Asia-Pacific Subsea Production System Market is Expected to Reach $1,958.2 million in 2018
The Asia-Pacific subsea production systems market report defines and segments the concerned market with analysis and forecast of revenue.
Online, October 13, 2014 (Newswire.com) - The Asia-Pacific subsea production systems market report defines and segments the concerned market with analysis and forecast of revenue. The market is estimated to grow from around $1,547.7 million in 2013 to $1,958.2 million by 2018, at a CAGR of 4.8% from 2013 to 2018.
The subsea production systems market is growing due to increasing demand for oil & gas, growing capital expenditure, and continuous rise in deep water drilling activities. Additionally, as the onshore reserves are towards maturity, deep water explorations for offshore reserves are increasing. The growing demand for energy can be catered only by increasing the production of hydrocarbons which is carried out by drilling new wells or by enhanced oil recovery.
Increasing oil & gas production works as a supplement for the market. Technological developments and high energy demand are resulting in increasing deep drilling activities which are boosting the requirements for subsea production systems. However, as we go deeper in the offshore wells and subsea, especially in the deep and ultra-deep water, risks associated with environment increases due to lack of operational perfection, human errors, and natural calamities.
The growth in the number of drilling rigs in Asia-Pacific has resulted in increasing the number of subsea wells, which will drive the subsea production systems market.
Asia-Pacific is one of the emerging players in this market. The growing subsea market and the increasing oil & gas production in India, China, and Australia are some of the driving factors for the market.
This market is segmented and forecasted on the basis of technology. The market is segmented into subsea umbilical risers & flowline (SURF), subsea tree, subsea control, and subsea manifolds in terms of technology.
This report includes the market share and value chain analyses, along with the market metrics such as drivers and restraints. In addition, it presents a competitive landscape and company profiles of the key players in the market.