Expenditure on subsea hardware will double to an estimated US $124 Bn over the next five years compared to the prior 5-year period, according to a new report.
Analyst Douglas-Westwood’s Subsea Hardware Market Forecast (2013-2017) highlighted that booming deepwater activity in the ‘Golden Triangle’ of Brazil, West Africa and the Gulf of Mexico will see that area account for 44% of total subsea hardware demand.
According to the forecast, the downturn in offshore installation activity that occurred between 2009 and 2011 is now being followed by strong recovery, which is expected to continue through to 2017.
Trunkline projects are of particular significance, it added, with major deepwater connections planned for, and extending beyond, the forecast period.
The overall outlook for the subsea hardware business is one of near and long term opportunity, it continued. Trends towards deepwater exploration and production are forecast to provide greater opportunities across the supply chain.
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