A recent study on
the global subsea
manifolds market states that the market will expand at a 5.60%
CAGR during the forecast period of 2014-2020. The subsea manifolds
market was worth US$2,540.01 million and is estimated to be worth
US$3,716.42 million by 2020.
Increased need for
oil recovery out of complex offshore reservoirs will drive the growth
of the global subsea manifolds market. Additionally, the ability of
subsea manifolds to adapt to shifting operating conditions will
further fuel the growth of this industry.
The global subsea
manifolds market is segmented according to application into
production and injection manifolds. The application of the manifolds
depends on the reservoir properties and field conditions. Currently,
production manifolds dominate the global market in terms of
installations. However, aging reserves in Europe and low reservoir
pressures in the subsea regions of Latin America will attract
investment in the injection manifolds sector.
The mandatory use of
a template structure for subsea instrument protection has increased
the number of installations of subsea manifolds in Europe. This
policy has made Europe the leading regional subsea manifolds market
in terms of installations. Brazil and West Africa are anticipated to
be major consumers of subsea manifolds during the forecast period.
The North America subsea manifolds market will benefit from the
several deepwater projects planned in the Gulf of Mexico.
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The top companies
operating in the global subsea manifolds market are Aker Solutions,
FMC Technologies Inc., ASA, General Electric, Dril-Quip Inc.,
OneSubsea and Technip S.A.
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