Offshore oil and gas exploration activities need failsafe power supply and in massive quantities at that. This has increased the reliance of exploration companies on subsea power grids, creating a profitable window of opportunities for companies in the subsea power grid market. This report studies the other high-impact drivers that will prompt greater investments in subsea power grids, thus helping the market grow rapidly. The energy requirements of deepwater exploration operations are especially high and critical considering that these operations are typically carried out in harsh conditions.
The growth of the global subsea power grid market is expected to run parallel to that of offshore oil exploration activities across the world. For the purpose of this study, the global subsea power grid market has been segmented based on the source of power generation, components used in the power grid, and geography. By power grid components used, the market has been segmented into variable speed drives, subsea transformers, and switchgears. Likewise, based on the source of power generation, the market has been divided into wind power, captive power, and other sources (mainly tidal).
From the standpoint of geography, markets in the following regions are studied: Asia Pacific, North America, Europe, and Rest of the World.
Overview of the Global Subsea Power Grid Market
The report projects healthy growth for the global subsea power grid market through the current decade. According to the report’s authors, the increased pace of offshore oil and gas exploration activities in Latin America and Africa are expected to provide a massive push to the overall subsea power grid market. A look at the current market dynamics reveals that exploration companies are currently exploring investment opportunities to invest in power supply solutions for offshore, deepwater locations.
On the subject of market drivers, the report notes that depleting onshore oil and gas reserves have compelled companies to look at offshore reserves – this is expected to augur well for the subsea power grid market. Moreover, the deployment of renewable energy sources at offshore locations improves the feasibility of supplying power through subsea power grids, acting as a driver for the global subsea power grids market.
The report predicts that the growth of the subsea power grid market in North America will grow only marginally but the scenario in Latin America and Africa will be contrasting given the frenzied drilling and exploration activities occurring here. In Europe, as well, investments are flowing into the oil and gas sector in Norway. Ambitious offshore wind farm projects in Europe will also support the growth of the subsea power grid market in this region.
Even so, growth could be hampered by the high operational risks involved in deploying, maintaining, and upgrading subsea power grids. This factor also adds to the cost of deploying subsea power grids, acting against the market’s growth.
Companies Profiled in the Report
The report on the subsea power grid market carries a competitive analysis by profiling the following companies: FMC Technologies Inc., Cameron International Corporation, Aker Solutions ASA, Technip SA, Siemens AG, and General Electric Company.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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.