Subsea Tree: Introduction

  • Subsea tree assembly consists of valves, spools, and fittings used for offshore oil & gas wells. Subsea tree assembly is installed on the top of a well head. It allows the flow of produced fluid (oil or gas) from the well to the flowline through the series of valves. Subsea tree monitors others vital parameters such as pressure of the flowline, temperature of the fluid, flow rate, and flow composition. The main components of the subsea tree are tree cap, master valve, swab valve, wing valve, pressure & temperature sensors, and tree connector & conventional tubing hanger system. Subsea tree also provides access for well intervention operations.

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Key Drivers, Major Developments, and Restraints of Subsea Tree

  • Rapid globalization has led to an increase in demand for energy. Oil and gas plays a vital role in meeting the increasing demand for energy. Natural gas is the cleanest burning and fastest growing fossil fuel, contributing almost one-third of total energy demand growth through the last decade. Oil is the raw material that is used as feedstock for many chemical products. Gasoline is extracted from oil, which plays an important role as a conventional fuel.
  • According to the International Energy Agency, petrochemical products are expected to be the pillars of growth of the oil industry during the forecast period. Global oil consumption is projected to reach 104.1 mb/d by 2026, representing an increase of 4.4 mb/d from that in 2019. Thus, increase in consumption of crude oil & natural gas is projected to fuel the global subsea tree market.
  • 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%.
  • Drive by governments toward a low carbon future may impact the consumption of oil and natural gas. This is likely to lead to limited production of oil & natural gas, thus affecting the capture of oil and gas reserves. In turn, this is estimated to hamper the global subsea tree market.

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COVID-19 Impact Analysis on Investments in Oil & Gas Industry

  • Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, have come to a halt because of lockdowns. Supply could not adjust to the drop in consumption. This resulted in considerable buildup of crude oil and gas in storage. Low prices and unprecedented drop in demand has created difficulties for the upstream sector in regions with unfavorable production economies. Thus, temporary halts in investment in the oil & gas industry is estimate to hamper the global subsea tree market.

Subsea Tree Market Segmentation

  • The global subsea tree market can be segmented based on type and water depth
  • In terms of type, the global subsea tree market can be segregated into horizontal subsea tree and vertical subsea tree
  • In terms of water depth, the global subsea tree market can be divided into shallow, medium, and deep water

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Subsea Tree Market: Regional Segmentation

  • In terms of region, the global subsea tree market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
  • According to Rystad Energy, well service spending is expected to rise to US$ 54 Bn in 2021 from US$ 50 Bn in 2020 in North America. Thus, the subsea tree market is projected to expand at a rapid pace in the region.
  • According to the Oil and Gas Journal, well intervention in Middle East & Africa is anticipated to rise at a faster pace, with around 10,000 active offshore wells on oil fields with average well age of 16-21 years compared to average well age of 10-15 years in other regions. Thus, discovery of oil & shale gas reserves is anticipated to propel the global subsea tree market in the region.

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Key Players Operating in Global Market

  • 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

  • Shallow
  • Medium
  • Deep Water

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