Subsea manifold systems are key equipment designed to extend life of existing fields, increase oil recovery from deepwater reservoirs, and reduce the capital and operating costs in the production fields.
Recently, capital investments in the subsea manifold have significantly increased across the globe. Many subsea manifold manufacturing companies are now offering customized subsea production solutions based on the properties of the soil in the target area. Many investors in the oil exploration companies are also focusing on improving their oil recovery techniques using advanced subsea manifold systems. Such aspects have given a boost to the overall subsea manifolds market.
According to a recent study by Ecopetrol S.A., hydrocarbon reserves in offshore areas are mostly obtained in deepwater basins. Due to this factor the technological advancements used for exploring the offshore hydrocarbon reserves have encouraged the growth of the subsea manifold market. Oil and gas exploration companies are increasingly using subsea manifold systems in the deepwater areas to improve their production levels.
Injection manifolds and production manifolds are the two major application segments of the subsea manifolds market.The production manifolds segment is the largest application segment in terms of installations. In 2013, Europe accounted for the major market share in terms of spending on subsea manifold systems. Many aging oil reserves in various European countries are attracting huge investments in the injections manifolds market too.
In the next five years, North America’s subsea manifolds market will benefit from the deepwater projects planned in the Gulf of Mexico. Various offshore activities in the areas of the Gulf of Mexico and California are projected to stir growth and investments in the overall market.
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