Global Oil and Gas Subsea Power Grid Market Expected To Reach Nearly 3 Billion By 2023: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Oil and Gas Subsea Power Grid Market (Component: Variable Speed Drivers, Transformers, Switch Gear, Power Cables, Connectors, Others; Configuration: Topside/Shore, Seabed; End User: Production Facilities, Drilling Rigs, Floating Production System, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2017 – 2023.
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Forecasts that the global market for oil and gas subsea power grid is expected to grow at CAGR of around 10.9% in terms of revenue from 2017 to 2023 and reach the market value of nearly 3 billion by 2023. Some of the factors estimated to drive the growth of oil and gas subsea power grid market include minimum maintenance cost and high reliability, growing deep-sea oil and gas operations, rise in subsea power load and growth in energy demand among others.
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In 2016, based on component, the power cable segment dominated the global subsea oil and gas market. The improvement of long step out power grid configuration has driven the trades for subsea power cables. The production facility end use segment presently dominates the oil and gas subsea power grid market and is estimated to continue its dominance throughout the forecast period. The oil and gas industry is progressively installing the lucrative subsea processing system to increase production. In 2016, based on configuration segment, the topside/shore holds the key market share in oil and gas subsea power grid market. On the basis of configuration, the seabed is estimated to grow at highest CAGR throughout the forecast period. The advancement of power grid components that can endure high force of water column drives the progression of seabed power grid segment.
Regional Insight
The African region with vast capital expenditure (CAPEX) in subsea oil and gas process is the leading component of subsea power grid market. African region with massive oil and gas assets have drawn the focus of oil and gas majorly as to bring about funding in the region. Furthermore, owing to the quick growth of deep-water manufacturing industry offshore, West Africa has sparkled gigantic reserves in the subsea power grid market. Additionally, the subsea satellite growth in Angola and Nigeria have fetched about investment in subsea power grid market.
By Geography, in 2016, Middle East Africa (MEA) dominated the oil and gas subsea power grid market. Large-scale subsea plans in African region is estimated to drive the progression of this market throughout the forecast period. In 2016, South America was the second largest segment in oil and gas subsea power grid market. Also, Brazil with improving number of subsea procedures has turn out to be a hub of subsea growth in South American region.
The major companies profiled in the report include Expro International Group Holdings Limited, Subsea Technology Group AS, General Electric, Aker Solutions, Drill-Quip Inc., Siemens, Cameron International Corporation, FMC Technology, ABB and Schneider Electric among others.