The global subsea processing system market to grow at a CAGR of 3.13% during the period 2018-2022.
Global Subsea Processing System Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The oil and gas sector has extended its reach from land-based drilling to the offshore segment to tap the richness of the earth covered by water. The environmental conditions in the offshore sector are challenging as they vary greatly from the onshore sector. There were two major developments witnessed as drillers approached oceans for producing crude oil and natural gas.
One trend in the market is ERD Technologies. The use of extended reach drilling (ERD) technology in the current oil and gas scenario is not economically feasible. However, the real situation is quite the opposite, as using this technology is about the economics and the demanding market conditions. In the last two years of low crude oil prices, operators have adopted these technologies, which has made the overall project commercially viable. This is because the benefits from this technology are for the long-term projects.
According to the report, one driver in the market is growth in the number of deep and ultra-deepwater drilling projects. Deep and ultra-giggp, projects have gradually started resuming operations with the gradual stabilization of the crude oil prices. The growing focus of oil majors on operational improvements has resulted in a reduction in the CAPEX and OPEX, which, in turn, has reduced the breakeven value for crude oil production. This translates into the oil companies better sustaining in the market at the current oil price of around $56/01 as of September 2017.