The growth of the global subsea production and processing market is expected to be driven by strong boost from emerging nations and rise in population. Upsurge in energy demand in developed countries is expected to offer remunerative opportunities for industry players during the forecast period. Furthermore, operational expenditure reduction coupled with rapid development of subsea technology is presumed to facilitate the market growth in the near future. However, high prices of crude oil and gas coupled with financial, technical, and political threats hinder the demand for subsea exploration and processing.
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Increase in activities related to drilling and completion, globally fuels the demand for the subsea production and processing services. In addition, ultra-deep water acreages and exploration & production in deep water have witnessed increased attention, due to growing global energy requirement. The global subsea production and processing industry is anticipated to experience significant growth in the future, due to rise in oil demand along with the ongoing depletion of traditional onshore petroleum reserves.
Key Market Players
- Aker Solutions
- TechnipFMC plc
- Oceaneering International, Inc.
- Weatherford International
- GE Energy
- Kerui Group Co. Ltd
- Schlumberger Limited
- Dril-Quip, Inc.
- Baker Hughes Inc.
- FMC Technologies
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Key benefits of the report
- This study presents the analytical depiction of the global subsea production and processing industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global subsea production and processing market share.
- The current market is quantitatively analyzed from 2022 to 2029 to highlight the global subsea production and processing market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
COVID-19 scenario analysis
Owing to the outbreak of the COVID-19 pandemic, the global subsea production and processing market is expected to witness a slowdown during the next couple of years. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown in the production activities. In addition, recent decline in oil exploration activities are one of the key factors that is likely to negatively impact the growth of subsea production and processing market. Existing market players are dealing with missing sales and disrupted supply chains as production activities are shutdown.
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