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SUBSEA SYSTEMS

Global Market Trajectory & Analytics

MCP15060

VALIDATED EXECUTIVE ENGAGEMENTS

POOL + OUTREACH

764
Number of executives repeatedly engaged by snail & email outreach

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153
Interactions with Platform & by Email

PARTICIPANTS

31
Unique # Participated

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14
Responses Validated*
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DATE

SEP 2020

TABLES

75

PAGES

412

EDITION

9

PRICE

USD $4950


Shattered by the global pandemic, the oil & gas industry is facing its worst ever crisis, an overstocked supply market and a steep decline in demand. Choking economic activity over the last few months is sending shockwaves of disruption through the industry. From prices dipping to subzero to oil producers in the first time in history having to pay to dispose excess stocks, the industry has seen the worst. In this crisis of unimagined magnitude, CAPEX spending is worst hit. As business confidence plummets rapidly, major oil companies have already slashed planned CAPEX spending by almost US$89 billion in 1st quarter 2020. Travel bans, manufacturing shutdown of all non-essential plants, closure on offices have wielded the most severe demand shock. A mistimed price war between Russia and Saudi Arabia following Russia's decision to pull out of a joint production cut agreement additionally aggravated the demand supply imbalance. China in early February during the heat of the pandemic banned entry of oil tankers while tightening the lockdown measures. OPEC talks to cut back on production failed as Russia refused to cooperate. Saudi Arabia during this period offered US$6 to US$9 discount per barrel for European, Asian, and U. S customers. As a culmination of these factors, the world witnessed negative oil prices become a shocking reality. As rising stockpiles overwhelmed storage facilities, the amount of oil stored on massive tankers on sea skyrocketed to over 160 million barrels in April 2020 as compared to the less than 100 million in April 2009 during the Great Recession. Oil consumption in April 2020 fell by 28 million barrels per day (mbd) and for the whole year 2020 the decline is estimated at 9.8 mbd.

The entire O&G value chain is feeling the pain as upstream, midstream and downstream operations collapse under a domino effect. Against this backdrop, the global market for Subsea Systems is forecast to witness severe short-to-medium term pain before reaching a revised market size of US$14.5 billion by the year 2027. As financial losses build-up for oil companies, CAPEX investments will also witness a parallel blow reducing opportunities for subsea systems that aid in processing and production of hydrocarbons from offshore wells. Currently for most oil giants worldwide higher prices are needed to breakeven. Breakeven prices for Saudi Arabia, UAE, Iraq, Azerbaijan, Kuwait, Kazakhstan, and Russia include US$85, US$65, US$64, US$51, US$49, US$42, and US$40 respectively. A Hiatus in growth is therefore seen as inevitable until capital availability recovers for Deepwater offshore drilling for hydrocarbon extraction. The virus led recession will likely delay the recovery further.

The market will nevertheless bounce back as the economic climate improves, since the goal of energy independence is an evergreen force driving countries to extract oil from the ocean depths. Continued political unrest makes reliance on conventional oil wells in the Middle East very undesirable and a growing number of oil enterprises will continue to lean towards deeper water plays as geo-political issues make Iran and Iraq etc. unpredictable environments for investors. Rise of enhanced oil recovery (EOR) technologies is another major factor that has contributed immensely to the growth of offshore exploration activities over the last decade. Since most oilfields are present 400 meters and 1,500 meters below the sea level, success of Deepwater resource extraction depends largely on innovations in subsea equipment. New generation subsea equipment will therefore play a key role in increasing the productivity, integrity and safety of subsea production processes. Subsea environment requires the use of a range of sophisticated technologies and systems that enable processing and production of hydrocarbons from offshore wells without the need for surface production activity. Major activities undertaken are down hole and seabed oil/gas/water separation, seabed and down hole multi-phase pumping, gas compression, and flow assurance. Primary benefits of using subsea systems include improved recovery of oil and gas stocks, lowered costs pertaining to surface production, reduced chances of gas hydrate formation in flow lines, increased Net Present Value (NPV), and overall higher production.
Aker Solutions ASA; Baker Hughes, Inc.; Dril-Quip, Inc.; Kongsberg Gruppen ASA; McDermott International, Inc.; National Oilwell Varco; Oceaneering International, Inc.; OneSubsea; Parker Hannifin Corporation ; Proserv Group Inc.; Saipem S.p.A.; Siemens AG ; Subsea 7 S.A.; TechnipFMC plc
» Type (SURF, Subsea Trees, Subsea Control Systems, Subsea Manifolds, Subsea Boosting Systems, Subsea Separation Systems, Subsea Injection Systems, and Subsea Compression Systems)
» World » USA » Canada » Japan » China » Europe » France » Germany » Italy » UK » Spain » Russia » Rest of Europe » Asia-Pacific » Australia » India » South Korea » Rest of Asia-Pacific » Latin America » Argentina » Brazil » Mexico » Rest of Latin America » Middle East » Iran » Israel » Saudi Arabia » UAE » Rest of Middle East » Africa

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05
1. MARKET OVERVIEW
Impact of Covid-19: A Looming Global Recession and Depressive Oil Industry Outlook for 2020
Massive Decline in Crude Oil Demand Pushes Oil Industry CAPEX and E&P Spending to Downward Trajectory
EXHIBIT: Global Daily Crude Oil Demand in Million Barrels for the Years 2015 through 2020
EXHIBIT: World E&P Spending (in US$ Billion) for the Years 2016 through 2021
EXHIBIT: Breakdown of Global E&P Spending (in %) by Supply Segment for the Year 2019 & 2020
EXHIBIT: Breakdown of North American E&P Capital Spending (in %) by Type of Company for 2020
EXHIBIT: Breakdown of CAPEX Reductions (in US$ Billion) by Type of Oil Company in 1Q 2020
An Introduction to Subsea Systems
Subsea Systems: Current Market Scenario and Outlook
Recent Market Activity
Subsea Umbilicals, Risers, and Flowlines (SURF): Largest Product Segment
Subsea Trees Continue to Widen Addressable Market
Subsea Boosting Systems Exhibit Fastest Growth
Sustained Demand for Subsea Separation Systems
Control Systems Make a Cut
Manifolds Remain Highly Relevant
Market for Injection Systems & Compression Systems Will Continue to Grow
COVID-19 Pandemic Set to Dent Economic Growth Across All Regions, While Inducing Weakness Into Oil & Gas Sector
EXHIBIT: World Economic Growth Projections (Real GDP, annual % Change) for 2019, 2020 & 2021
EXHIBIT: Global Purchasing Managers' Index (PMI) Points for the Years 2018 through 2020
Competitive Scenario: A Consolidated Marketplace
Global Competitor Market Shares
EXHIBIT: Subsea Umbilicals, Risers, Flowlines (SURF) Competitor Market Share Scenario Worldwide (in %): 2019
EXHIBIT: Subsea Trees (Production System Type) Global Competitor Market Share Positioning for 2019
EXHIBIT: Subsea Boosting Systems (Processing System Type) Global Competitor Market Share Positioning for 2019
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Favorable Long-Term Forecasts for Oil & Gas Sector Instil Market Optimism
EXHIBIT: Top Countries with Proven Reserves of Crude Oil in Billion Barrels for the Years 2014-2019
Fossil Fuel Consumption to Remain Unperturbed Despite Rise of Renewables
EXHIBIT: Breakdown World Energy Demand (in %) by Fuel Type for the Years 2019 and 2040
Emphasis on Migration from Onshore to Offshore Operations to Augment Long-Term Growth Prospects
EXHIBIT: Offshore Oil and Gas Exploration & Production Expenditure Worldwide by Segment (2015-2019): Percentage Breakdown of Expenditure for Drilling, Engineering, Procurement, Construction, Installation (EPCI), Life of Field, Offshore Supply Vehicle, and Subsea
Growing Importance of Deep & Ultra Deep Water Hydrocarbon Exploration Instigates Robust Growth
New Offshore Projects Worldwide Prioritize Deep & Ultra Deep Water Exploration
EXHIBIT: Breakdown of Global Oil Production Volume by Onshore, Offshore, and Offshore Deepwater Activity for the Years 2011, 2015 and 2019
EXHIBIT: Subsea Capital Expenditure Worldwide by Depth of Installation (2019 & 2022): Percentage Breakdown of CAPEX for Installations at Depth of Below 99 Meters, 100-499, 500-999, 1000-1499, and 1500 Meters and Above
Rise of Sophisticated EOR Technologies Augments Subsea Systems Market
Brief Description of EOR Methods
A Glance at Select Chemical EOR Projects Worldwide
Technology Advancements Widen Scope & Span of Subsea Systems
A Brief Review of Technology Innovations in the Subsea Systems Domain
Digitalization and IoT Step-In to Revolutionize Subsea Landscape
Subsea Systems Market: Strongly Influenced by Trends in Oil Prices
Crude Prices Tumble as Covid-19 Pandemic Weakens Demand
EXHIBIT: Average Annual OPEC Crude Oil Prices (in US$ per Barrel) for Years 2010 through 2021
OPEC Steps In with Production Cut Strategy to Curb Declining Trend in Crude Prices
EXHIBIT: A Glimpse of OPECs April 2020 Production Cut Deal
4. GLOBAL MARKET PERSPECTIVE
Subsea Systems Global Market Estimates and Forecasts in US$ Thousand by Region/Country: 2020-2027
Subsea Systems Global Retrospective Market Scenario in US$ Thousand by Region/Country: 2012-2019
Subsea Systems Market Share Shift across Key Geographies Worldwide: 2012 VS 2020 VS 2027
SURF (Type) World Market by Region/Country in US$ Thousand: 2020 to 2027
SURF (Type) Historic Market Analysis by Region/Country in US$ Thousand: 2012 to 2019
SURF (Type) Market Share Breakdown of Worldwide Sales by Region/Country: 2012 VS 2020 VS 2027
Subsea Trees (Type) Potential Growth Markets Worldwide in US$ Thousand: 2020 to 2027
Subsea Trees (Type) Historic Market Perspective by Region/Country in US$ Thousand: 2012 to 2019
Subsea Trees (Type) Market Sales Breakdown by Region/Country in Percentage: 2012 VS 2020 VS 2027
Subsea Control Systems (Type) Geographic Market Spread Worldwide in US$ Thousand: 2020 to 2027
Subsea Control Systems (Type) Region Wise Breakdown of Global Historic Demand in US$ Thousand: 2012 to 2019
Subsea Control Systems (Type) Market Share Distribution in Percentage by Region/Country: 2012 VS 2020 VS 2027
Subsea Manifolds (Type) World Market Estimates and Forecasts by Region/Country in US$ Thousand: 2020 to 2027
Subsea Manifolds (Type) Market Historic Review by Region/Country in US$ Thousand: 2012 to 2019
Subsea Manifolds (Type) Market Share Breakdown by Region/Country: 2012 VS 2020 VS 2027
Subsea Boosting Systems (Type) World Market by Region/Country in US$ Thousand: 2020 to 2027
Subsea Boosting Systems (Type) Historic Market Analysis by Region/Country in US$ Thousand: 2012 to 2019
Subsea Boosting Systems (Type) Market Share Distribution in Percentage by Region/Country: 2012 VS 2020 VS 2027
Subsea Separation Systems (Type) World Market Estimates and Forecasts in US$ Thousand by Region/Country: 2020 to 2027
Subsea Separation Systems (Type) Market Worldwide Historic Review by Region/Country in US$ Thousand: 2012 to 2019
Subsea Separation Systems (Type) Market Percentage Share Distribution by Region/Country: 2012 VS 2020 VS 2027
Subsea Injection Systems (Type) Market Opportunity Analysis Worldwide in US$ Thousand by Region/Country: 2020 to 2027
Subsea Injection Systems (Type) Global Historic Demand in US$ Thousand by Region/Country: 2012 to 2019
Subsea Injection Systems (Type) Market Share Distribution in Percentage by Region/Country: 2012 VS 2020 VS 2027
Subsea Compression Systems (Type) World Market by Region/Country in US$ Thousand: 2020 to 2027
Subsea Compression Systems (Type) Historic Market Analysis by Region/Country in US$ Thousand: 2012 to 2019
Subsea Compression Systems (Type) Market Share Breakdown of Worldwide Sales by Region/Country: 2012 VS 2020 VS 2027
GEOGRAPHIC MARKET ANALYSIS
UNITED STATES
United States Subsea Systems Market Estimates and Projections in US$ Thousand by Type: 2020 to 2027
Subsea Systems Market in the United States by Type: A Historic Review in US$ Thousand for 2012-2019
United States Subsea Systems Market Share Breakdown by Type: 2012 VS 2020 VS 2027
CANADA
Canadian Subsea Systems Market Estimates and Forecasts in US$ Thousand by Type: 2020 to 2027
Canadian Subsea Systems Historic Market Review by Type in US$ Thousand: 2012-2019
Subsea Systems Market in Canada: Percentage Share Breakdown of Sales by Type for 2012, 2020, and 2027
JAPAN
Japanese Market for Subsea Systems: Annual Sales Estimates and Projections in US$ Thousand by Type for the Period 2020-2027
Subsea Systems Market in Japan: Historic Sales Analysis in US$ Thousand by Type for the Period 2012-2019
Japanese Subsea Systems Market Share Analysis by Type: 2012 VS 2020 VS 2027
CHINA
Chinese Subsea Systems Market Growth Prospects in US$ Thousand by Type for the Period 2020-2027
Subsea Systems Historic Market Analysis in China in US$ Thousand by Type: 2012-2019
Chinese Subsea Systems Market by Type: Percentage Breakdown of Sales for 2012, 2020, and 2027
EUROPE
European Subsea Systems Market Demand Scenario in US$ Thousand by Region/Country: 2020-2027
Subsea Systems Market in Europe: A Historic Market Perspective in US$ Thousand by Region/Country for the Period 2012-2019
European Subsea Systems Market Share Shift by Region/Country: 2012 VS 2020 VS 2027
European Subsea Systems Market Estimates and Forecasts in US$ Thousand by Type: 2020-2027
Subsea Systems Market in Europe in US$ Thousand by Type: A Historic Review for the Period 2012-2019
European Subsea Systems Market Share Breakdown by Type: 2012 VS 2020 VS 2027
FRANCE
Subsea Systems Market in France by Type: Estimates and Projections in US$ Thousand for the Period 2020-2027
French Subsea Systems Historic Market Scenario in US$ Thousand by Type: 2012-2019
French Subsea Systems Market Share Analysis by Type: 2012 VS 2020 VS 2027
GERMANY
Subsea Systems Market in Germany: Recent Past, Current and Future Analysis in US$ Thousand by Type for the Period 2020-2027
German Subsea Systems Historic Market Analysis in US$ Thousand by Type: 2012-2019
German Subsea Systems Market Share Breakdown by Type: 2012 VS 2020 VS 2027
ITALY
Italian Subsea Systems Market Growth Prospects in US$ Thousand by Type for the Period 2020-2027
Subsea Systems Historic Market Analysis in Italy in US$ Thousand by Type: 2012-2019
Italian Subsea Systems Market by Type: Percentage Breakdown of Sales for 2012, 2020, and 2027
UNITED KINGDOM
United Kingdom Market for Subsea Systems: Annual Sales Estimates and Projections in US$ Thousand by Type for the Period 2020-2027
Subsea Systems Market in the United Kingdom: Historic Sales Analysis in US$ Thousand by Type for the Period 2012-2019
United Kingdom Subsea Systems Market Share Analysis by Type: 2012 VS 2020 VS 2027
Norway
Subsea Systems Market in Norway: Recent Past, Current and Future Analysis in US$ Thousand by Type for the Period 2020-2027
Norway Subsea Systems Historic Market Analysis in US$ Thousand by Type: 2012-2019
Subsea Systems Market Share Distribution in Norway by Type: 2012 VS 2020 VS 2027
REST OF EUROPE
Rest of Europe Subsea Systems Market Estimates and Forecasts in US$ Thousand by Type: 2020-2027
Subsea Systems Market in Rest of Europe in US$ Thousand by Type: A Historic Review for the Period 2012-2019
Rest of Europe Subsea Systems Market Share Breakdown by Type: 2012 VS 2020 VS 2027
Asia-Pacific
Indian Hydrocarbon Sector Demands Investments in Deep & Ultra-Deep Water Oil & Gas Fields for Energy Security
Subsea Systems Market in Asia-Pacific by Type: Estimates and Projections in US$ Thousand for the Period 2020-2027
Asia-Pacific Subsea Systems Historic Market Scenario in US$ Thousand by Type: 2012-2019
Asia-Pacific Subsea Systems Market Share Analysis by Type: 2012 VS 2020 VS 2027
Latin America
South America's Deep & Ultra Deep Water Exploration & Production Market: A Brief Note
Latin American Subsea Systems Market Growth Prospects in US$ Thousand by Type for the Period 2020-2027
Subsea Systems Historic Market Analysis in Latin America in US$ Thousand by Type: 2012-2019
Latin American Subsea Systems Market by Type: Percentage Breakdown of Sales for 2012, 2020, and 2027
Middle East
The Middle East Subsea Systems Market Estimates and Forecasts in US$ Thousand by Type: 2020 to 2027
The Middle East Subsea Systems Historic Market by Type in US$ Thousand: 2012-2019
Subsea Systems Market in the Middle East: Percentage Share Breakdown of Sales by Type for 2012,2020, and 2027
Africa
African Subsea Systems Market Estimates and Projections in US$ Thousand by Type: 2020 to 2027
Subsea Systems Market in Africa by Type: A Historic Review in US$ Thousand for 2012-2019
African Subsea Systems Market Share Breakdown by Type: 2012 VS 2020 VS 2027
Total Companies Profiled : 36

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