Production and Processing System Market Research report provides information regarding market size, share, growth, and revenue and forecast 2026.
Increasing demand for energy worldwide is likely to drive the global subsea production and processing system market growth in the forthcoming years. According to the National Petroleum Council (NPC) of the US, by 2030, world total energy demand will rise by 50% to 60% from the current levels. The primary reason for this considerable rise is the ever-increasing population around the world, which, as per World Bank projections, will reach 10 billion by 2050. The NPC also predicts that majority of this energy demand will be met by oil, gas, and coal in spite of the global movement towards renewables. As a result, subsea exploration and production of hydrocarbons will gather momentum to meet the skyrocketing energy demands across the globe. Production and processing systems will, therefore, play a central role in managing the vast amounts of the fossil fuels extracted from both conventional and unconventional sources.
The new Fortune Business Insights™ report, titled “Production and Processing SystemMarket Size, Share and Industry Analysis, By Components (Production System, Processing System), By Water Depth (Shallow water, Deepwater, Ultra-Deepwater) and Regional Forecast, 2019-2026”, shares the following information:
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Key Questions Answered:
• What are the key technological and trends shaping the market?• What are the key opportunities in the market?• What are the key companies operating in the market?• Which company accounted for the highest market share?• Why Choose Fortune Business Insights?• What is the market size and growth rate of the global and regional market by various segments?• What is the market size and growth rate of the market for selective countries?• Which region or sub-segment is expected to drive the market in the forecast period?• What Factors are estimated to drive and restrain the Market growth?
Strategic Collaborations Between Players to Intensify Competition
The subsea production and processing system market forecast predicts a period of intense competition in this market as many companies are aggressively partnering with their fellow competitors. This move will enable players to broaden their business horizons as well as widen their product portfolio.
Industry Developments:
Major Players Covered in the Subsea Production and Processing System Market Report:
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Steady Demand for Oil to Favor Market Growth
The global demand has remained steady and is expected to rise during the forecast period, making it one of the leading subsea production and processing system market trends. According to the World Oil Outlook Report released by the Organization of Oil Exporting Countries (OPEC), with a share of 27%, oil is expected to remain the dominant fuel for energy production till 2040. The case will be similar for natural gas which will hold a share of around 25% by 2040. Thus, oil and gas together will hold a combined share of 52% by 2040. Furthermore, the OPEC report foresees an investment of close to USD 10.5 trillion by 2040 in the oil and gas industry. One of the major reasons for this meteoric rise will be the promising prospects offered by the growing world economy, which the OPEC report predicts will increase by 3.4% between 2016 and 2022. Moreover, governments around the world are designing policies to promote subsea EandP activities to meet their citizens’ energy needs.
Market Segmentation:
North America to Lead the Pack; Middle East and Africa to Follow Closely
Among regions, North America is slated to dominate the subsea production and processing system market share owing to increasing offshore oil and gas EandP activities in the region. Besides this, rising shale oil production in the US and gathering pace of oil exploration ventures in the Gulf of Mexico will be the other factors propelling the market in North America. Middle East countries are known for their crude oil reserves and have historically been the primary oil exporters in the world. In Africa, unexplored subsea regions are attracting the attention of many global players, while governments in Asia-Pacific are actively promoting EandP ventures to meet their energy demands.
Regional Analysis:
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