Subsea Control Systems Market Size & Share, by Type (Topside, Underwater); Depth (Shallow Water, Deep Water, Ultra Deep Water); Application (Production, Processing) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5603
  • Published Date: Feb 05, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Subsea Control Systems Market size is projected to surpass USD 36 billion by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of subsea control systems was close to USD 26 billion. The growth of the market is set to be encouraged by growing demand for oil & gas. For instance, Over the past three decades, the worldwide consumption of oil has risen significantly, hitting about 5 billion metric tonnes in 2022 from close to 4 billion metric tonnes the year before. Hence, with this the demand for subsea control systems is estimated to grow since most oil & gas reservoirs are situated in subsea.

Furthermore, the cost of installing subsea control systems is low or probably zero. Hence, a large number of manufacturers prefer opting for this solution which is further estimated to dominate the subsea control systems market revenue for subsea control systems in the coming years.


Subsea Control Systems Market
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Subsea Control Systems Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

4%

Base Year Market Size (2023)

 USD 26 Billion

Forecast Year Market Size (2036)

 USD 36 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Subsea Control Systems Market: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Surge in Adoption of IoT in Subsea Monitoring & Control Systems - Production of oil and gas (O&G) between the water is extremely difficult and risky. For oil and gas businesses, it may prove difficult to get a real-time picture of their current production due to the remoteness and isolation of offshore rigs. Due to this, operators frequently overlook the signs of machine and process variable deviations, increasing the risk of expensive downtime and asset failures. Additionally, inadequate monitoring capabilities could lead to catastrophic explosions that severely damage the environment, workers' lives, and businesses' reputations. The Internet of Things (IoT) and next-generation connectivity offer fascinating new possibilities for dependable and reasonably priced subsea monitoring today. Hence, with the growing adoption of IoT, the subsea control systems market is estimated to flourish.
  • Aims to Reduce Emission in Subsea   - The maritime scientific and industrial sectors have observed an increasing need for all-inclusive subsea monitoring systems. Its major interrelated driver includes growing public awareness of environmental issues. Particularly, one of the primary objectives of researchers is to monitor the marine environment continuously and economically. More and more external inputs and contaminants are being introduced into marine ecosystems in particular, which may have a significant impact on their biodiversity and the periodicity of their processes, with implications for the entire system. Hence, the adoption of subsea monitoring and control systems is estimated to rise.
  • Growing Integration of Subsea Power Grids - Renewable energy sources including maritime solar farms and offshore wind farms are being integrated into subsea power grid systems on a growing scale. For instance, with 292 operational projects along with more than 11,900 operational wind turbines, the total global capacity reached 59,009 MW in 2023. For offshore sites, these sources provide a dependable and environmentally friendly power source when combined with energy storage technologies. Therefore, the subsea control systems market revenue for subsea control systems might flourish since it would prove to be beneficial in keeping a track on its operation. 

Challenges

  • Growing Cyber Risk on Subsea Control Systems - With the growing adoption of technology the risk of cyber security also increases. A commensurate rise in cyberattacks directed on oil and gas firms has also occurred. Remote access to and management of substantial and intricate hardware resources are necessary for offshore oil production. Integration of IIoT technologies, Supervisory, Control and Data Acquisition (SCADA) systems, and ICPS systems is how this is accomplished. The ecology, the marine ecosystem, and worker safety could all be significantly impacted by a successful cyberattack against an oil and gas (O&G) offshore asset. The price of oil and the state of the world economy may be impacted by any disruption to the supply of O&G. Hence, this might hinder the subsea control systems market expansion for subsea control systems.
  • High Price of Raw Material
  • Strongly Affected by Growth of Other Products  


Subsea Control Systems Segmentation

Depth (Shallow Water, Deep & Ultra Deep Water)

The deep & ultra-deep-water segment in the subsea control systems market is expected to gather the highest share of about 60% over the coming years owing to deep water exploration. Deepwater exploration is the investigation of different seafloor environments for various academic or industrial objectives. Since sea and ocean research is relatively new and significantly reliant on contemporary equipment, these areas are still mostly unexplored. Petroleum firms have increased their deepwater and ultra-deepwater exploration due to the growing need for fossil fuels. For instance, the globe used approximately 489 exajoules of fossil fuels in 2021. Furthermore. drilling with deep water could pose various challenges such as a harsh environment. Hence, constant monitoring is crucial during this process. Therefore, with the rise in growth of this segment, the market for subsea control systems is also set to grow. 

Application (Production, Processing)

The production segment in the subsea control systems market is poised to capture the highest revenue share of over 60% in the coming years. The major element to influences the growth of the segment is the growing demand for hydrocarbon. Hydrocarbons can be produced from regions that are not easily or economically developed by using an offshore platform or a subsea production system. Hydrocarbons are the main components of petroleum and natural gas. In addition to being used as industrial chemicals, solvents, fibers, rubber, and fuels, they also serve as raw materials for the manufacture of plastics and lubricants. Hence, further with the growing demand for raw materials, the segment is anticipated to observe growth. Furthermore, to supply the reservoir to a host plant securely and effectively, the system uses a variety of seabed building components that are connected to subsea pipeline networks and riser systems. Hence, further to keep track of these systems the market demand for subsea control systems is estimated to grow. 

Our in-depth analysis of the global subsea control systems market includes the following segments:

         Type

  • Topside
  • Underwater

         Depth

  • Shallow Water
  • Deep Water
  • Ultra-Deep Water

         Application

  • Production
  • Processing

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Subsea Control Systems Industry - Regional Synopsis

European Market Forecast

The Europe subsea control systems market is poised to generate the highest share of over 30% over the forecast period. The growth of the market in this region is set to be dominated by rising investment in offshore wind. With investment in offshore wind expected to reach about USD 52 billion in 2030, up from over USD 14 billion the previous year, Europe continues to be the leader in this regard. Equally, the investment is also estimated to grow in offshore drilling rigs. Furthermore, the price of oil is growing rigorously which is further grabbing the attention of investors. However, many EU members have rejected the development of offshore gas production in recent years, primarily due to climate concerns. Several nations in Western Europe have either made offshore drilling illegal or have effectively stopped granting licenses for such operations. Nevertheless, given the current situation, Europe is forced to reevaluate that strategy.  

North American Market Analysis

The North America subsea control systems market is also projected to grow over the coming years. This growth of the market in the region is set to be influenced by rising drilling in shallow water. Since engineers can access the well, oil drilling in shallow waters becomes less dangerous and easier to repair if it is damaged. Shallow water rigs feature legs that extend to the ocean floor and blow-out preventers (BOPs) above the water's surface that may be accessed for upkeep, repair, and inspection. In an emergency, the BOPs can be manually or remotely operated. Furthermore, to encourage exploration and production (E&P) in shallow waters, the United States has previously offered some incentives for shallow-water drilling, including cheap royalty rates and changes to the shallow-water areas that are already leased, such as lowering fees-the North American drilling market. Hence, the subsea control systems market demand for subsea control systems is also growing in the region.

Research Nester
Subsea Control Systems Market Size
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Companies Dominating the Subsea Control Systems Market

top-features-companies
    • Ocean Floor Geophysics, Inc.  
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Baker Hughes Company
    • ABB
    • Siemens
    • Kongsberg Maritime
    • Schlumberger Limited
    • General Electric
    • Saipem SpA
    • Weatherford
    • NOV, Inc. 

In-the-news

In The News

  • June 1, 2022: Ocean Floor Geophysics, Inc. (OFG) announced that it has successfully acquired NCS SubSea. Through its industry-leading P-Cable technology, NCS SubSea offers ultra-high-resolution 3D seismic data to the oil and gas and new energy markets.
     
  • December 12, 2023: The energy technology company Baker Hughes and Chevron Australia Pty Ltd. announced a 20-year framework agreement on Tuesday. In the future, Baker Hughes will provide its cutting-edge Aptara Subsea production systems to Chevron Australia for its offshore projects. To satisfy the changing needs of the industry, the Aptara portfolio of cutting-edge subsea equipment—which includes subsea trees, wellheads, control systems, and more—offers TOTEX-lite subsea systems that are flexible, lightweight, and small.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5603
  • Published Date: Feb 05, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are surge in adoption of IoT in subsea control systems, aims to reduce emission in subsea, and growing integration of subsea power grids.

The market size of subsea control systems is anticipated to attain a CAGR of 4% over the forecast period, i.e., 2024-2036.

The major players in the market are Ocean Floor Geophysics, Inc., Baker Hughes Company, ABB, Siemens, and others.

The production segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Europe region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Subsea Control Systems Market Report Scope
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