LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global subsea processing systems market 2018-2022 to grow at a CAGR of over 3% during the forecast period, according to their latest report.
This market research report segments the global cellular M2M module market by technology (boosting, separation, injection, and compression) and by geography (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the following three market drivers that are contributing to the growth of the global subsea processing systems market:
- Increasing benefits of subsea processing system
- Growth in the number of deep and ultra-deepwater drilling projects
- Rising global oil and gas consumption
Increasing benefits of subsea processing systems
Subsea processing involves the separation of produced fluids into oil, gas, and water. Subsea processing systems provide greater pressure drawdown, which results in higher production rates along with enhanced oil and gas recovery. As the separation of produced fluids is facilitated on the seabed itself, it allows the liquid to be pressure-boosted with an efficient conventional mechanical pump. Therefore, the production can be moved to deeper waters, especially the low-pressure reservoirs in deepwater.
According to a senior analyst at Technavio for research on oil and gas, “With growing benefits of subsea processing, oilfield companies are increasing their reliance on these systems, which reduces their capital investment and challenges faced during the production of hydrocarbons from the offshore segment. This is likely to strengthen the market for subsea processing systems.”
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Global subsea processing systems market segmentation
Of the four technology applications, the boosting segment held the largest market share in 2017, accounting for over 48% of the market. The market share for this application is expected to witness a small but steady decrease over the forecast period. The fastest growing technology segments are the injection segment, which will account for 11% of the total market share by 2022.
EMEA was the leading region for the global subsea processing systems market in 2017, accounting for a market share of over 41%. However, by 2022, the market share of APAC is expected to fall by 0.6% by 2022, while the market share of the Americas is expected to witness a gradual increase over the forecast period.
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