The global subsea market is expected to reach USD 17.0 billion in 2022 and USD 20.2 billion by 2031, growing at a CAGR of 2.2% during the forecast period (2024-2031).
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List of Major Companies in the Subsea Market:
TechnipFMC plc, Subsea 7 SA, Aker Solutions, Dril-Quip, Inc, Schlumberger Limited, One Subsea, Balmoral Offshore Engineering, Delta Subsea LLC, Baker Hughes, Allseas Group SA
Industry Development:
May 23, 2023 AquaTerra Energy, a UK-based marine engineering provider, has been awarded a contract by BP to build subsea risers for a new marine energy project in Trinidad and Tobago.
May 19, 2023 - Norwegian marine engineering company Aker Solutions has been awarded a contract by Exxon Mobil Corporation to supply static and dynamic subsea umbilicals for the Uaru offshore oil and gas project near Guyana.
On 12 May 2023, Luxembourg-based subsea engineering specialist Subsea7 announced it had been awarded two EPC contracts worth a total of $750 million for two-phase subsea development projects. Due to contractual obligations, client and project details remain confidential.
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Subsea market segments covered:
By Equipment: Wellheads, Subsea Trees, Manifolds, Flowline Connectors, Control Systems, Others
By service: installation, asset management, product optimization, inspection, maintenance, repair services, others
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