Rising demand for oil & gas and increasing focus on offshore development projects 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 witness growth during forecast period 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, low price of crude oil in the international market is a restraint for the subsea systems market.

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On the basis of type, global subsea systems market is categorized into subsea processing system and subsea production system. Among these types, subsea production system category accounted for a significant portion of the global subsea systems market in 2018. The growth of this category can be attributed to rising demand for subsea production systems due to continuing deep-water activities in the Gulf of Mexico, South America and Africa.

Among regions, Europe accounts for a significant portion of global subsea systems market on the back of offshore activities in the Russian oil fields and the fields in the North Sea adjoining Norway and the United Kingdom. Moreover, major reforms have been undertaken by the United Kingdom and Norwegian governments for increasing oil production which is further driving growth of subsea systems market in Europe.

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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 African region owing to rising investments in major oil producing African nations, namely, Ghana, Angola, Equatorial Guinea and Nigeria, 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 India 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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