Rising Oil & Gas Activities to Aid Growth of Subsea Systems Market
Increasing
number of deep water and ultra-deep-water drilling activities and technological
advancements in oil & gas industry to fuel global subsea systems market
through 2024
According to a report published by TechSci Research on “Global
Subsea Systems Market By Type, By Subsea
Production Component, By Subsea Processing Technology, By Region, Competition,
Forecast & Opportunities, 2024”, global
subsea systems market is anticipated to cross $ 19.3 billion by
2024 on account of increasing focus on oil & gas production from
offshore fields, particularly activities in deep-water reserves. Moreover,
growing investments in oil and gas industry to meet the rising demand is further
bolstering the growth of global subsea systems market. However, crude oil price
fluctuations and complex underwater conditions are restraining the growth of the
global subsea systems market.
Browse market data Tables and Figures
spread through 110 Pages and an in-depth TOC on " Global Subsea Systems Market "
https://www.techsciresearch.com/report/subsea-systems-market/4046.html
On the basis of type, global subsea
systems market is categorized into subsea processing system and subsea
production system. Among these types, subsea processing system category
accounted for a significant portion of the global subsea systems market in 2018.
The growth of this category can be attributed to increasing demand for oil and
gas technology upgradation. Among regions, North America accounts for a
significant portion of global subsea systems market on the back of offshore
activities in the oil fields in the US and Mexico. Moreover, APAC is also anticipated
witness significant growth during the forecast period due to the reforms undertaken
by the governments for increasing oil production in the region.
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“Global subsea systems market is likely
to witness growth during forecast period. Subsea systems market is witnessing a
healthy growth in the MEA region owing to rising investments in major oil
producing African nations, namely, Ghana, Nigeria, Angola, and Equatorial
Guinea driven by large new offshore discoveries. Additionally, it is also
expected that growing demand for energy in developing countries of
Asia-Pacific, like China and Indonesia would further fuel growth of global
market over the next five years.” said, Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Global Subsea Systems Market By Type, By
Subsea Production Component, By Subsea Processing Technology, By Region,
Competition, Forecast & Opportunities, 2024” has evaluated the future growth
potential of global subsea systems market and provides statistics and
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities in global subsea systems market.
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TechSci Research
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