Subsea Tree Market: Overview
- Subsea tree is a configuration of complex valves and components equipped at the wellhead to control and monitor production flow, and regulate gas or fluids injection. It has become an essential building block of offshore installations. It ensures safe and reliable drilling operations,
- Subsea trees are controlled and monitored with the help of umbilicals suspended in a catenary shape and protected at the splash zones via tubes fixed to the structure
- Subsea tree primarily aims to control the flow and injection of chemical & water. It also aims to monitor pressure, temperature, corrosion, valve and choke position feedback, and connection points for devices such as down-hole pressure and temperature transducers.
- The subsea constitutes two types of subsea trees: horizontal and vertical. In a horizontal subsea tree, a tubing hanger is installed in the tree body instead of the wellhead. On the other hand, master valves are configured above the tubing hanger in a vertical subsea tree.
Key Drivers of Global Subsea Tree Market
- Rise in offshore drilling activities due to the increase in demand for oil & gas across the globe is likely to drive the subsea tree market. Rapid industrialization and globalization is also anticipated to boost the demand for oil and gas from various end-users.
- Rise in exploration and new discovery of oil & gas deposits in deep and ultra-deep water are propelling the subsea tree market. The recent discovery by BP of more than 1 billion barrels of oil in its Thunder Horse field in the Gulf of Mexico is expected to lead to exploration and drilling operations spanning several years.
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- On April 27, 2018, TechnipFMC plc launched Subsea 2.0 at Offshore Technology Conference, Houston. The Subsea 2.0 is a revolutionary product platform that makes subsea projects simpler, leaner, and smarter. It is made up of six core products designed by combining field-proven and new technologies. The core products comprise compact manifold, flexible jumpers, compact tree, horizontal connectors, and distribution controls. These products are lighter, smaller, and can achieve up to a 50% reduction in size, weight, and part count, without compromising the overall functionality.
- On September 3, 2019, Aker Solutions introduced an intelligent subsea to accelerate offshore developments and maximize performance. The company has simplified, standardized, and minimized the size of equipment. The new optimized and modular subsea equipment can reduce engineering hours by up to 70%.
North America Expected to Hold Major Share of Global Subsea Tree Market
- Based on region, the global subsea tree market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global subsea tree market in 2018. The trend is projected to continue during the forecast period owing to the discovery of shale gas reserves in the U.S. and presence of large number of private oil companies in the region.
- Europe is anticipated to account for key share of the global subsea tree market during the forecast period. The North Sea has large number of installed offshore rigs.
- The market in Asia Pacific is estimated to expand at a healthy pace owing to the rise in offshore exploration activities and increase in investments in energy generation activities
- Middle East & Africa has significant oil onshore and offshore reserves. Offshore discoveries and development, particularly in the Red Sea region, by countries such as Qatar, the UAE, and Saudi Arabia are anticipated to drive the subsea tree market in the region.
- The market in Latin America is projected to expand at a sluggish pace during the forecast period
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Key Players Operating in Subsea Tree Market
Leading companies operating in the subsea tree market include:
- Baker Hughes Company
- TechnipFMC plc
- Aker Solutions
- Schlumberger Limited
- Solar Alert Sdn Bhd.
- DELTA CORP LTD
- Worldwide Oilfield Machine.
- The Weir Group PLC
- Dril-Quip, Inc.
- Kingsa Industries (USA), Inc.
Global Subsea Tree Market: Research Scope
Global Subsea Tree Market, by Type
- Horizontal Subsea Tree
- Vertical Subsea Tree
Global Subsea Tree Market, by Water Depth
Global Subsea Tree Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
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