-Y Growth Analysis (%), 2018-2026
    3. Subsea trees
    4. Manifolds
    5. Flowline connectors
    6. Control systems
    7. Others
  7. Subsea Market – By Service

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Service
      2. Market Attractiveness Index, By Service
    2. Installation*
      1. Introduction
      2. Market Size Analysis, USD Million, 2016-2025 and Y-o-Y Growth Analysis (%), 2018-2026
    3. Asset management
    4. Product optimization
    5. Inspection
    6. Maintenance
    7. Repair Services
    8. Others
  8. Subsea Market - By Region

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Region
      2. Market Attractiveness Index, By Region
    2. North America
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Equipment
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Service
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. The U.S.
        2. Canada
        3. Mexico
    3. Europe
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Equipment
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Service
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. Germany
        2. The U.K.
        3. France
        4. Italy
        5. Spain
        6. Rest of Europe
    4. South America
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Equipment
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Service
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
    5. Asia Pacific
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Equipment
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Service
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. China
        2. India
        3. Japan
        4. Australia
        5. Rest of Asia Pacific
    6. The Middle East and Africa
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Equipment
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Service
  9. Subsea Market Competitive Landscape

    1. Competitive Scenario
    2. Market Positioning/Share Analysis
    3. Mergers and Acquisitions Analysis
  10. Subsea Market Company Profiles

    1. TechnipFMC plc *
      1. Company Overview
      2. Product Portfolio and Description
      3. Key Highlights
      4. Financial Overview
    2. Subsea 7 S.A.
    3. Aker Solutions
    4. Dril-Quip, Inc
    5. Schlumberger Limited
    6. OneSubsea
    7. Balmoral Offshore Engineering
    8. Delta SubseaLLC
    9. Baker Hughes
    10. Allseas Group S.A. (** List not exhaustive)
  11. Subsea Market – DataM

    1. Appendix
    2. About Us and Services
    3. Contact Us

LIST OF TABLES:
Table 1  Global Subsea Market Value, By Type, 2018,2022 & 2026 ($ Million)
Table 2 Global Subsea Market Value, By Service, 2018,2022 & 2026 ($ Million)
Table 3 Global Subsea Market Value, By Region, 2018,2022 & 2026 ($ Million)
Table 4 Global Subsea Market Value, By Type, 2018,2022 & 2026 ($ Million)
Table 5 Global Subsea Market Value, By Type, 2017-2026 ($ Million)
Table 6 Global Subsea Market Value, By Service, 2018,2022 & 2026 ($ Million)
Table 7 Global Subsea Market Value, By Service, 2017-2026 ($ Million)
Table 8 Global Subsea Market Value, By Region, 2018,2022 & 2026 ($ Million)
Table 9 Global Subsea Market Value, By Region, 2017-2026 ($ Million)
Table 10 North America Subsea Market Value, By Type, 2017-2026 ($ Million)
Table 11 North America Subsea Market Value, By Service, 2017-2026 ($ Million)
Table 12 North America Subsea Market Value, By Country, 2017-2026 ($ Million)
Table 13 South America Subsea Market Value, By Type, 2017-2026 ($ Million)
Table 14 South America Subsea Market Value, By Service, 2017-2026 ($ Million)
Table 15 South America Subsea Market Value, By Country, 2017-2026 ($ Million)
Table 16 Europe Subsea Market Value, By Type, 2017-2026 ($ Million)
Table 17 Europe Subsea Market Value, By Service, 2017-2026 ($ Million)
Table 18 Europe Subsea Market Value, By Country, 2017-2026 ($ Million)
Table 19 Asia-Pacific Subsea Market Value, By Type, 2017-2026 ($ Million)
Table 20 Asia-Pacific Subsea Market Value, By Service, 2017-2026 ($ Million)
Table 21 Asia-Pacific Subsea Market Value, By Country, 2017-2026 ($ Million)
Table 22 Middle East & Africa Subsea Market Value, By Type, 2017-2026 ($ Million)
Table 23 Middle East & Africa Subsea Market Value, By Service, 2017-2026 ($ Million)
Table 24 TechnipFMC plc: Overview
Table 25 TechnipFMC plc: Product Portfolio
Table 26 TechnipFMC plc: Key Developments
Table 27 Subsea 7 S.A.: Overview
Table 28 Subsea 7 S.A.: Product Portfolio
Table 29 Subsea 7 S.A.: Key Developments
Table 30 Aker Solutions: Overview
Table 31 Aker Solutions: Product Portfolio
Table 32 Aker Solutions: Key Developments
Table 33 Dril-Quip, Inc: Overview
Table 34 Dril-Quip, Inc: Product Portfolio
Table 35 Dril-Quip, Inc: Key Developments
Table 36 Schlumberger Limited: Overview
Table 37 Schlumberger Limited: Product Portfolio
Table 38 Schlumberger Limited: Key Developments
Table 39 OneSubsea: Overview
Table 40 OneSubsea: Product Portfolio
Table 41 OneSubsea: Key Developments
Table 42 Balmoral Offshore Engineering: Overview
Table 43 Balmoral Offshore Engineering: Product Portfolio
Table 44 Balmoral Offshore Engineering: Key Developments
Table 45 Delta SubseaLLC: Overview
Table 46 Delta SubseaLLC: Product Portfolio
Table 47 Delta SubseaLLC: Key Developments
Table 48 Baker Hughes: Overview
Table 49 Baker Hughes: Product Portfolio
Table 50 Baker Hughes: Key Developments
Table 51 Allseas Group S.A.: Overview
Table 52 Allseas Group S.A.: Product Portfolio
Table 53 Allseas Group S.A.: Key Developments

LIST OF FIGURES:
Figure 1 Global Subsea Market Share, By Type, 2018 & 2026 (%)
Figure 2 Global Subsea Market Share, By Service, 2018 & 2026 (%)
Figure 3 Global Subsea Market Share, By Region, 2018 & 2026 (%)
Figure 4 Global Subsea Market Value, 2017-2026 ($ Million)
Figure 5 Global Subsea Market Y-o-Y Growth, By Type, 2018-2026 (%)
Figure 6 Wellheads: Global Subsea Market Value, 2017-2026 ($ Million)
Figure 7 Subsea trees: Global Subsea Market Value, 2017-2026 ($ Million)
Figure 8 Manifolds: Global Subsea Market Value, 2017-2026 ($ Million)
Figure 9 Flowline connectors: Global Subsea Market Value, 2017-2026 ($ Million)
Figure 10 Control systems: Global Subsea Market Value, 2017-2026 ($ Million)
Figure 11 Others: Global Subsea Market Value, 2017-2026 ($ Million)
Figure 12 Global Subsea Market Y-o-Y Growth, By Service, 2018-2026 (%)
Figure 13 Installation: Global Subsea Market Value, 2017-2026 ($ Million)
Figure 14 Asset management: Global Subsea Market Value, 2017-2026 ($ Million)
Figure 15 Product optimization: Global Subsea Market Value, 2017-2026 ($ Million)
Figure 16 Inspection: Global Subsea Market Value, 2017-2026 ($ Million)
Figure 17 Maintenance: Global Subsea Market Value, 2017-2026 ($ Million)
Figure 18 Repair Services: Global Subsea Market Value, 2017-2026 ($ Million)
Figure 19 Others: Global Subsea Market Value, 2017-2026 ($ Million)
Figure 20 Global Subsea Market Y-o-Y Growth, By Region, 2018-2026 (%)
Figure 21 North America Subsea Market Value, 2017-2026 ($ Million)
Figure 22 North America Subsea Market Share, By Type, 2018 & 2026 (%)
Figure 23 North America Subsea Market Share, By Service, 2018 & 2026 (%)
Figure 24 North America Subsea Market Share, By Country, 2018 & 2026 (%)
Figure 25 South America Subsea Market Value, 2017-2026 ($ Million)
Figure 26 South America Subsea Market Share, By Type, 2018 & 2026 (%)
Figure 27 South America Subsea Market Share, By Service, 2018 & 2026 (%)
Figure 28 South America Subsea Market Share, By Country, 2018 & 2026 (%)
Figure 29 Europe Subsea Market Value, 2017-2026 ($ Million)
Figure 30 Europe Subsea Market Share, By Type, 2018 & 2026 (%)
Figure 31 Europe Subsea Market Share, By Service, 2018 & 2026 (%)
Figure 32 Europe Subsea Market Share, By Country, 2018 & 2026 (%)
Figure 33 Asia-Pacific Subsea Market Value, 2017-2026 ($ Million)
Figure 34 Asia-Pacific Subsea Market Share, By Type, 2018 & 2026 (%)
Figure 35 Asia-Pacific Subsea Market Share, By Service, 2018 & 2026 (%)
Figure 36 Asia-Pacific Subsea Market Share, By Country, 2018 & 2026 (%)
Figure 37 Middle East & Africa Subsea Market Value, 2017-2026 ($ Million)
Figure 38 Middle East & Africa Subsea Market Share, By Type, 2018 & 2026 (%)
Figure 39 Middle East & Africa Subsea Market Share, By Service, 2018 & 2026 (%)
Figure 40 TechnipFMC plc: Financials
Figure 41 Subsea 7 S.A.: Financials
Figure 42 Aker Solutions: Financials
Figure 43 Dril-Quip, Inc: Financials
Figure 44 Schlumberger Limited: Financials
Figure 45 OneSubsea: Financials
Figure 46 Balmoral Offshore Engineering: Financials
Figure 47 Delta SubseaLLC: Financials
Figure 48 Baker Hughes: Financials
Figure 49 Allseas Group S.A.: Financials

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