The maturity of onshore oil and gas sector along with the ever-growing demand for energy is drawing the attention of several companies towards offshore
field explorations. The key vendors in the global subsea pumps market are Baker Hughes, Aker Solutions, Flowserve, FMC Technologies, ITT Bornemann, General
Electric Company, OneSubsea, Sulzer, and SPX.
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According to a report published by Transparency Market Research (TMR) featured on Market Research Reports Search Engine (MRRSE), the global subsea pumps
market will grow significantly in the coming years. The global subsea pumps market is projected to expand at a 7.1% CAGR during the forecasting horizon
between 2014 and 2020. In 2013, the global subsea pumps market was worth US$975.0 million and is anticipated to be worth US$1,539.1 million by 2020.
Key Drivers of the Global Subsea Pumps Market
· Accelerating advancements in the subsea pumps technologies ensure excellent operation capabilities along with high economic benefits. This will drive the
global subsea pumps market to a great extent. Subsea technologies that are used with floating production systems have triggered the interest among
production and exploration firms that focus primarily on deepwater areas.
· Subsea pumps-related technologies allow extraction of hydrocarbons from offshore oil and gas fields. This will address the growing need to drive
production of existing offshore brownfield and greenfield oil and gas projects and in turn boost the growth of the global subsea pumps market.
· Additionally, the rising oil and gas drilling activities coupled with the elevated oil and gas demand have resulted in service providers to utilize
subsea technologies. Further, the growing oil and gas upstream expenditures will fuel the demand for subsea pumps across the globe
The global subsea pumps market is segmented by application into subsea boosting, subsea compression, subsea separation, and subsea injection. The
application sector of subsea boosting holds the largest market share and will continue to lead the market till 2019.
By product, the global subsea pumps market is divided into helico-axial, centrifugal, electrical submersible pump (ESP), and others. Helico-axial pumps are
one of the most common types of subsea pumps is used in oil and gas boosting operations. In 2013, the segment helico-axial held the largest market share in
terms of subsea pump installations and will continue its dominance until 2020. On the other hand, ESP segment emerged as the second largest market in 2013.
ESP pumps can operate at flow rates that range from 1,000 barrels to 20,000 barrels per day.
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Geography-wise, the global subsea pumps market is segmented into Europe, Middle East and Africa (MEA), Asia Pacific, Latin America, and North America.
Latin America held the largest market share in 2013 in terms of both revenue and subsea pumps installation in the global subsea pumps market. Development
of pre-salt reserves in Brazil’s deepwater basins is driving this regional subsea pumps market. According to Brazil’s federal oil, natural gas, and
biofuels agency, in August 2013 Brazil’s production of oil from deepwater pre-salt reserves was over 300,000 barrels per day. The increasing deepwater
production activities in the MEA, especially West Africa will boost investment in this regional subsea pumps market.