Global spending on subsea hardware is expected to rise to more than £81billion between 2013 and 2017, according to energy analyst Douglas-Westwood.
The firm, which has published its third subsea hardware market forecast, said spending in the sector over the period would be twice that of the previous five years but lead author Angela MacCormack said players would face significant challenges over the period.
Brazil, which will account for 14% of forecast subsea capital expenditure, was cited as an example of the types of challenge firms could face, with local-content requirements and engineer shortages putting pressure on the supply chain.