Offshore
projects demand a huge capital investment, which is what motivates
oil companies to look for cheaper, effective, and efficient options.
Subsea pumps are used for offshore exploration and oil production to
increase the levels of production in the oilfields in an economical
way. As several regions across the globe are looking at developing
and tapping into their offshore hydrocarbon reserves, the subsea
pumps market is garnering copious amount of attention. The market is
also gaining lucrative business due to exceptional technological
advancements and mounting subsea projects.
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Subsea Pumps Market Report with Full TOC at
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Segmentation
of Global Subsea Pumps Market
The
global subsea pumps market has been segmented on the basis of
products, applications, and regions. The products in the global
subsea pumps market are helico-axial, centrifugal, electrical
submersible pumps (ESP), and others such as twin screw, hybrid, and
counter-axial. The application-wise segmentation of the subsea pumps
market is inclusive of subsea boosting, subsea separation, subsea
compression, and subsea injection. Geographically, the global subsea
pumps market is segmented into North America, Asia Pacific, Europe,
the Middle East and Africa (MEA), and Latin America.
Helico-Axial
Segment to Dominate Global Subsea Pumps Market
The
global subsea pumps market was driven by the helico-axial segment in
2013. These pumps are majorly used for boosting oil and gas
operations. According to analysts at Transparency Market Research,
the helico-axial segment is expected to continue its dominance in the
coming years. The electrical submersible pumps (ESP) segment is
expected to enjoy a strong growth pattern as well, as these pumps are
exceptionally economical and efficient in drawing up petroleum fluids
in challenging environmental conditions. ESPs have been designed to
generate a flow rate of anywhere between 1,000 barrels a day to
20,000 barrels a day. Among the various applications, subsea boosting
held the largest market share in 2013 and is likely to lead the
global subsea pumps market in the coming few years.
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Latin
America Leads Global Subsea Pumps Market
Latin
America had a dominant presence in the global subsea pumps market in
2013, which promises to lead the market on in the near future. The
primary reason for this growth is the petroleum industry in Brazil, a
developing country in Latin America. The government in the region is
determined to bring about infrastructural transformation and
advancement in subsea technologies. These mission statements are also
supported by consistent political support across the various parties
and a stable currency. It is in fact the latter that is making Brazil
a hub for investments and an important center for subsea pumps
installation.
Brazil
Emerges as the Key Region
In
the coming five years, increasing financial and infrastructural
support from the government is expected to encourage the subsea pumps
market in Brazil. Furthermore, the development of pre-salt reserves
in the deepwater basins of Brazil is also contributing to the influx
of investment in subsea technologies in the region.
The
MEA segment, supported by the heavy dependence of Middle Eastern
economies on petroleum production, is also a major regional player in
the global subsea pumps market. The primary growth drivers for the
expansion of the global subsea pumps market are the need for subsea
production systems in the deepwater offshore hydrocarbon reserves off
the West Coast of Africa. This growth is also supported by
initiatives taken to develop shallow water and deepwater hydrocarbon
reserves in the Middle East. The region also plans to install ESP
subsea and helicon-axial pumps, elevating demand for these products.
These pumps will help in subsea separation and subsea boosting
applications.
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Press Release Of Subsea Pumps Market
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Some
of the key players in the global subsea pumps market are OneSubsea,
FMC Technologies, Inc., General Electric Company, Aker Solutions ASA,
Baker Hughes Incorporated, Flowserve Corporation, SPX Corporation,
Sulzer Ltd., ITT Bornemann GmbH, and Leistritz AG. As these companies
and governments look for recoverable oil and gas reserves in
deepwater and ultra-deepwater reservoirs, subsea pumping and
technologies related to it will continue to gain a strong market
share
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