The
increasing activity of oil and gas exploration companies all over the
world is leading to the growth of the global subsea manifolds market.
Technological advancements that allow the usage of efficient subsea
technologies for developing offshore hydrocarbon reserves is also
encouraging the growth of this market. Manufacturers are designing
subsea technologies with a special emphasis on them being able to
work in the difficult operating conditions in deepwater areas. Owing
to this crucial driving factor, several subsea manifold manufacturing
companies are offering customized solutions based on the properties
of the particular soil in the target area. As the recent discovery of
hydrocarbon reserves in offshore areas around the world was mostly in
deepwater, subsea manifold technologies are back in demand. The
global subsea manifold market is growing at a high pace as several
oil and gas exploration companies working in offshore locations
prefer installing subsea technologies for a better output.
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Subsea
manifold systems are extremely crucial for offshore explorations, as
they are designed to direct the flow coming from subsea production
wells into the multiple production flowline headers. They also help
operators acclimatize to changing operating conditions, providing a
vital advantage in subsea production systems. They also allow
operators to link potential subsea wells or tie-back in a manner that
makes production efficient.
The
global subsea manifolds market is segmented on the basis of
applications and regions. On the basis of applications the global
subsea manifolds market is segmented into production manifolds and
injection manifolds. Geographically, this market is divided into
North America, the Middle East and Africa (MEA), Europe, and Latin
America.
The
particular type of manifold used in subsea production system largely
depends on the features of the reservoir and subsea system’s
configuration. As investors of several oil exploration companies are
focusing on improving oil recovery techniques, it has given a serious
boost to the injection manifolds market. Meanwhile, production
manifolds are being deployed to transfer the fluids produced in two
or more subsea production wells into flowlines. This transfer depends
on the development plan of the subsea field.
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Presently,
Europe dominates the global subsea manifolds market due to its
proximity to the North Sea, which is a shallow water region. The
North Sea contributes massively to oil and gas production in Europe,
which demands subsea manifolds. This growth rate is further augmented
by the demand from oil rigs in the Norwegian Continental Shelf, which
also comes with strict environmental rules and regulations for
developing offshore reserves. Owing to these reasons, investors are
looking at installing subsea technologies, as it would considerably
cut down the risks in oil and gas production processes. The MEA
region follows this market closely when it comes to its share in the
global market. The factors contributing to the growth of the subsea
manifolds market in these regions is significant usage of subsea
production systems for developing deepwater offshore hydrocarbon
reserves off the West Coast of Africa.
Some
of the key players in the global subsea manifolds market that have
been winning contracts from offshore exploration firms for subsea
manifolds are FMC Technologies Inc. and Aker Solutions ASA.
Manufacturers customize these manifolds according to the requirements
of the offshore company. Several subsea manifold manufacturers are
setting up production facilities near oil-rich offshore areas, as the
demand for these manifolds is increasing from regions such as Latin
America and Africa. This is allowing manufacturers to optimize their
operations as it reduces time, and raw materials can sourced from
local vendors, reducing transport costs. The global subsea manifolds
market is expected to reach new heights in the coming few years as
increasing investment in research and development activities
increases and manufacturers vie to win contracts from companies that
have strong, established positions in hydrocarbon exploration.
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