Transparency Market Research has compiled large amounts of data on the global industries in the energy and mining sector. One such report is titled “Subsea Switchgear Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2015 – 2023,” and it provides facts to help stakeholders understand this market better. The report utilizes current and recent market trends along with proven market analytics in order to derive a feasible forecast for the market.
The primary driver of the global subsea switchgear market is the growing amount of investments made in the exploration and production of offshore crude reserves. Companies are exploring deeper into offshore sources of oil in order to meet the rising global demand for energy and fuel. The global subsea switchgear market is a direct benefactor of the growing market for subsea installations, and therefore can find a larger scope of use as the investments increase.
Subsea production units provide numerous advantages over offshore production units. Most importantly, they are resistant to extreme weathers and can therefore be used even in the Arctic and other regions that are rich in fuel deposits but pose weather-related challenges. The growing use of subsea production systems are eventually expected to replace offshore facilities and provide cost benefits in the long run. Offshore facilities require major expenditures when it comes to operation and maintenance, which can be significantly reduced by moving into a subsea station.
One of the first subsea production facilities was established in Egersund, Norway, at the Ormen Lange gas field.
The global subsea switchgear market provides components that are useful in providing easier ways to distribute high voltage power across a subsea system. Previously, subsea stations were powered using fuel sources from the surface. While this is more reliable, it is significantly costlier than using an electricity distribution system on the seabed itself. Companies are now shifting towards the latter in order to cut costs. Additionally, as technology improves, these seabed-based power distribution systems can be made more reliable.
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In terms of voltage, the global subsea switchgear market can be segmented into low voltage, medium voltage, high voltage, ultra high voltage, and extreme high voltage. Most of the connections across the facility use switchgear cubicles from the low voltage segment.
One of the biggest opportunities in the oil and gas sector lies in the enormous potential that offshore reserves hold, and subsea installations are key in tapping these reserves.
The key players in the global subsea switchgear market are FMC Technologies, Inc., General Electric Company, Cameron International Corporation, Pelamis Wave Power Ltd., Aker Solutions, Schneider Electric, Siemens AG, Mitsubishi Hitachi Power Systems Americas, Inc., and ABB Limited.
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