World Subsea Hardware Market Forecast - Douglas-Westwood

2013World Subsea Hardware Market Forecast2013-2017Prospects, Technologies, World Markets

ContentsTable of Contents1 Summary & Conclusions...........................................6Summary.......................................................................................................................................... 7Conclusions..................................................................................................................................... 82 Drivers & Indicators..................................................9Primary Energy Consumption...................................................................................................10A Growing Focus on Offshore Reserves................................................................................11Oil Prices.......................................................................................................................................12Gas Prices......................................................................................................................................13Increasing E&P Costs..................................................................................................................14Deepwater....................................................................................................................................153 Subsea Development.............................................. 16Why Subsea?.................................................................................................................................17Offshore Production Options...................................................................................................19Subsea Production Hardware....................................................................................................20SURF and Pipelines......................................................................................................................214 Supply Chain............................................................. 22The Subsea Equipment Supply Chain.......................................................................................23Subsea Production, SURF and Pipeline Competitive Landscape.........................................24Subsea Tree Market Trends........................................................................................................255 The Subsea Hardware Market Forecast............ 26DW Demand Scenarios..............................................................................................................27Trends in Subsea Completions .................................................................................................29Hardware Assumptions..............................................................................................................31Expenditure Forecasts................................................................................................................32The World Subsea Hardware Market – Regional Analysis..................................................33The World Subsea Hardware Market – Water Depth.........................................................34The World Subsea Hardware Market – Component Analysis...........................................35Africa..............................................................................................................................................36Asia.................................................................................................................................................38Australasia.....................................................................................................................................40Eastern Europe & FSU.................................................................................................................42Latin America................................................................................................................................44Middle East....................................................................................................................................46North America.............................................................................................................................48Norway..........................................................................................................................................50Rest of Western Europe.............................................................................................................52United Kingdom...........................................................................................................................546 Appendix................................................................... 56Data and Text Conventions ......................................................................................................57© 2013 Douglas-Westwood World Subsea Hardware Market Forecast 2013-20172

ContentsFigures and TablesFigure 1: Global Expenditure by Region 2008-2017.....................................................................................7Figure 2: Global Expenditure by Component 2008-2017..........................................................................7Figure 3: Primary Energy Consumption by Region......................................................................................10Figure 4: North Sea Oil Production (UK & Norway)................................................................................10Figure 5: Global Oil Supply mix – Onshore/Offshore Split 1965-2020 .......................................... 11Figure 6: Global Oil – Shallow/Deep Split 1965-2035 ............................................................................11Figure 7: WTI & Brent Oil Price and Forecast...............................................................................................12Figure 8: Natural Gas Price ....................................................................................................................................13Figure 9: Upstream Cost Index 2000-2012....................................................................................................14Figure 10: Oil & Gas Production Increases, but Costs Surge.................................................................14Figure 11: Deepwater Focus Areas.....................................................................................................................15Figure 12: Vigdis Field is tied back to Snorre A, Norway .......................................................................17Figure 13: Gullfaks C stands up to N.Sea storm .........................................................................................17Figure 14: Tyrihans field utilises cutting edge technology ........................................................................18Figure 15: Subsea Hardware Supply Chain.....................................................................................................23Figure 16: Visible Subsea Production Hardware Orders........................................................................25Figure 17: Visible Subsea Production and Processing System Backlog..............................................25Figure 18: Medium Case (DW Case) – Subsea Tree Installations by Category........................... 27Figure 19: Subsea Tree Installations – High, Medium & Low Case.....................................................28Figure 20: Subsea Completions 2003-2017....................................................................................................29Figure 21: Subsea Completions by Water Depth........................................................................................30Figure 22: Global – Subsea Capex by Region ..............................................................................................33Figure 23: Global – Subsea Capex by Water Depth (metres)..............................................................34Figure 24: Global Subsea Capex by Component.........................................................................................35Figure 25: Africa – Subsea Capex by Component......................................................................................36Figure 26: Africa – Subsea Capex by Water Depth (metres)...............................................................37Figure 27: Asia – Subsea Capex by Component.........................................................................................38Figure 28: Asia – Subsea Capex by Water Depth (metres)...................................................................39Figure 29: Australasia – Capex by Component............................................................................................40Figure 30: Australasia – Subsea Capex by Water Depth (metres).....................................................41Figure 31: Eastern Europe & FSU – Capex by Component...................................................................42Figure 32: Eastern Europe & FSU – Subsea Capex by Water Depth (metres)............................ 43Figure 33: Latin America – Capex by Component.....................................................................................44Figure 34: Latin America – Subsea Capex by Water Depth (metres)..............................................45Figure 35: Middle East – Capex by Component..........................................................................................46Figure 36: Middle East – Subsea Capex by Water Depth (metres)...................................................47Figure 37: North America – Capex by Component..................................................................................48Figure 38: North America – Subsea Capex by Water Depth (metres)...........................................49Figure 39: Norway – Capex by Component.................................................................................................50Figure 40: Norway – Subsea Capex by Water Depth (metres)..........................................................51Figure 41: RoWE – Capex by Component.....................................................................................................52Figure 42: RoWE – Subsea Capex by Water Depth (metres).............................................................53Figure 43: United Kingdom – Capex by Component................................................................................54Figure 44: United Kingdom – Subsea Capex by Water Depth (metres)......................................... 55Table 1: Subsea Production and SURF Competitive Landscape...........................................................24Table 2: Pipeline Competitive Landscape.........................................................................................................24Table 3: Global Subsea Capex by Component.............................................................................................33Table 4: Africa – Subsea Capex by Component.........................................................................................36Table 5: Africa – Subsea Components.............................................................................................................37Table 6: Asia – Subsea Capex by Component.............................................................................................38Table 7: Asia – Subsea Components.................................................................................................................39Table 8: Australasia – Capex by Component...............................................................................................40Table 9: Australasia – Subsea Components...................................................................................................41Table 10: Eastern Europe & FSU – Capex by Component...................................................................42Table 11: Eastern Europe & FSU – Subsea Components.......................................................................43Table 12: Latin America – Capex by Component.....................................................................................44Table 13: Latin America – Subsea Components.........................................................................................45Table 14: Middle East – Capex by Component...........................................................................................46Table 15: Middle East – Subsea Components..............................................................................................47Table 16: North America – Capex by Component..................................................................................48Table 17: North America – Subsea Components......................................................................................49Table 18: Norway – Capex by Component..................................................................................................50Table 19: Norway – Subsea Components......................................................................................................51Table 20: RoWE – Capex by Component.....................................................................................................52Table 21: RoWE – Subsea Components.........................................................................................................53Table 22: United Kingdom – Capex by Component................................................................................54Table 23: United Kingdom – Subsea Components....................................................................................55© 2013 Douglas-Westwood World Subsea Hardware Market Forecast 2013-20173

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