Subsea Power Grid Systems Market:
Executive Summary
Subsea power grid refers to a technology the enables subsea processing with the help of multiple seabed power consumers. The system is ideal for supporting the better recovery of the tie-back fields and subsea brown field projects. The subsea power grid systems are helpful in boosting oil recovery. The growing number of offshore oil and gas exploration activities increases the demand for subsea power grid systems. The subsea power grid system market is expected to grow worldwide in the coming years.
The depletion of the on-shore gas and oil reserves is a major contributing factor towards the growth of the global market. The subsea power grid systems will find extensive usage in the exploration of the mew fields to fulfill the growing demand for primary energy. Moreover, the benefits of installing the subsea power grid systems resulting in increased efficiency and reduced emissions are another reason that accounts for the growth of the industry. The increased infrastructural development of the sub-sea is further expected to accelerate the market demand across the globe.
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The technological issues and operational risks associated with the subsea power grid system are anticipated to affect the growth of the global market negatively. The potential limitations like loss of transmission during the long-distance power transmissions are further expected to create obstacles for the growth of the market in the coming years. But the technological advancements in the energy and power sectors will lead to the growth of the market in the coming years.
Market Key Player
ABB, Aker Solutions, Bandak Group, Cameron International, Dril-Quip, Expro International Group Holdings, FMC Technologies, General Electric, JDR Cable Systems (Holdings), Nexans, Norddeutsche Seekabelwerke, Oceaneering International, Parker Hannifin, Prysmian, Schlumberger, SIEM Offshore Contractors, Siemens, Technip
Global Market Segmentation
The global market is divided into different segments based on different bases. The global subsea power grid systems market is divided based on product type, power generation source, application, and geographical regions.
Based on the product type, the global market is segmented into cables, switchgears, transformers, variable speed drives, and other product types.
Depending on the power generation source, the subsea power grid systems market is divided into captive power generation, wind power generation, and tidal and wave energy.
Based on the application, the global subsea power grid systems market is bifurcated into a deep-sea power supply system and shallow sea power supply system.
Geographical Segmentation
Based on the geographic regions, the global market of subsea power grids systems is segmented into North America, Europe, South America, the Middle East and Africa, and the Asia Pacific region.
The North America region is anticipated to witness significant growth due to the increase in the shale reserves exploration activities in the region. The Middle East and Africa region are expected to witness significant growth during the forecast period owing to the rise in deep water gas and oil exploration activities in the region. The Asia Pacific region will witness positive growth in the demand for subsea power grid systems due to the increasing demand for energy.
Top Industry News
In September 2019, JDR, a leading player in the market along with TFKable, are all set to present their product capabilities and joint technology during the HUSUM Wind 2019. The new technology is expected to bring about a revolution in the offshore industry.
Continuous…
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