The Global Subsea Control systems Market is estimated to expand at ~9.15% CAGR during the forecast period.
Subsea control system is a system which provides monitoring and control to oil & gas subsea assets such as valves, subsea trees, templates, and pipelines. This system involves the receiving and transmission of data between the surface and subsea systems. The main component of a typical subsea control systems include electrical power unit, master control stations, hydraulic power units, subsea umbilical termination assembly, umbilicals, electrical & hydraulic flying leads, and subsea control module. The subsea control system and auxiliary monitoring devices can be installed near to subsea trees with open architecture communications and modular designs.
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The key players of global subsea control systems market are FMC Technologies Inc. (US), Halliburton (US), GE Oil & Gas Spa (US), Aker Solutions ASA (Norway), OneSubsea (US), Baker Hughes (US), Kongsberg Gruppen (Norway), Proserve Group Inc. (UK), Oceaneering International, Inc. (US), Siemens AG (Germany), Weatherford International (US), and Hitec Products (Norway), among others.
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The growing demand for subsea control systems is attributed to recent trends of deepwater and ultra-deepwater production. Moreover, growing offshore oil & gas sector is also driving the market for subsea control systems. One of the major restraints of the subsea control systems is difficulty in manufacturing of subsea control system suitable for the harsh underwater environment.
Europe is estimated to dominate the market for subsea control systems
Region wise, Europe held the largest market share of the global subsea control systems market in 2017. The countries contributing to the largest market share of the region include UK and Norway. The demand for subsea control systems, especially in these countries is highly attributed to the increasing deepwater drilling activities in the region along with increasing subsea spending in these countries. These factors are driving the demand for Subsea control systems in this region.
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