Power Grid System Market in Subsea Worth $2,365.1 Mln by 2018
The report “Power Grid System Market In Subsea, by Offshore Power (Captive Generation, Wind Power, Others), Components (Cables, Variable Speed Drives, Transformers, Switchgears, Others), and Geography – Global Trends & Forecast to 2018” defines and segments the global subsea power grid market with analysis and forecast of the global revenue. Subsea power grid market will grow from an estimated $1,196.6 million in 2013 to $2,365.1 million by 2018, with a CAGR of 11.9% through 2018.
Power grid system market in subsea is mainly driven by growing demand for energy and increasing investment in offshore infrastructure. High rate of exploration and production of offshore oil wells and thriving investment in oil fields developments in deeper waters, is the major growth engine for this market. African region is the largest end user market for subsea power grid services and solutions and is expected to continue with the same trend.
Subsea and offshore industry acts as the parent market of power grids system market in subsea. Its growth and demand is highly influenced by the parent market. Capital spending of the subsea has significantly increased, which clearly depicts the growth of the subsea sector globally. Subsea equipment like compressors, boosters, etc., requires power supply for various subsea exploration processes, and this is provided by the subsea power grid system, which is quite essential in order to have an efficient subsea operation.
The deepwater subsea market is growing and will continue to grow significantly over the next five years, with West Africa, North America, and Europe leading the way in total expenditures. This has created a considerable market for power grids in subsea and power supply equipment, and will continue to expand with the subsea market. This trend makes the subsea power grid system industry lucrative for both grid/components manufacturers and service operators. On account of heavy offshore infrastructure development and shifting focus towards renewable energy sources, the power grid system market in subsea will experience a tremendous increase in demand in the years to come.
In the current global power grid system market in subsea, the cables are the key component on the basis of market size and are projected to grow with significant rate in the near future. The cables demand is projected to increase heavily due to the increased subsea equipments requiring power supply.
The captive generation is the largest energy generation mode across the globe supplemented by the huge number of established offshore oil and gas platforms. On the other hand, offshore wind farms are gaining a sharp focus as a renewable energy generation source. Europe is representing a huge potential in terms of renewable energy supply for subsea power grids system. Subsea power grid manufactures and solution providers are continuously trying to integrate their existing technologies in order to provide a more cost effective and efficient solution, which in turn helps them to secure bulk supply and service contracts. Being a high technologically innovative market, it has a few number of industry players which are well established. Contracts, agreements, joint ventures and partnership activities are some of the key strategies followed by leading industry players to increase their market penetration in various regions. Leading industry players of this market include FMC Technologies Inc. (U.S.), ABB Ltd (Switzerland), General Electrics Co. (U.S.), Aker Solutions ASA (Norway), Cameron International Corp (U.S.), and Siemens AG (Germany).
The report forecasts global revenue of power grid system market in subsea and its various submarkets with respect to six main regions such as Africa, Latin America, Europe, Asia-Pacific, North America, and Rest of World.
The report segments the global power grid system market in subsea by components type, power supply type, and geography. It also focuses on market share analysis, value chain, Porters five force analysis, and market metrics such as drivers, restraints, and opportunities. This report also presents the competitive landscape and company profiles. In addition, 18 key players in the market have also been profiled.
Press Release, September 16, 2013