According to research firm TechNavio, the Global Subsea Processing Market is expected to grow in tandem with rising global demand for oil and gas, projecting a CAGR of 18.5 percent from 2014-2018.
Governments worldwide are focusing on subsea processing technologies to increase their overall production, which is expected to positively affect market growth.
The new report from TechNavio highlights rapid advances in technology that have led to improved techniques for oil recovery from reservoirs. These technological advances include unlocking the potential of processing in harsh temperatures and pressures, as well as boosting techniques through advanced booster pumps and gas injection for increased recovery.
“Market vendors are increasing their investment in R&D, in order to reduce the time and risks associated with processing technologies. The overall volume of production has increased, while cost and risk have been significantly reduced because of these advances,” says Faisal Ghaus, Vice President of TechNavio.
“Many vendors are investing in subsea processing systems to increase oil recovery and reduce fluid loss and oil leakage during the drilling process. They are also investing a huge amount of funds to reduce the adverse effects of drilling fluids on the marine environment, which is expected to boost investments in this sphere over the next few years.”
Subsea production is a type of oil extraction in which wellbores are drilled through the seabed. It is typically carried out for the extraction of petroleum products that lie in the rock formation beneath the seabed. The increasing demand for energy and the maturity of onshore resources are shifting the momentum toward subsea intervention. Subsea production systems allow the use of one strategically located platform to service numerous wellbores and, hence, in future, they will hold an advantageous position in terms of cost savings.