DUBLIN--(BUSINESS WIRE)--The "Global Subsea System Market - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The offshore drilling activity experienced a slowdown after the oil price crisis, post mid-2014. But oil price has experienced substantial recovery after 2016. Due to the growing oil & gas demand, recovery in oil price and increasing number of onshore fields reaching their maturity, the exploration & production (E&P) activity is expected to make a shift toward deeper offshore regions, which, in turn, is expected to drive the market growth during the forecast period.
Land-based and shallow water oil & gas fields are approaching their maturity. Hence, in order to meet the growing demands, upstream operating companies are exploring deeper offshore regions. Deepwater offshore drilling and production activity requires a more expensive subsea system, due to complexity and safety risks involved in the process.
Europe has a significant market share, owing to offshore activity in the Russian fields and the fields in the North Sea adjoining the United Kingdom and Norway. North Sea offshore production has witnessed a substantial drop in breakeven prices, with some fields breaking even at as low as USD 25 per barrel.
Despite low oil prices, offshore activity in China has witnessed relatively higher stability compared to other oil producing countries during 2014-17. China's offshore activity is mainly concentrated in Bohai Bay, Pearl River Delta, and Beibu Gulf areas. As of May 2017, 5% of the total global offshore fleet was active in the country. Growing industrialization, urbanization, and increasing per capita income are the drivers for the energy demand in the country.
- Aker Solutions ASA
- Baker Hughes A GE Co
- Halliburton Company
- Schlumberger Limited
- Weatherford International PLC
- National-Oilwell Varco Inc.
- Oceaneering Internationalm
- TechnipFMC PLC
- Kerui Group Co. Ltd
- Rongsheng Machinery Manufacture Ltd
Key Topics Covered:
1. Executive Summary
2. Research Methodology
3. Market Overview
4. Market Dynamics
5. Value Chain Analysis
6. Industry Attractiveness - Porter's Five Forces Analysis
7. Market Segmentation and Analysis
8. Regional Market Analysis
9. Key Company Analysis
10. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/research/scp63x/global_subsea?w=4