The analysts forecast global subsea production systems market to grow at a CAGR of 3.21% during the period 2018-2022. One trend in the market is ERD technology.
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Extended reach drilling (ERD) well is defined as the well with step-out to ND (True vertical depth) ratio of 2:1 or higher.
There are certain other factors taken into consideration such as key drilling challenges, water depth, and rig capabilities.
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Though the use of ERD technology in the current oil and gas market is not feasible, it is expected to be used in time, as using this technology is about the economics and demand in the market. In the last two years of low crude oil price, the operators have adopted this technology, which made the overall project commercially viable.
Major key players in the global subsea production systems market: Aker Solutions, GENERAL ELECTRIC, National Oilwell Varco, Schlumberger,TechnipFMC, Dril-Quip, Halliburton, Hunting, Nexans, Parker Hannifin, Prysmian Group, Siemens, SUBSEA 7, and Trendsetter.
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According to the subsea production systems market report, one driver in the market is increase in global rig count. The upstream oil and gas industry is extremely reliant on the global crude oil prices.
The recent crude oil price slump that started in mid-2014 severely affected the upstream industry. However, crude oil prices have now started to increase and are in the range of $50/W-$60/bbl.
The decline in upstream operations was evident from the fact that the global active rig count had fallen dramatically. Reduced operations worldwide impacted major oil and gas exploration as well as service provider companies.
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Few Points from List of Exhibits:
Exhibit 1: Major Segments of Oil and Gas Industry
Exhibit 2: Parent Market
Exhibit 3: Global Subsea Production Systems Market
Exhibit 4: Market Characteristics
Exhibit 5: Market Segments
Exhibit 6: Market Definition - Inclusions and Exclusions Checklist
Exhibit 7: Market Size 2017
Exhibit 8: Validation Techniques Employed For Market Sizing 2017
Exhibit 9: Global Market Size and Forecast 2017-2022 ($ Millions)
Exhibit 10: Global Year-Over-Year Growth 2018-2022 (%)
Exhibit 11: Petroleum Upstream Activity Stages
Exhibit 12: Reasons For Low Crude Oil Prices
Exhibit 13: Five Forces Analysis 2017
Exhibit 14: Five Forces Analysis 2022
Exhibit 15: Bargaining Power of Buyers
Exhibit 16: Bargaining Power of Suppliers
Exhibit 17: Threat of New Entrants
Exhibit 18: Threat of Substitutes
Exhibit 19: Threat of Rivalry
Exhibit 20: Market Condition - Five Forces 2017
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