North America Subsea Production and Processing System Market Size (2024 - 2029)

The North American subsea production and processing system market is poised for growth, driven by exploration and production activities in the Gulf of Mexico and offshore shale formations. The increasing interest in deepwater and ultra-deepwater oil wells is expected to boost demand, despite challenges such as oil price volatility and the rise of renewable energy. The market's expansion is supported by the high demand for subsea infrastructure components, with the United States leading due to its substantial offshore reserves.

Market Size of North America Subsea Production and Processing System Industry

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North America Subsea Production and Processing System Market
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 2.00 %
Market Concentration Medium

Major Players

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*Disclaimer: Major Players sorted in no particular order

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North America Subsea Production & Processing System Market Analysis

The North American subsea production and processing system is expected to record a CAGR of over 2% from 2022 to 2027. During the COVID-19 pandemic, oil and gas production and exploration activities were restricted due to the reduced demand from end users. For instance, FAR Limited, operator of the A2 and A5 blocks in offshore, postponed its plans to drill the offshore exploration well in the Gambia due to the pandemic. However, exploration and production activities in the Gulf of Mexico and offshore Shale formations will be significant market drivers. In addition, increasing interest in deepwater and ultra-deepwater oil wells will increase the demand for subsea production and processing systems in North America. However, the volatility of oil prices in recent years may bring uncertainty to the market, coupled with the growth of renewable energy.

  • Due to the high demand for subsea trees, risers, flowlines, umbilicals, and wellheads, subsea production is expected to dominate the market.
  • The increasing crude oil prices due to the war between Ukraine and Russia may encourage countries in North America, primarily the United States, to produce their crude oil, principally as offshore shale oil and gas. This factor may directly aid the North American production and processing system market and provide an opportunity during the forecast period.
  • The United States is the largest market in the region for subsea production and processing systems, as it has an abundance of offshore oil and gas reserves.

North America Subsea Production & Processing System Industry Segmentation

The scope of the North American subsea production and processing system market report includes:

Production System
Subsea Trees
Subsea Umbilicals
Risers and Flowlines
Subsea Wellhead
Other Production Systems
Processing System
Boosting
Separation
Injection
Gas Compression
Geography
United States
Canada
Mexico
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North America Subsea Production and Processing System Market Size Summary

The North American subsea production and processing system market is poised for growth, driven by increasing exploration and production activities in the Gulf of Mexico and offshore shale formations. The market is expected to benefit from the rising interest in deepwater and ultra-deepwater oil wells, which necessitate advanced subsea systems. Despite challenges such as oil price volatility and the growing prominence of renewable energy, the demand for subsea trees, risers, flowlines, umbilicals, and wellheads is anticipated to dominate the market. The United States, with its abundant offshore oil and gas reserves and the highest number of offshore rigs in the region, is the largest market within North America. The country's focus on producing crude oil, particularly offshore shale oil and gas, is expected to provide significant opportunities for market expansion during the forecast period.

Subsea production systems are gaining traction in North America due to their efficiency in accessing deepwater reservoirs where traditional offshore platforms are not feasible. These systems utilize a network of building blocks on the seabed, connected to pipelines and riser systems, to economically extract hydrocarbons. The market is moderately consolidated, with key players such as Subsea 7 SA, TechnipFMC PLC, Aker Solutions, Oceaneering International Inc., and General Electric Company leading the industry. Recent projects, including substantial subsea installations in the Gulf of Mexico and international endeavors like the Scarborough project, highlight the ongoing development and investment in subsea technologies. The United States is expected to maintain a major share of the market, supported by robust oil and gas prices and new deepwater project sanctions, further solidifying its position as a leader in subsea production and processing systems in North America.

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North America Subsea Production and Processing System Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION?

    1. 2.1 Production System

      1. 2.1.1 Subsea Trees

      2. 2.1.2 Subsea Umbilicals

      3. 2.1.3 Risers and Flowlines

      4. 2.1.4 Subsea Wellhead

      5. 2.1.5 Other Production Systems

    2. 2.2 Processing System

      1. 2.2.1 Boosting

      2. 2.2.2 Separation

      3. 2.2.3 Injection

      4. 2.2.4 Gas Compression

    3. 2.3 Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Mexico

North America Subsea Production and Processing System Market Size FAQs

The North America Subsea Production and Processing System Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)

Aker Solutions, Subsea 7 SA, TechnipFMC PLC, Oceaneering International Inc. and General Electric Company are the major companies operating in the North America Subsea Production and Processing System Market.

North America Subsea Production and Processing System Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)