New Report Released on Subsea Power Grid Market

MarketsandMarkets released a new report on power grid system market in subsea.

The report covers the global power grid system market in subsea which includes different components of subsea power grid system, types of power supply sources for subsea power grid system, and other related segments. It studies the extent of end use of subsea power grid solutions in different application areas with respect to different regions. It also analyses the market with respect to drivers, opportunities, and winning imperatives related to the industry.

The qualitative analyses of power grid system in subsea with respect to its concept, components, technical knowhow, innovations, and power supply sources are done in an elaborative manner. It mainly highlights the components such as cables, variable speed drives (VSDs), transformers, switchgears, others; and power supply sources such as captive generation, wind power, and other. The subsea power grids system are gaining worldwide importance as the oil field operators are heading towards deep and ultra deep waters for the hunt of oil and gas. In these deep waters a continuous power supply source is required in order to keep the various equipments such as pump, compressors, heating coils etc. running. Furthermore, the shifting focus towards renewable energy generation is also triggering the companies to generate energy from renewable sources such as offshore wind power, tidal power, and solar power. The demand of subsea power grid solutions is driven due to its necessity in transmission the power in offshore areas.
The continuous depletion of existing oil reserves are forcing oilfield E&P companies to operate in deeper offshore environments making it a huge potential market for power grid system in subsea. According to BP statistical report, the worlds energy demand increased by 2.5% in 2011. To satisfy this increasing demand of oil and gas, oil companies are seeking to unlock the full potential of wells in deeper offshore environments. Hence, subsea power grid systems are vital to transmit the power to the required equipment.

The power grid system market in subsea is also analyzed with respect to the Porters five forces model. Different market forces such as bargaining power of suppliers, bargaining power of buyers, degree of competition, and threat from substitutes and new entrants are analyzed with respect to the subsea power grid industry. This report also provides insights about the patent analysis by various market players for last three years and the market share analysis for different regions including Americas, Europe, Asia-Pacific, Middle East, and Africa. There are very few market players which lead the major market share. Africa represents the largest market supplemented by the rapid development of offshore fields. In Europe, there are few players with significant market share. Markets in other regions are currently emerging and industry is operated by companies based in these regions.
The report also provides competitive landscape of major market players with its developments, mergers &; acquisition, expansion & investments, agreements & contracts, new services & technologies developments, and others. Number of developments is spotted by the key industry players which suggest the growth strategy of these companies as well as overall industry.

The global power grid system market in subsea is segmented firstly on the basis of its components such as cables, variable speed drives, transformers, switchgears, and other components. ;Secondly, it is segmented on the basis of source of power supply such as captive generation, wind power, and other power generation sources. Lastly, the market is segmented on the basis of geography such as Africa, Latin America, Europe, Asia-Pacific, North America, and Rest of World. Each region has been analyzed with respect to its market trends, growth, and future prospective of the power grid system market in subsea. The data has been analyzed over a period of 2011 to 2018. The quantitative data regarding all the above segmentation is given in value ($million).
Furthermore, the major participants within the power grid system market in subsea are profiled in the report. This gives details about the company which include company overview, financial details, services & products, strategy, and recent developments.