The Subsea Production and Processing System Market size is estimated at USD 19.93 billion in 2024, and is expected to reach USD 29.98 billion by 2029, growing at a CAGR of 8.51% during the forecast period (2024-2029).
The subsea production and processing system market is partially consolidated. Some key players in this market (in no particular order) include Schlumberger Limited, Halliburton Company, Aker Solutions ASA, National Oilwell Varc, Inc., and Baker Hughes Company., among others.
In August 2022, Schlumberger, has announced its plan to enter a joint venture with Aker Solutions and Subsea 7 to drive innovation and efficiency in subsea production by helping customers unlock reserves and reduce cycle time. The agreement will bring together a portfolio of innovative technologies such as subsea gas compression, all-electric subsea production systems, and other electrification capabilities that help customers meet their decarbonization goals.
Similarly, Aker Solutions has made several agreements and collaborations to develop its subsea production business. For example, in February 2022, Aker Solutions and Drill-Quip have entered into an agreement to provide subsea injection systems for carbon capture, utilization, and storage projects. As per the agreement, Drill Quip would provide CO2 injection Xmas trees and wellheads which will be integrated into a larger subsea injection system. The agreement is specifically made for the Northern Endurance Project in the United Kingdom..
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