The mounting global population and strengthening industrial sectors have significantly raised the global demand for oil and gas in the past few decades. Coupled with this, the rising number of matured onshore oil and gas reserves are leading to an increased demand for oil and gas exploration from unconventional resources such as subsea oil and gas reserves. Depleting oil and gas reserves in several major onshore locations are also boosting the development of subsea oil and gas exploration activities in the recent past. The scenario has led to the development of significant growth opportunities in the field of subsea oil and gas exploration and is acting as a key driving force for auxiliary markets such as that of subsea boosting systems.
The market intelligence firm Transparency Market Research projects the market’s growth at an excellent pace over the next few years in one of its recent market research reports. According to the report, the market for subsea boosting systems, which had a valuation of US$1.34 bn in 2014, is projected to exhibit a healthy 9.7% CAGR between 2015 and 2023, and will rise to a valuation of US$3.07 bn by 2023.
Browse Full Global Subsea Boosting Systems Market Report with http://www.mrrse.com/subsea-boosting-systems-market
Oilfield Applications and Shallow Water Subsea Boosting Systems Dominate the Market
Subsea boosting systems find significant demand across both oil fields and gas fields in the subsea exploration sector. Of these, the segment of oilfields dominates the market, accounting for a share of over 57.8% in the global subsea boosting systems market in 2014.
On the basis of the depth of water of subsea exploration sites, the market for subsea boosting systems is broadly segmented into shallow water subsea boosting systems and deep water subsea boosting systems. Of these, the segment of shallow water subsea boosting systems dominates the market, accounting for over 69.4% of the market in 2014.
Latin America to Create Lucrative Growth Opportunities for Market
The market for subsea boosting systems has seen a huge rise in popularity as several traditional oilfields are nearing maturity in major oil producing regions across the globe. Due to this, there has been a rise in demand for subsea boosting systems across the non-traditional oil producing areas of Latin America and Asia Pacific. The high level of investment observed in the subsea oil and gas exploration sector in these regions is creating lucrative growth opportunities in the subsea boosting systems market.
Browse the full Press Release of Global Subsea Boosting Systems Market: http://www.mrrse.com/subsea-boosting-systems-industry
Latin America, especially, is considered to be one of the most lucrative regional markets for subsea boosting systems. In Brazil, which is one of the most prominent oil and gas exploration centers in the region, a vast number of onshore oil and gas fields are nearing or have already reached maturation. Demand is also expected to rise in key offshore oilfields such as Espirito Santo and Campos in Latin America. This will lead to an increased demand for subsea boosting systems in the region.