- The subsea control systems market is likely to grow at an approximate CAGR over 8% during 2015 to 2022. This would be on account of demand for subsea control systems from emerging countries. Augmented subsea drilling activities in various countries will also promote these systems in the upcoming years.
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The rising consumption of petrochemicals in textiles, plastics, paints and coatings, and transportation is likely to further crude oil explorations. Replacement of existing oil and gas resources with deep water ones will provide new opportunities to market players. The market is divided on the basis of four categories. These are systems, applications, components, and regions.
Based on systems, the subsea control systems market is fragmented into topside, and underwater. Market applications are sub-divided into production, processing, and others. The components market is sliced into sensors, umbilical termination assemblies, subsea control modules, master control systems, umbilicals, and others.
With shares over 28%, Europe, with respect to geographies, dominated the market in 2013. The region will exceed USD 2 billion by 2022. This means, it will continue its dominance in the forecast period. Increased deepwater drilling activities in the U.K. and Norway would promote regional growth.
Additionally, rising investments for safety and security are estimated to fuel the region. With a CAGR over 7.3%, the European subsea control systems market would expand in the coming seven years. Asia Pacific (APAC) is projected to be the fastest growing market in the forecast period. Increasing exploration and utilization of deepwater oil and gas reserves in emerging countries will propel Asia Pacific.
Some of these developing nations include Australia, India, and Malaysia. APAC will grow at a CAGR of more than 11% over the forecast period. Agreements have been noticed as the main strategies adopted by market participants. They assist clients and producers of subsea control systems to make permanent relationships and raise market infiltration.
The players in the subsea control systems market include OneSubsea, Aker Solutions, GE Oil and Gas, Weatherford International Ltd., Drill-Quip, Halliburton, and FMC Technologies Inc. These players make use of contracts to remain competitive, promote the sales of these systems, and get a better market grip over others.
Information Source: Grand View Research
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