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Subsea Equipment Market Size
Subsea Equipment Market will experience a dynamic growth between 2024 and 2032, driven by the increasing deepwater production and exploration activities along with a rise in oil prices. Recent reports indicate a 60% increase in deepwater production between 2022 and 2023, with ultra-deepwater E&P expected to contribute over half of the total deepwater production by 2024. The depletion of conventional onshore petroleum reserves has highlighted the need for deepwater exploration, further amplified by a growing number of investments.
Subsea Equipment Market Trends
The subsea equipment industry is witnessing several trends, including a surge in deepwater and ultra-deepwater exploration and production activities. Growing demand for energy, coupled with the depletion of conventional onshore reserves, is driving increased investments. Subsea equipment’s are gaining prominence for their role in enhancing recovery rates and cost-optimized hydrocarbon production.
Subsea Equipment Market Analysis
Based on component, the subsea umbilical riser and flowlines (SURF) segment is anticipated to witness substantial expansion by 2032 due to increased offshore oil extraction activities. These components, known for their optimal resistance to mechanical and chemical stresses, are widely deployed to ensure a consistent and reliable supply of services in challenging underwater environments. The rising focus to meet the demands of offshore deep and ultra-deepwater operations will drive product penetration.
In terms of type, the subsea production and subsea processing segments are expected to experience significant growth through 2032. The subsea equipment are used for improving recovery rates in shallow water fields. These systems are increasingly adopted for cost-optimized hydrocarbon production in new field developments and existing facilities, with higher utility in oil-water and gas-liquid separation, as well as gas-liquid-multiphase boosting.
North America subsea equipment market size is expected to expand through 2032, fueled by growing investments in top oil-producing countries. In 2023, Vaarst launched the SubSLAM X2 technology in the US market, offering 4K resolution videos and high-quality live 3D dense point clouds. The technological advancements will shape the industry dynamics. In South America, the demand for subsea equipment will grow with upcoming projects in deepwater and ultra-deepwater, along with increased investments and rising energy demand, supported by government initiatives and technological advancements.
Subsea Equipment Market Share
Some of the prominent subsea equipment industry participants are:
- Aker Solutions (Aker ASA
- Aker Holding)
- Siemens
- BHGE
- FMC technologies (TechnipFMC)
- National Oil Varco
- Nexans
- Schlumberger
- Oceaneering International
- Dril-Quip Inc.
- Transocean (Transocean Ltd.)
- Technip
These companies actively engage in strategic partnerships, mergers, acquisitions, novel product developments, investments, and contracts to strengthen their competitive presence.
Subsea Equipment Industry News
- In January 2024, Aker Solutions announced the plans to pilot the world's first subsea distribution system at Norway’s MET Center for floating offshore wind. The project encompasses two floating offshore wind turbines that are nearly 10 kilometers near the southwestern coast of Karmøy. In an upcoming expansion slated for 2026, the test area will incorporate a total of seven floating offshore wind turbines.