Subsea production system will be the largest segment of the subsea system.

SURF segment is expected to lead the subsea production system.

Europe will be the largest market for subsea systems.

The subsea systems market is projected to grow from an estimated $15.78 billion in 2016 to $17.44 billion by 2021, at a CAGR of 2.02% from 2016 to 2021. Despite steep revenue declines 2015 onwards, the global market is set to witness growth after 2018 due to the increasing production from deepwater fields. Offshore exploration and production investments in Africa and Asia-Pacific region will also boost the market growth. Increasing deepwater production and exploration activities and investments by emerging economies in offshore exploration are major factors driving the subsea system market.

The subsea systems have been broadly classified on the basis of type into production system and processing system. Subsea production system segment accounted for the largest share of the market in 2015, while subsea processing system segment is projected to grow at a faster pace among the two segments. Subsea production will witness demand from continuing deepwater activities in Africa, the U.S. Gulf of Mexico, and South America.

The subsea processing system market will be driven by the need for improving recovery rates in shallow water fields, particularly across the North Sea. Subsea processing system reduces dependence on costly topside facilities for offshore operations and is gaining importance as companies look to cut costs in a low oil price scenario. Boosting technology dominates the subsea processing system market owing to the growing usage of large application for improving recoveries from aging fields and enhancing production. Subsea gas compression technology is in the development stage when compared with the other technologies.

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Subsea Umbilicals Risers and Flowlines (SURF) are important equipment in subsea production systems. Umbilical system is a bundled arrangement of piping, tubing, and electrical conductors which are bounded in armored sheath. The primary application of umbilical is to transmit control fluids. It is also used to monitor pressures and inject fluids. The rising focus on deepwater drilling is the major driver for the SURF market. Moreover, the oil discoveries in emerging economies, especially in Africa, provide further positive contributions to the subsea systems market.

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Europe: The largest market for subsea systems

In this report, the subsea system market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, the Middle East, South America, and Africa. The European region led the subsea system market with the largest market share in 2015, and the trend is projected to continue till 2021. This growth can be attributed to the subsea production activities in offshore Norway and the U.K. Major reforms have been done by both the governments for increasing oil production which would provide significant growth of the subsea system market.

Africa is the fastest growing market in the subsea production system during the forecast period. The growth is due to the rising investments in major oil producing African nations, namely, Angola, Ghana, Nigeria, and Equatorial Guinea, driven by large new offshore discoveries.

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Market Ecosystem

The ecosystem of the subsea system market consists of Original Equipment Manufacturers (OEMs), service providers, and oilfield operators. The figure given below shows the market ecosystem along with major companies. OEMs include companies such as FMC Technologies (U.S.), GE Oil & Gas (U.S.), National Oilwell Varco (U.S.), Aker Solutions (Norway), Technip (France), and others who manufacture the tools and equipment required for subsea production & processing systems. Companies such as, FMC Technologies (U.S.), GE Oil & Gas (U.S.), and Aker Solutions (Norway) also provide subsea services, which are essential for the subsea system market. Oilfield exploration and production companies such as Exxon Mobil (U.S.), British Petroleum (U.K.), Statoil (Norway), and others use subsea production & processing system and act as end-users

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