Market Overview
| Study Period | 2020 - 2030 |
|---|---|
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2020 - 2023 |
| Growth Rate | 2.00% CAGR |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
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North America Subsea Production And Processing Market Analysis by Mordor Intelligence
The North America Subsea Production and Processing Market is expected to register a CAGR of greater than 2% during the forecast period.
- Due to the high demand for subsea trees, risers, flowlines, umbilicals, and wellheads, subsea production is expected to dominate the market.
- The increasing crude oil prices due to the war between Ukraine and Russia may encourage countries in North America, primarily the United States, to produce their crude oil, principally as offshore shale oil and gas. This factor may directly aid the North American production and processing system market and provide an opportunity during the forecast period.
- The United States is the largest market in the region for subsea production and processing systems, as it has an abundance of offshore oil and gas reserves.
North America Subsea Production And Processing Market Trends and Insights
Subsea Production Systems to Dominate the Market
- The subsea production system provides a way to produce hydrocarbons economically where offshore platforms cannot be developed or are more expensive. Further, the subsea production system uses several building blocks placed on the seabed connected to the subsea pipeline network and riser systems efficiently and safely to produce the reservoir.
- Further, the subsea production system is gaining popularity in North America as it is an efficient way to produce a deepwater reservoir with a depth of around 7,000 ft. In addition, subsea production includes subsea structures or equipment such as wellheads, trees, jumpers, and manifolds.
- For instance, in January 2022, Subsea 7 was awarded a substantial subsea installation service in the Gulf of Mexico with a water depth of 6,300 ft. In addition, the work scope includes engineering, construction, procurement, installation, and commissioning of the subsea equipment, including umbilicals, structures, production and gas export pipelines, and semi-submersible platforms.
- Similarly, in December 2021, Subsea 7 was awarded a project by Subsea Integration Alliance for the Scarborough project, located 380 km offshore northwest Australia. The project includes engineering, production, construction, and installation (EPCI) for subsea production and pipeline systems. The project consists of eight subsea trees, 42 km of umbilicals, 45 km of rigid flowlines, six flexible flowline risers, and associated equipment.
- Overall, the rising demand for oil and gas in North America and the development of deepwater projects in the Gulf of Mexico may drive the market.
The United States is the Largest Market in the Region
- The United States is the largest market for subsea production and processing system market in the region. It has the highest reserves for oil and gas in the region, complemented by the increased demand for refined petroleum products.
- In addition, the country has the highest number of offshore rigs in the region, which is due to the availability of oil in the Gulf of Mexico and offshore shale gas reserves, making it a significant market for subsea production and processing systems.
- Further, in 2022, there may be more deepwater exploration and project sanctions in the Gulf of Mexico due to the robust oil and gas prices because of the war between Ukraine and Russia. Also, about 12 deepwater projects in the US gulf discoveries were made, directly aiding the subsea production and processing system market during the forecast period.
- In March 2022, Shell PLC announced that it had started production of subsea development at the Powernap located in the Gulf of Mexico, with estimated peak production of 20,000 barrels of oil equivalent per day.
- Overall, the United States is expected to hold a major share of the North American subsea production and processing system market, as it holds the most amount of reserves.
Competitive Landscape
The North American subsea production and processing market is moderately consolidated. The major companies include Subsea 7 SA, TechnipFMC PLC, Aker Solutions, Oceaneering International Inc., and General Electric Company.
North America Subsea Production And Processing Industry Leaders
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Aker Solutions
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Subsea 7 SA
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TechnipFMC PLC
-
Oceaneering International Inc.
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General Electric Company
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- 2022: IKM Subsea Internation, SAAB, and L3 showcased a remote and unscrewed vehicle where these remote piloted ROVs and autonomous unscrewed vehicles for subsea services.
- December 2021: Subsea 7 received a contract from Aker BP for the Hanz Field development in the North Sea. The company will provide a 15-km subsea tie-back and include EPCI for production, gas-lift pipeline, and associated subsea infrastructure, using the Subsea 7 vessels.
North America Subsea Production And Processing Market Report Scope
The scope of the North American subsea production and processing market report includes:
Production System
| Subsea Trees |
| Subsea Umbilicals |
| Risers and Flowlines |
| Subsea Wellhead |
| Other Production Systems |
Processing System
| Boosting |
| Separation |
| Injection |
| Gas Compression |
Geography
| United States |
| Canada |
| Mexico |
| Production System | Subsea Trees |
| Subsea Umbilicals | |
| Risers and Flowlines | |
| Subsea Wellhead | |
| Other Production Systems | |
| Processing System | Boosting |
| Separation | |
| Injection | |
| Gas Compression | |
| Geography | United States |
| Canada | |
| Mexico |
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Key Questions Answered in the Report
What is the current North America Subsea Production and Processing System Market size?
The North America Subsea Production and Processing System Market is projected to register a CAGR of greater than 2% during the forecast period (2025-2030)
Who are the key players in North America Subsea Production and Processing System Market?
Aker Solutions, Subsea 7 SA, TechnipFMC PLC, Oceaneering International Inc. and General Electric Company are the major companies operating in the North America Subsea Production and Processing System Market.
What years does this North America Subsea Production and Processing System Market cover?
The report covers the North America Subsea Production and Processing System Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the North America Subsea Production and Processing System Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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