Market Size of Gulf Of Mexico Subsea Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Gulf Of Mexico Subsea Systems Market Analysis
The Gulf of Mexico subsea systems market is expected to record a CAGR of more than 4.5% throughout the forecast period.
In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.
- Over the long term, the Gulf of Mexico Subsea Systems market is expected to thrive in the coming years due to high resource potential in the form of huge oil and gas reserves and a high active rig count.
- On the other hand, frequent natural calamities like hurricanes are expected to impede market growth in the near future.
- Nevertheless, the high private participation due to the liberal policies of the countries having authoritarian control in the region places a tremendous opportunity for the market. The countries involved are the United States, Mexico, and Cuba.
- The GOM Federal Offshore or the United States (US) PART region is expected to dominate the market during the forecast period due to the various upcoming projects in the region.
Gulf Of Mexico Subsea Systems Industry Segmentation
Subsea technology involves fully submerged ocean equipment, operations, or applications, especially when some distance offshore, in deep ocean waters, or on the seabed. The term subsea is frequently used in connection with oceanography, marine or ocean engineering, ocean exploration, remotely operated vehicles (ROVs), autonomous underwater vehicles (AUVs), submarine communications or power cables, etc.
The Gulf of Mexico subsea systems market report is segmented by type, component, and geography (GOM Federal Offshore or the United States Part, Mexico Part, and Cuba Part). By type, the market is segmented into subsea production systems and subsea processing systems. By component, the market is segmented into subsea umbilical riser and flowlines (SURF), trees, wellheads, manifolds, and other components. The report also covers the market size and forecasts for the Gulf of Mexico Subsea Systems Market across major regions. For each segment, market sizing and forecasts have been done based on revenue (USD billion).
| Type | |
| Subsea Producing Systems | |
| Subsea Processing Systems |
| Component | |
| Subsea Umbical Riser and Flowlines (SURF) | |
| Trees | |
| Wellhead | |
| Manifolds | |
| Other Components |
| Geography | |
| GOM Federal Offshore or the United States PART | |
| Mexico PART | |
| Cuba PART |
Gulf Of Mexico Subsea Systems Market Size Summary
The Gulf of Mexico subsea systems market is poised for growth, driven by the region's substantial oil and gas reserves and a robust active rig count. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The United States, Mexico, and Cuba are key players in this market, with the GOM Federal Offshore region in the United States expected to lead due to numerous upcoming projects. Despite challenges posed by natural disasters like hurricanes, the market benefits from high private sector involvement, supported by liberal policies in these countries. The subsea systems, which include various components such as subsea completed wells, Christmas trees, and tie-in systems, are crucial for connecting new production wells to existing infrastructure, thereby enhancing oil and gas recovery from both shallow and deepwater areas.
The Gulf of Mexico is a significant hub for subsea systems, contributing notably to the United States' crude oil and natural gas production. The region's infrastructure and resource potential make it a focal point for offshore exploration and production activities. Upcoming projects, such as the Offshore Mad Dog Phase 2, are expected to further stimulate market growth. The market is moderately consolidated, with key players like Subsea 7 SA, TechnipFMC PLC, and Baker Hughes Co. actively participating in the region. These companies are involved in various contracts and projects aimed at enhancing subsea production capabilities, which are anticipated to meet the increasing global demand for energy.
Gulf Of Mexico Subsea Systems Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast, in USD Billion, till 2028
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1.3 Historic and Demand Forecast of Offshore Drilling Rigs in Numbers, till 2028
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1.4 Historic and Demand Forecast of Offshore CAPEX in billions, by Water Depth, 2019-2028
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1.5 Recent Trends and Developments
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1.6 Government Policies and Regulations
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1.7 Market Dynamics
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1.7.1 Drivers
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1.7.2 Restraints
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1.8 Supply Chain Analysis
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1.9 Industry Attractiveness - Porter's Five Forces Analysis
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1.9.1 Bargaining Power of Suppliers
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1.9.2 Bargaining Power of Consumers
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1.9.3 Threat of New Entrants
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1.9.4 Threat of Substitute Products and Services
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1.9.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Subsea Producing Systems
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2.1.2 Subsea Processing Systems
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2.2 Component
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2.2.1 Subsea Umbical Riser and Flowlines (SURF)
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2.2.2 Trees
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2.2.3 Wellhead
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2.2.4 Manifolds
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2.2.5 Other Components
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2.3 Geography
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2.3.1 GOM Federal Offshore or the United States PART
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2.3.2 Mexico PART
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2.3.3 Cuba PART
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Gulf Of Mexico Subsea Systems Market Size FAQs
What is the current Gulf Of Mexico Subsea Systems Market size?
The Gulf Of Mexico Subsea Systems Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in Gulf Of Mexico Subsea Systems Market?
Oceaneering International, Inc., Baker Hughes Company, National-Oilwell Varco Inc., TechnipFMC PLC and Subsea 7 SA are the major companies operating in the Gulf Of Mexico Subsea Systems Market.
