A Newly Published Study Shares Insights on How to Prepare for a New Normal in the Global Subsea Systems Market
The global market for Subsea Systems is forecast to witness severe short-to-medium term depression due to the ongoing COVID-19 pandemic before reaching a revised market size of US$14.5 billion by the year 2027.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Subsea Systems market. The segments covered in the study include Type (SURF, Subsea Trees, Subsea Control Systems, Subsea Manifolds, Subsea Boosting Systems, Subsea Separation Systems, Subsea Injection Systems, and Subsea Compression Systems).
10 June 9:31 A.M., California/Marketwire/ - According to the new market research report, the global market for Subsea Systems is forecast to witness severe short-to-medium term depression due to the ongoing COVID-19 pandemic before reaching a revised market size of US$14.5 billion by the year 2027. The market will be reset to a new normal which going forwards in a post crisis era will be continuously redefined and redesigned.
Shattered by the global pandemic, the oil & gas industry is facing its worst ever crisis, an overstocked supply market and a steep decline in demand. Travel bans, manufacturing shutdown of all non-essential plants, closure on offices have wielded the most severe demand shock. The entire O&G value chain is feeling the pain as upstream, midstream and downstream operations collapse under a domino effect. As financial losses build-up for oil companies, CAPEX investments will also witness a parallel blow reducing opportunities for subsea systems that aid in processing and production of hydrocarbons from offshore wells.
The subsea systems market will nevertheless bounce back as the economic climate improves, since the goal of energy independence is an evergreen force driving countries to extract oil from the ocean depths. As most oilfields are present 400 meters and 1,500 meters below the sea level, success of deepwater resource extraction depends largely on innovations in subsea equipment. New generation subsea equipment will therefore play a key role in increasing the productivity, integrity and safety of subsea production processes.
Key Competitors Covered in the Report
Aker Solutions ASA
Baker Hughes, Inc.
Kongsberg Gruppen ASA
McDermott International, Inc.
National Oilwell Varco
Oceaneering International, Inc.
Parker Hannifin Corporation
Proserv Group Inc.
Subsea 7 S.A.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, and Rest of Europe)
Rest of World
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 764. Among this pool, 153 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 31 unique participations, a total of 14 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
Director, Corporate Communications
Global Industry Analysts, Inc.