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 cross $ 19.3 billion by 2024 on account of increasing focus on oil & gas production from offshore fields, particularly activities in deep-water reserves. Moreover, growing investments in the oil and gas industry to meet the rising demand is further bolstering the growth of global subsea systems market. However, crude oil price fluctuations and complex underwater conditions are restraining the growth of the global subsea systems market.
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On the basis of type, global subsea systems market is categorized into the subsea processing system and subsea production system. Among these types, the subsea processing system category accounted for a significant portion of the global subsea systems market in 2018. The growth of this category can be attributed to the increasing demand for oil and gas technology up-gradation. Among regions, North America accounts for a significant portion of the global subsea systems market on the back of offshore activities in the oil fields in the US and Mexico. Moreover, APAC is also anticipated witness significant growth during the forecast period due to the reforms undertaken by the governments for increasing oil production in the region.
“Global subsea systems market is likely to witness growth during the forecast period. Subsea systems market is witnessing healthy growth in the MEA region owing to rising investments in major oil-producing African nations, namely, Ghana, Nigeria, Angola, and Equatorial Guinea 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 Indonesia, would further fuel growth of the global market over the next five years.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“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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