NEW YORK, Nov. 29, 2016 /PRNewswire/ -- "The subsea systems market is projected to grow at a CAGR of 2.02% from 2016 to 2021" The subsea systems market is projected to reach USD 17.44 billion by 2021, growing at a CAGR of 2.02% from 2016 to 2021. Subsea systems are used in offshore oil production where subsea production systems reduce costs associated with topside facilities, while subsea processing systems work as ideal solutions for enhanced oil recovery in matured offshore wells. Increasing deepwater drilling activities all around the globe is the major driver for the subsea systems market. Increasing oil discoveries in emerging economies such as Asia and Africa are other major drivers to this market. The growth in emerging economies is attributed to increasing capital expenditures in the countries such as, China, India, Nigeria, Angola, Ghana, and Equatorial Guinea. Kenya, Tanzania, and Mozambique also provide exciting market opportunities. "The market in Africa is expected to grow at the highest CAGR from 2016 to 2021"Europe is currently the largest market for subsea systems, followed by South America. The fastest growing market, however, is projected to be Africa, owing to continued deepwater exploration and production activities, particularly offshore Angola. New gas discoveries and field developments in East African waters, offshore Mozambique and Tanzania will also help propel growth in the African market.