Subsea sector on track for $42 billion boom by 2027

14 Aug 2024 CW Team

Brazil is emerging as a powerhouse with a forecasted 18 % increase in expenditure, amounting to $6 billion for 2024, largely spurred by the exploration of its vast pre-salt reserves. Meanwhile, Norway is reviving its subsea endeavours, fueled by market conducive conditions and the integration of technologies such as the Subsea Hydraulic Power Unit and SWIFT?, a remotely operated tubing hanger tool that optimizes operations by eliminating the need for heavy topside equipment.

Sanwari Mahajan, an Analyst at Rystad Energy, emphasized the sector's resilience, stating, "The subsea market has rebounded robustly from the impacts of Covid-19, which caused a significant 20 %drop in expenditure in 2020. By 2021, the industry began to recover, with spending increasing by 5 %to reach $23 billion. Looking ahead, we anticipate steady growth in the subsea sector, fuelled by advancements in deepwater exploration and carbon capture and storage (CCS). This recovery highlights the industry's resilience and suggests a promising trajectory of consistent progress."

Deepwater operations are poised to dominate the sector, constituting 45 % of the market from 2024 to 2028, with significant projects like Barracuda Revitalization in Brazil and Johan Castberg in Norway making notable advancements. The ultra-deepwater segment is not far behind, expected to capture 35 % of the market, underscored by major floating production, storage, and offloading (FPSO) projects in Brazil and Guyana.

Key upcoming ultra-deepwater projects include Yellowtail, Tilapia, and Redtail in Guyana, alongside Buzios VIII, Buzios IX, Sepia, and Atapu in Brazil. These projects highlight the strategic shifts towards more sustainable and efficient operations in the sector.

In 2024, ExxonMobil's operations are anticipated to drive a significant increase in subsea tree installations, particularly in Guyana, following Equinor, which installed 17 %of the total subsea trees this year. TechnipFMC is poised to supply approximately 400 subsea trees between 2024 and 2029, focusing heavily on developments by ExxonMobil in Guyana and Petrobras in Brazil, while OneSubsea plans to deliver around 270 trees, with a significant portion destined for Brazilian waters.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

The subsea market, encompassing components crucial for underwater exploration like subsea umbilical risers and flowlines (SURF), trees, and manifolds, is projected to experience a robust growth, with an expected 10 % compound annual growth rate from 2024 to 2027, totalling an investment of over $42 billion, according to Rystad Energy. The year 2024 alone is set to see cumulative spending hitting $32 billion, marking a 6.5 % increase from the previous year, predominantly driven by an uptick in deep and ultra-deepwater projects.Brazil is emerging as a powerhouse with a forecasted 18 % increase in expenditure, amounting to $6 billion for 2024, largely spurred by the exploration of its vast pre-salt reserves. Meanwhile, Norway is reviving its subsea endeavours, fueled by market conducive conditions and the integration of technologies such as the Subsea Hydraulic Power Unit and SWIFT?, a remotely operated tubing hanger tool that optimizes operations by eliminating the need for heavy topside equipment.Sanwari Mahajan, an Analyst at Rystad Energy, emphasized the sector's resilience, stating, The subsea market has rebounded robustly from the impacts of Covid-19, which caused a significant 20 %drop in expenditure in 2020. By 2021, the industry began to recover, with spending increasing by 5 %to reach $23 billion. Looking ahead, we anticipate steady growth in the subsea sector, fuelled by advancements in deepwater exploration and carbon capture and storage (CCS). This recovery highlights the industry's resilience and suggests a promising trajectory of consistent progress.Deepwater operations are poised to dominate the sector, constituting 45 % of the market from 2024 to 2028, with significant projects like Barracuda Revitalization in Brazil and Johan Castberg in Norway making notable advancements. The ultra-deepwater segment is not far behind, expected to capture 35 % of the market, underscored by major floating production, storage, and offloading (FPSO) projects in Brazil and Guyana.Key upcoming ultra-deepwater projects include Yellowtail, Tilapia, and Redtail in Guyana, alongside Buzios VIII, Buzios IX, Sepia, and Atapu in Brazil. These projects highlight the strategic shifts towards more sustainable and efficient operations in the sector.In 2024, ExxonMobil's operations are anticipated to drive a significant increase in subsea tree installations, particularly in Guyana, following Equinor, which installed 17 %of the total subsea trees this year. TechnipFMC is poised to supply approximately 400 subsea trees between 2024 and 2029, focusing heavily on developments by ExxonMobil in Guyana and Petrobras in Brazil, while OneSubsea plans to deliver around 270 trees, with a significant portion destined for Brazilian waters.

Infrastructure Transport

10 Jul 2026

Uttar Pradesh unveils infrastructure-led growth roadmap at RAHSTA

Mumbai, 9 July 2026: Uttar Pradesh’s ambitious infrastructure-led growth strategy took centre stage on Day 2 of the 16th RAHSTA Expo, where senior government officials outlined how expressways, industrial corridors and technology-driven governance are transforming the state into one of India's most attractive investment destinations.Delivering the keynote address, Srihari Pratap Shahi, IAS, Additional Chief Executive Officer, Uttar Pradesh Expressways Industrial Development Authority (UPEIDA), highlighted the state's long-term vision of integrating world-class expressways with industrial dev..

Real Estate

10 Jul 2026

NCW closes PRIME Offices Fund at Rs 40 billion

Nuvama and Cushman & Wakefield Management (NCW) has announced the final close of its flagship PRIME Offices Fund at approximately Rs 40 billion, exceeding its original target of Rs 30 billion following strong investor demand.The fund was launched to provide Indian investors with access to institutional-grade commercial office assets across key office markets in the country. According to NCW, the increase in the fund size was supported by strong investor participation and the availability of investment opportunities in India's office sector.The fund has already committed around 45 per cent ..

Real Estate

10 Jul 2026

Mayfair Housing adopts Autodesk Forma for digital project planning

Mayfair Housing has entered into a three-year strategic partnership with Autodesk to deploy Autodesk Forma, an AI-enabled cloud platform, as part of its digital transformation programme aimed at improving project planning and execution across its development and redevelopment portfolio.The platform will be integrated into the company's Building Information Modelling (BIM) workflow to support architects, planners and project teams during the early stages of design and development. Autodesk Forma combines real-world data, environmental simulations and collaborative workflows to facilitate data-d..