The global subsea control systems market is expected to grow at an estimated CAGR of over 8% on account of increasing demand from developed as well as developing countries. Increasing subsea drilling activities in various countries are expected to foster the product demand over the forecast period.
Increased petrochemical product consumption across various industries including plastics, energy, paints & coatings, transportation, and textiles is expected to augment crude oil exploration activities. Technological advancements coupled with financial back-up have increased deep and ultra deep oil exploration activities.
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Rapid depletion of onshore oil & gas resources have led to increased exploration of offshore assets. This has increased subsea control equipment demand over the past. Increasing subsea wells installation in the recent period has also contributed towards the market growth. This trend is expected to continue over next seven years, thus augmenting the product demand.
Difficulty in manufacturing and maintaining subsea equipment is expected to hamper the demand over the forecast period. Higher raw material cost in addition to expensive manufacturing technology results in costlier equipment. This is also anticipated to restrain the demand over next seven years.
Technological advancements have led to rapid discovery of new reserves, resulting in increasing opportunities. Increasing need for replacing existing oil & gas resources with new deep water reserves is expected to provide new opportunities for the market players.
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The market can be segmented on the basis of components, types, applications, and region. On the basis of components, it can be segmented as subsea control module (SCM), umbilical, umbilical termination assembly (UTA), master control system, sensors and others.
On the basis of type, it can further be segmented as topside control systems and underwater control systems. It can also be segmented on the basis of application as processing, production, and others.
In 2013, Europe dominated the global subsea control systems demand and held over 28% of the total share. Europe is expected to continue its dominance over the forecast period. European subsea control systems market is expected to reach over USD 2.2 billion in 2022.
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