Subsea Control Systems - Growth, Trends, and Forecast (2020 - 2025)
The market is segmented by Type (Topside Subsea Control System and Underwater Subsea Control System), Depth (Shallow Water, and Deep Water and Ultra Deep Water), Components (Subsea Control Module, Umbilical Assembly, Master Control System, and Other Components), Application (Production, Processing, and Other Applications) and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa)
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Fastest Growing Market:
Middle-East and Africa
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The global subsea control systems market is expected to grow at a CAGR of over 2% during the forecast period of 2020-2025. Factors such as deep-water and ultra-deep-water exploration and production is likely to drive the subsea control systems market in the forecast period. However, rough harsh environment conditions will make it difficult to install, maintain and replace the subsea control systems, which are expected to have some amount of negative impact on the market studied during the forecast period.
The deep-water and ultra-deep-water segment accounted for a significant market share in 2018, and it is likely to dominate the market during the forecast period.
Increasing deep-water activities in countries like Brazil, Egypt, the United States, Iran, and Qatar is likely to create several opportunities for the subsea control systems market in the forecast period.
South America has dominated the subsea control systems market and majority of the demand is coming from Brazil due to its recent activities in the deep-water and ultra-deep-water and is likely to dominate the market in the forecast period.
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Key Market Trends
Deep-Water and Ultra-Deep-Water to Dominate the Market
The deep-water and ultra-deep-water activities directly influence the subsea control systems market in the offshore. After oil prices fall in 2014 many countries shifted towards onshore projects, but it turned out that return of investment period of onshore projects are 10 to 15 years, so the countries like Brazil, the United States, and Egypt started deep-water and ultra-deep-water explorations which have a return period of 5 to 6 years, are more profitable and are likely to drive the subsea control systems market in the forecast period.
After 2015 the offshore rig count of the world increased significantly and is likely to have a positive impact on subsea control systems as they are used in offshore.
In 2018, Royal Dutch Shell started production from its deep-water field, Kaikias, in the Gulf of Mexico. In phase 1, it drilled three wells that were completed in 2018, and phase 2 is expected to start in the coming years. Phase 1 of the project uses a subsea control systems from Deep Down Inc. Phase 2 is likely to create more opportunities for the subsea control systems market in the forecast period.
In December 2019, Chevron Corporation announced to develop the Anchor Project in the Gulf of Mexico, which will be the first deep-water and high-pressure project of the oil and gas industry. This project will be needing advancement in the subsea control system for the high-pressure environment and is expected to drive the subsea control systems market in the forecast period.
The West Delta Deep Marine project in Egypt is in its development phase. Royal Dutch Shell announced in 2019 to do drilling at Montu well, which will be the deepest well in Egypt. This opens various opportunities in Egypt for the subsea control systems market in the forecast period.
Therefore, with the increase in the deep-water and ultra-deep-water exploration and production activities the subsea control systems is likely to witness a significant demand during the forecast period.
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South America to Dominate the Market
South America has dominated the deep-water and ultra-deep-water projects in the past decade and is likely to continue its dominance in the market during the forecast period. Since deep-water and ultra-deep-water has a direct influence on the subsea control systems installations, so South America is expected to dominate the subsea control systems market in the forecast period.
Libra oil field in Santos Basin in Brazil is an ultra-deep-water basin is the largest oil field in Brazil, is under development phase, and is expected to be completed in 2021. Such projects are likely to have a positive impact on the subsea control systems market during the forecast period.
Petróleo Brasileiro S.A (Petrobras) in 2019 has awarded MODEC to install the fifth Floating, Production, and Storage Offshore (FPSO) Unit in Buzios field for its development.
Hence, the above mentioned factors indicate that South America is expected to dominate the subsea control systems market in the forecast period due its several upcoming deep-water and ultra-deep-water projects.
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The subsea control systems market is moderately consolidated. Some of the key players in this market include Schlumberger Limited (OneSubsea), TechnipFMC PLC, Deep Down Inc, Dril-Quip, Inc, and Oceaneering International.