The
global subsea pumps market and presents an insight into the future of
the market over the period between 2014 and 2020. Subsea pumping, a
common method for enhancing oil recovery from subsea oil and gas
repositories, is especially considered highly beneficial in
low-pressure oilfields. The report states that the market for subsea
pumps will grow at a healthy 7.1% CAGR between 2014 and 2020, as a
result of which the market, valued at US$0.9 bn in 2013, will rise to
US$1.5 bn by 2020.
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Subsea Pumps Market Report with Full TOC at
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The
report recognizes factors such as the high economic benefits and
excellent operational abilities of advanced subsea pumps behind the
rising demand for these products across the global market. The use of
subsea pumps in extending the life of existing gas and brownfield
reservoirs and the demand for boosting production of existing
projects will also drive the global subsea pumps market.
However,
the fluctuating prices of oil and gas across the globe will hamper
the market’s growth to a certain extent. Nevertheless, marketers
can rely upon newly discovered oilfields and numerous untapped
sources of oil and gas reserves across the globe as future demand
drivers of the subsea pumps market.
The
report segments the global subsea pumps market on the basis of three
criteria: product types, key application areas, and key regional
markets.On the basis of product type, the market is segmented into
electrical centrifugal, submersible pump, helico-axial, and others.
Of these, the product segment of helico-axial pumps dominated the
overall market in 2013, owing to their extensive use in a number of
oil and gas boosting operations. The demand for helico-axial pumps is
expected to remain the highest over the report’s forecast period as
well. In 2013, the market segment of electrical submersible pumps
accounted for the second largest share in the global subsea pumps
market.
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Application-wise,
the report segments the global subsea pumps market into subsea
separation, subsea compression, subsea injection, and subsea
boosting. Of these, the market segment of subsea boosting held the
largest share in the global subsea pumps market in 2013 and is also
expected to remain the dominant segment over the report’s forecast
period. The high demand in current times and healthy future growth
prospects of subsea pumps in the area of subsea boosting can be
attributed to the rising global expenditure on activities such as
offshore exploration and production.
Geography-wise,
the global subsea pumps market is segmented into Latin America, North
America, Europe, the Middle East and Africa, and Asia Pacific. In
2013, the market segment of Latin America held the largest share in
the global subsea pumps market owing to the progress of exploration
and production activities in deepwater pre-salt reserves in the
basins off the coast of Brazil. The rising trend of deepwater oil and
gas recovery in West African countries will also drive demand for
subsea pumps in the Middle East and Africa.
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