Subsea is a term that refers to equipment, method, and technology employed in undersea geology, underwater mining, offshore oil & gas developments, and marine biology. In the oil & gas industry, the term subsea relates to the drilling, exploration, and development of oil & gas fields in underwater locations, usually at the shallow water and deep water level. Subsea equipment is usually used at a deep water depth for the exploration and production of oil & gas. This equipment includes subsea umbilical risers & flowline (SURF), subsea manifolds, subsea tree, subsea boosting systems, subsea separation systems, subsea injection systems, subsea compression systems, and so on.
Europe is one of the major markets for subsea equipment. The rising offshore exploration activities along with technological advancements drive the European subsea equipment market. This market is expected to grow at a CAGR of approximately 6% from 2014 to 2019.
Russia and the North Sea are the major regions for offshore drilling and exploration in Europe. Due to the growing energy demand, the exploration & production activities are increasing worldwide. The increasing capital spending of the subsea market due to the maturity of onshore fields and increasing energy demand drive the subsea equipment market in Europe. Stringent environmental regulations and policies are the major concerns in this region.
The market is segmented and forecast based on type and application. On the basis of type, the market is segmented into subsea production systems, subsea processing systems, subsea dredging, trenching & excavation equipment, and others. The applications included in this report are upstream–oil & gas and midstream–oil & gas.
The market share analysis, by revenue, of the top companies has also been included in the report. The market share analysis of these key players are arrived at, based on key facts, annual financial information, and interviews with key opinion leaders such as CEOs, directors, and marketing executives.
In order to present an in-depth understanding of the competitive landscape, the report on the subsea equipment market in North America consists of company profiles of key market players. This report also includes the market share and value chain analyses, along with market metrics such as drivers and restraints.
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