The use of augmented reality in subsea systems is one of the major trends being witnessed in the global marine trencher market. Virtual or augmented reality environments reduce risks and improve the execution of jobs in remote locations or offshore operations. As augmented reality enables work instructions, processes, and procedures to be viewed and tested in a virtual environment, it helps in correcting the execution of job ahead of time.
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In this report, Technavio analysts highlight the decreasing cost of deepwater drilling as a key factor contributing to the growth of the global marine trencher market:
Global marine trencher market driver: Decreasing cost of deepwater drilling
Since the depletion of conventional oil reserves, oil companies have shifted to far-flung locations in search of new sources of production. Extracting oil from ultra-deepwater, the Arctic offshore, and heavy oil sands started, which incurred high capital and advanced technologies. The shale boom that led to a sharp decline in oil prices in the mid of 2014 made it difficult for companies to extract oil feasibly from deep waters.
According to a senior analyst at Technavio for research on engineering tools, “The technology for deepwater drilling has been in existence for years. However, it became economically feasible in the recent years. Streamlining of operations by producers and prioritizing drilling in core wells reduced costs, which helped producers achieve breakeven at lower crude oil prices. Thus, deepwater drilling is gaining its momentum with the increase in investments.”
Global marine trencher market: Segmentation and forecast
This market research report segments the global marine trencher market by technology (water jetting and mechanical cutting) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Based on technology, the water jetting segment held the largest market share in 2017, accounting for more than 59% of the market. The market share of this segment is expected to increase by almost 2% during the forecast period.
The Americas was the highest share holder of the global marine trencher market in 2017, accounting for a market share of more than 32%. This region is anticipated to dominate the global market through 2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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