Markets and Markets reported Subsea Production & Processing Systems Market, Global Trends & Forecast for 2018.
The subsea production and processing systems market is likely to grow reasonably in upcoming years. The long-term drivers of the subsea market are well known. The relentless depletion of onshore and shallow water fields has compelled oil companies to focus on deep water areas where a combination of floating and subsea production units is used to extract hydrocarbons. In recent years, this trend has been reinforced by operators favoring technological risks over political risks, with oil companies preferring to leverage their technological capability in deeper water plays than to engage in places such as Iran and Venezuela that have an unpredictable business environment for investors.
The market has been estimated from demand side. This report breaks the market into smaller product segments. In order to provide a deeper understanding of the competitive landscape, the report profiles 23 companies in the subsea production and processing systems market.
The subsea production and processing systems market is valued at over $18 billion in 2013 and is forecasted to grow at a CAGR of 6% from 2013 to 2018 to reach more than $24 billion by 2018. Subsea production systems are the major revenue generating equipment which generated around $17 billion revenue in 2013 and is expected to reach more than $22 billion by 2018.
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