Market Overview
As per the recent studies conducted by Market Research Future (MRFR), the global Subsea
Control Systems market has been estimated to develop at 9.15% CAGR over the forecast period.
Recent trends of ultra-deepwater and deepwater production is likely to propel the subsea control
systems market. Additionally, need for rapid discovery of hydrocarbon reserves along with
replacement of shallow water basin extend substantial opportunities for Subsea Production Control
Systems Market. Moreover, growing markets of Asia-Pacific are coming up with several
opportunities for subsea control systems market as Asia-Pacific is decreasing its dependency on
imported oil & gas by surging its local production and offshore exploration activities.
For instance, Google Inc. developed its Asia Pacific cloud network in April 2018, with new subsea
cables of 9,500 km installed undersea. This project has been likely to be completed by the last
quarter of 2019. Besides, the US deepwater Gulf of Mexico has also started to witness a positive
development after the struggling state faced during late 2014. In 2018, the production of oil & gas
in deepwater had reached 1,935 kboe/d which is almost 13% higher than the earlier year.
Additionally, the Mexican government has extended new avenues for oil & gas exploration
including 10 deepwater exploratory wells in 2016. Additionally, almost 19 offshore oil & gas
blocks in the Gulf of Mexico were formed. All these aspects are likely to boost the demand for
subsea control systems. Global subsea control systems market has been estimated to witness a
substantial growth over the forecast period owing to the surging offshore oil & gas sector. The
current trends in ultra-deepwater & deepwater production also influences the market growth
positively. Several key oil & gas brands across the world are spending in their respective subsea
business in order to achieve a profitable share in the market.
Market Segmentation
Global subsea systems market has been segmented based on component, type, region, and
application. Based on type, the market has been segmented into underwater control system and
topside control system. The topside control system leads the market as these kind of control
systems normally offer complete monitoring and control of both subsea device as well as surface
electrical power units (EPU) including hydraulic power units (HPU).
Regional Analysis
Europe has been likely to lead the market for subsea control systems. Region wise, in 2017, Europe
held the highest market share of the global subsea control systems market. The nations contributing
to the key market share of the region include Norway and UK. The demand for subsea control
systems, particularly in these regions can be increasingly attributed to the surging deepwater
drilling activities in the region along with growing subsea outlays in these economies. These
factors are propelling the demand for Subsea control systems in this region.
Key Players
The global subsea control systems market has been dominated by key players such as Halliburton
(US), FMC Technologies Inc. (US), Aker Solutions ASA (Norway), GE Oil & Gas Spa
(US), Baker Hughes (US), OneSubsea (US), Proserve Group Inc. (UK), Kongsberg Gruppen