Subsea Switchgear Market Plying for Significant Growth | 2023
Increasing
investment in offshore reserves by exploration and production
companies to meet energy demand has resulted in increasing offshore
production activities. There are various methods to produce oil and
gas from offshore reserves including FPSO (floating production
storage and offloading) vessels and subsea production. The subsea
switchgear market is driven by the growth of the subsea installations
market. Subsea production units are expected to be more favorable due
to its various advantages over other offshore production systems.
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Subsea
systems are capable of operating in harsh environmental conditions
such as the Arctic. These systems will eliminate the need of an
offshore production facility and will also provide cost benefits when
compared with a huge production platform which results in huge
operating cost. This also eliminates the need of long power lines
ultimately results in less expenditure. The first ever subsea power
distribution system to go into operation was the Ormen Lange pilot in
Egersund Norway.
Subsea
units will use high voltage distribution equipment to operate the
subsea systems. The earlier subsea facility was powered from the
surface making it reliable but very costly. In order to reduce the
operational cost, companies started to place the electricity
distribution system on the seabed. This resulted in cost reduction
but the reliability was not hampered. Thus the electrical equipment
are now located near the electricity generation facility which is a
common practice in onshore facilities. Improved and reliable
technology is required to overcome the subsea installation
constraints such as high pressure and presence of salt water. System
aspects plays an important role in selecting the individual devices
in order to be sure that the devices are fit for all operating
conditions. The switchgear is an important component for subsea power
grid.
The
subsea switchgear market can be segmented on the basis of voltage
into extreme high voltage (EHV), ultra high voltage (UHV), high
voltage (HV), medium voltage (MV) and low voltage (LV). Subsea high
and low voltage switchgear is a key enabling component for subsea
processing units. The majority of connections between different
equipments are made by using the low voltage switchgear cubicles. In
order to reduce the length of HV busbar and its support system, the
HV equipment are placed together. The transformers are installed
between HV circuit breakers and LV cubicles making it a symmetrical
installation.
Rising
oil prices are boosting the confidence of oil companies to invest
such amount in deepwater drilling and production facilities. This
investment is expected to increase in the near future with the
increasing energy demand and depleting onshore oil reserves.
Increasing deep and ultra deep water drilling activity is increasing
the demand of subsea production facilities which ultimately drive the
subsea switchgear market. An enormous opportunity lies with the vast
number of unexplored deep and ultra deep reserves across the globe
which will require subsea installation. The Golden Triangle
constituting of GOM (the gulf of Mexico), Brazil and West Africa is
expected to be the most attractive region for offshore oil and gas
production during the forecast period.
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Some
of the key players in subsea switchgear market include ABB Limited,
Mitsubishi Hitachi Power Systems Americas, Inc., Siemens AG,
Schneider Electric, Aker Solutions, Pelamis Wave Power Ltd., Cameron
International Corporation, General Electric Company and FMC
Technologies, Inc. among others.
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