Global Subsea Pumps Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
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Global Subsea Pumps Market: Overview
“The global Subsea Pumps Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Subsea pumps are used in the oil and gas sector to enhance oil recovery and to maintain the flow of fluids recovered from the reservoir. Such pumps are available in single-phase, multiphase, and hybrid, and uses helicon-axial technology.
Global Subsea Pumps Market: Dynamics
Increasing demand for offshore exploration activities and to maintain a proper recovery rate of mature oilfields are some factors expected to drive growth of the target market.
In addition, increasing investments in R&D activities for product innovations in terms of subsea technology and subsea infrastructure, are expected to bolster growth of the target market over the forecast period.
Moreover, increasing energy demand, coupled with increasing oil & gas exploration activities are about to create opportunities for the target market. Moreover, increasing demand for long shelf life pumps, higher net present value (NPV), improved quality, and reliability, etc. are some of the other factors anticipated to propel growth of the target market to a certain extent over the forecast period.
Latest trend observed in the market is that, regulatory agencies are convincing manufacturers to focus on deep-water reserves due to decline in shallow and onshore gas reserves.
In February 2018, for instance, Norway-based oil company Wintershall Norge AS awarded a rig contract to Aker solution ASA, a global engineering company based in Oslo – to provide subsea production system, umbilical, and services for operations in the offshore Nova oil & gas field, Norway.
However, stringent government laws and regulations on oil and gas exploration activities in various countries across the globe is expected to hamper growth of market.
Global Subsea Pumps Market: Segment Analysis
Among the type segments, the electrical submersible pump (ESP) segment is expected to account for significant revenue share in the global market.Among the application segments, the subsea boosting segment is estimated to account for major revenue share, and is projected to maintain its dominance over the forecast period
Global Subsea Pumps Market: Regional Analysis
The market in the North America is projected to register comparatively faster growth in terms of revenue over the forecast period. Factors such as increasing offshore exploration activities, along with increasing government expenditure in the exploration activities in countries such as US and Canada in the region.
The Middle East & Africa subsea pumps market is projected to witness a fastest growth in the target market during the forecast period. Furthermore, the market inAsia Pacific is estimated to register significant growth rate and is anticipated to witness significant share in the target market over the forecast period.
Emerging countries such as China and India have experienced a substantial growth due to low oil prices and offshore activity in China and oil & gas import & export activities. In addition, industrialization, urbanization, and increasing energy demand in the countries. In order to meet this energy demand, the onshore as well as offshore exploration & production activity is projected to increase in the region.
Global Subsea Pumps Market Segmentation:
Segmentation by Type:
- Electrical Submersible Pump (ESP)
- Twin Screw
Segmentation by Application:
- Subsea Boosting
- Subsea Separation
- Subsea Injection
- Subsea Compression
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Aker Solutions ASA
- Baker Hughes Incorporated
- FMC Technologies, Inc.
- General Electric Company
- Sulzer AG
- SPX Corporation
- ITT Bornemann GmbH
- Flowserve Corporation
- Leistritz Pumpen Gmbh
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