Subsea Control Systems Market Share

European Market Forecast

The Europe subsea control systems market is poised to generate the highest share of over 30% over the forecast period. The growth of the market in this region is set to be dominated by rising investment in offshore wind. With investment in offshore wind expected to reach about USD 52 billion in 2030, up from over USD 14 billion the previous year, Europe continues to be the leader in this regard. Equally, the investment is also estimated to grow in offshore drilling rigs. Furthermore, the price of oil is growing rigorously which is further grabbing the attention of investors. However, many EU members have rejected the development of offshore gas production in recent years, primarily due to climate concerns. Several nations in Western Europe have either made offshore drilling illegal or have effectively stopped granting licenses for such operations. Nevertheless, given the current situation, Europe is forced to reevaluate that strategy.  

North American Market Analysis

The North America subsea control systems market is also projected to grow over the coming years. This growth of the market in the region is set to be influenced by rising drilling in shallow water. Since engineers can access the well, oil drilling in shallow waters becomes less dangerous and easier to repair if it is damaged. Shallow water rigs feature legs that extend to the ocean floor and blow-out preventers (BOPs) above the water's surface that may be accessed for upkeep, repair, and inspection. In an emergency, the BOPs can be manually or remotely operated. Furthermore, to encourage exploration and production (E&P) in shallow waters, the United States has previously offered some incentives for shallow-water drilling, including cheap royalty rates and changes to the shallow-water areas that are already leased, such as lowering fees-the North American drilling market. Hence, the subsea control systems market demand for subsea control systems is also growing in the region.