The
global subsea pumps market provides valuable insights into the
developments of the market between 2014 and 2020. Subsea pumping is
commonly used for increased oil recovery from subsea oil and gas
reservoirs, especially in low-pressure oil fields. Due to the
increased utilization of subsea technologies in offshore hydrocarbon
exploration projects, the subsea pumps market will rise at a healthy
7.10% CAGR from 2014 to 2020 to reach a valuation of US$1.5bn by the
end of the forecast period. The global subsea pumps market was valued
at US$0.9bn in 2013.
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The
report points out that the high economic benefits and flawless
operational capabilities of advanced subsea pumps are the major
factors behind the rising demand for these products across the world.
The utilization of subsea pumps is aiding in extending the life of
existent gas and brownfield repositories, which, combined with the
demand for boosting production of existent projects, is bolstering
growth of the global subsea pumps market.However, fluctuating prices
of oil and gas will hamper the market’s growth to some extent. To
counter this, market players can depend on newly discovered oilfields
and a large number of untapped oil and gas reserves that will drive
this market in the years to come.
The
report divides the global subsea pumps market on the basis of product
type, application, and region. By product, electrical centrifugal,
helicon-axial, submersible pump, and others are the segments of this
market. Of these, it is the helicon-axial product segment that
dominated the overall market in 2013. The product segment enjoyed
dominance due to the extensive use of helicon-axial subsea pumps in
boosting oil and gas operations. For the forecast period from 2014 to
2020, the demand for helicon-axial pumps will remain the highest,
says the report. In 2013, electrical submersible pumps held the
second largest share in the overall market.
Application-wise,
subsea separation, subsea injection, subsea compression, and subsea
boosting are the segments of the market. Amongst all, subsea boosting
accounted for the largest share of the subsea pumps market in 2013
and will continue to be the dominant segment during the forecast
period. In current times, increasing governmental expenditures for
offshore exploration and production has been the major factor
responsible for the high demand for subsea boosting applications,
thereby benefitting the global subsea pumps market.
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The
report divides the global subsea pumps market is divided into the
regional segments of North America, Asia Pacific, Latin America,
Europe, and the Middle East and Africa. In 2013, Latin America stood
as the largest regional segment due to the development of exploration
and production projects in deepwater pre-salt reservoirs off the
coast of Brazil.
The
global subsea pumps market is segmented as follows:
Global
Subsea Pumps Market: Product Segment
- Helico-axial
- Electrical Submersible Pump (ESP)
- Centrifugal
- Others (Twin Screw, Hybrid and Counter-axial)
Global
Subsea Pumps Market: Application Segment
- Subsea Boosting
- Subsea Separation
- Subsea Compression
- Subsea Injection
Global
Subsea Pumps Market: Regional Segment
- North America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
- Latin America
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