Things have been looking good for the subsea oil and gas industry. More and more subsea engineering companies are popping up all over the world and the market's revenue is expected to double within the next five years.
Subsea assets require a lot of effort and companies are trying to find the latest subsea solutions to help them overcome their challenges. Today, we're going to take a look at some of the biggest factors affecting the future of subsea solutions.
1. A New Generation of Workers Entering the Business
Five years ago, a staggering 50% of employees in the oil and gas industry became eligible for retirement. While not all of these people retired a lot of them did, which gave the new generation plenty of job opportunities. With more training, knowledge, and tech-savviness, the millennials are going to drive change in the subsea solutions industry and help things progress a lot faster. With the new generation behind the wheel, the change will come sooner than many expect.
2. The Impact of the Oil Industry on the Environment
In the past, the pollution caused by the gas and oil industry was unbelievable. Although things changed at the beginning of the century, the industry was still responsible for a lot of air, soil, and water pollution. Just a decade ago, 225 million metric tons of CO2 were released into the atmosphere every year and the industry was responsible for a quarter of those emissions. With more environmentally-friendly workers entering the industry, we can expect the impact on the environment to lessen drastically in the next few years.
3. Increased Offshore Investments in the Sector
With a growing interest in the industry, we can expect a sizable increase in subsea solutions investments. The analysts say that the increased interest in deepwater exploration will be the main driver for subsea solutions investments in the next 10 years. This year, deepwater solutions investments are expected to increase by 5%, which may not seem like a lot, but when you consider it's a $22 billion industry, you see that the growth is definitely not negligible.
4. The Emergence of Unmanned Offshore Platforms
Early offshore platforms required a lot of manpower. This, of course, increased the costs significantly, since handling an offshore platform is a high-risk job with high salaries. However, in the last couple of years, we saw the emergence of unmanned platforms. These platforms work faster and are far more efficient than humans. While these platforms are not cheap to install, they'll lessen the costs in the future and possibly generate more investments.
What Does the Future Hold for Subsea Solutions?
Besides tech advancements and increased investments, factors like new economic and government regulations are helping the subsea solutions industry grow faster than ever before. By carefully studying all of the factors that affect the industry growth, companies in the industry will be able to pick and even develop the best technology they need to improve their operation.
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