Subsea Control Systems Market Size, Opportunities, Future Estimations 2023

Posted by Anvi on February 7th, 2020

Subsea Control Systems Market Overview

Subsea control system is a framework which offers control and monitoring to oil & gas subsea assets such as subsea trees, valves, pipelines, and templates. This system requires obtaining and transmitting data between the subsea and surface systems. The primary elements of a typical subsea control system include master control stations, electrical power unit, subsea umbilical termination assembly, hydraulic power units, electrical & hydraulic flying leads, subsea control module, and umbilicals. The auxiliary monitoring devices and subsea control system can be installed close to subsea trees with modular designs and open architecture communications. As per the recent studies conducted by Market Research Future (MRFR), the global Subsea Control Systems market has been estimated to develop at 9.15% CAGR over the forecast period. Recent trends of ultra-deepwater and deepwater production is likely to propel the subsea control systems market. Additionally, need for rapid discovery of hydrocarbon reserves along with replacement of shallow water basin extend substantial opportunities for subsea control systems market.

Global Subsea Control Systems Market Segmentation

Global subsea systems market has been segmented based on component, type, region, and application. Based on type, the market has been segmented into underwater control system and topside control system. The topside control system leads the market as these kind of control systems normally offer complete monitoring and control of both subsea device as well as surface electrical power units (EPU) including hydraulic power units (HPU).     

Regional Analysis

Europe has been likely to lead the market for subsea control systems. Region wise, in 2017, Europe held the highest market share of the global Subsea Control Systems Market Size. The nations contributing to the key market share of the region include Norway and UK. The demand for subsea control systems, particularly in these regions can be increasingly attributed to the surging deepwater drilling activities in the region along with growing subsea outlays in these economies. These factors are propelling the demand for Subsea control systems in this region.

Key Players

The global subsea control systems market has been dominated by key players such as Halliburton (US), FMC Technologies Inc.  (US), Aker Solutions ASA (Norway), GE Oil & Gas Spa (US), Baker Hughes (US), OneSubsea (US), Proserve Group Inc. (UK), Kongsberg Gruppen (Norway), Siemens AG (Germany), Oceaneering International, Inc. (US), Hitec Products (Norway), and Weatherford International (US).

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

 

Like it? Share it!


Anvi

About the Author

Anvi
Joined: October 25th, 2019
Articles Posted: 461

More by this author