Global Subsea Power Grid Market - Market Analysis by Geography, Components, Competitive Landscape, Key Company Information - Growth Trends and Forecasts (2017 - 2022)

Published - Jan 2017 | Category - Energy and Power | No. of Pages - 134 | Published By - Mordor Intelligence

Report Highlights

Reliable power supply and transmission is pretty much vital for subsea systems. Continuous power supply is required in order to keep all the equipments running without interruption. Efficient power grid systems plays a major role in todays subsea exploration and production operations as the subsea oil and gas activity is growing   at a faster rate from the last few years.

To ensure cost savings, systems service life extension, and maintenance costs reduction subsea systems need dedicated power management systems. Integrated management systems will monitor the integrity of the grid, evaluate changes and predict failure situations before leading to unexpected shutdowns.

Operational key data will be stored, enabling the optimization of operations. Globally oil and gas reserves were decreasing, efforts are now underway to explore new areas for oil and gas exploration. Operators are moving in to much deeper areas to explore new reserves, where the use of subsea systems is prominent.

Africa is poised to lead the market in the coming decade as a result of development of new offshore fields. The market is still in developing stage in other parts of the world. Regions such as the North Sea, where the current exploratory activity is mainly focused on deep water areas and Gulf of Mexico, which is one of the major offshore regions for oil and gas exploration and production, are expected to witness a major growth in the coming decade in terms of market demand.

Factors such as declining oil and gas reserves, increasing energy demand, growth in subsea exploration activities are driving the market. Whereas on the flip side environmental barriers as some times the operators are forced to work in much harsh environments, high initial costs, and lack of skilled labor are constraining the market from growth.

This report comprehensively analyzes the Subsea Power Grid market by segmenting it based on geography and components (transformers, switch gears, speed drives and others). Key drivers and restraints that are effecting the growth of this market were discussed in detail. The study also elucidates on competitive landscape and key market players.  
 

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