Subsea Switchgear Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2015 - 2023
- Transparency Market Research
The subsea switchgear market is driven by the growth of the subsea installations market. Subsea production units are expected to be more favorable due to its various advantages over other offshore production systems. Subsea systems are capable of operating in harsh environmental conditions such as the Arctic. These systems will eliminate the need of an offshore production facility and will also provide cost benefits when compared with a huge production platform which results in huge operating cost. This also eliminates the need of long power lines ultimately results in less expenditure. The first ever subsea power distribution system to go into operation was the Ormen Lange pilot in Egersund Norway.
Subsea units will use high voltage distribution equipment to operate the subsea systems. The earlier subsea facility was powered from the surface making it reliable but very costly. In order to reduce the operational cost, companies started to place the electricity distribution system on the seabed. This resulted in cost reduction but the reliability was not hampered. Thus the electrical equipment are now located near the electricity generation facility which is a common practice in onshore facilities. Improved and reliable technology is required to overcome the subsea installation constraints such as high pressure and presence of salt water. System aspects plays an important role in selecting the individual devices in order to be sure that the devices are fit for all operating conditions. The switchgear is an important component for subsea power grid.
The subsea switchgear market can be segmented on the basis of voltage into extreme high voltage (EHV), ultra high voltage (UHV), high voltage (HV), medium voltage (MV) and low voltage (LV). Subsea high and low voltage switchgear is a key enabling component for subsea processing units. The majority of connections between different equipments are made by using the low voltage switchgear cubicles. In order to reduce the length of HV busbar and its support system, the HV equipment are placed together. The transformers are installed between HV circuit breakers and LV cubicles making it a symmetrical installation.
Rising oil prices are boosting the confidence of oil companies to invest such amount in deepwater drilling and production facilities. This investment is expected to increase in the near future with the increasing energy demand and depleting onshore oil reserves. Increasing deep and ultra deep water drilling activity is increasing the demand of subsea production facilities which ultimately drive the subsea switchgear market. An enormous opportunity lies with the vast number of unexplored deep and ultra deep reserves across the globe which will require subsea installation. The Golden Triangle constituting of GOM (the gulf of Mexico), Brazil and West Africa is expected to be the most attractive region for offshore oil and gas production during the forecast period.
Some of the key players in subsea switchgear market include ABB Limited, Mitsubishi Hitachi Power Systems Americas, Inc., Siemens AG, Schneider Electric, Aker Solutions, Pelamis Wave Power Ltd., Cameron International Corporation, General Electric Company and FMC Technologies, Inc. among others.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
Have query on this report?Make an Enquiry
The team was the biggest help to us. Not only were we provided with customized solutions but also we were guided through the most complicated situations. The information was on-point yet comprehensive. The experience was absolutely satisfying and helped us turn many challenges into opportunities.
Ours is a startup with a unique set of challenges and we were therefore hesitant but the team totally put us at ease with their knowledge and expertise. Our business and its challenges were understood perfectly and help was extended accordingly. The tailor made approach really helped us gain the most informative insights.
The report repository is absolutely impressive –updated and exhaustive in terms of markets covered and information provides. Besides, with the support extended to us by the team, we could reduce costs as well as move to sustainable growth. This really helped us tap into new opportunities. Happy to have gone ahead with ResearchMos.us.
We have had a long term engagement with ResearchMoz.us and never have we felt that the work done and help extended were below flawless. The report repository is one of the best one can hope to tap into. Recently, our partner businesses opted for consultancy services and they are all thrilled with the outcome.
Insights from reports helped us improve our profit margins significantly. Most of the knowledge we needed on the market were provided to us on a granular basis. From trends, and drivers to competitive analysis, the information was not just crisp but also insightful. That helped us chart a robust growth strategy and as of now we are happy to state that we are reaping big benefits.