Subsea pumps Market Size, Share, Trends, Growth and Forecast 2032

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Methodology

Free Analysis

Subsea pumps are used for boosting either hydrocarbon fluids or water. Subsea pumps are organized most ominously among the offshore developed fields to improve the performance or production rate, which is further achieved by reducing the reservoirs’ backpressure. Thus, the flow rate gets increased in the whole recoverable reserves. After that, the subsea pumps are organized up and down with the aid of a motor where is oil filled. This oil-filled motor is set up at the top and the pump section at the base. Moreover, the motor and pump are totally enclosed in force housing, which is perfect for subsea setup and planned for holding motor up to a water depth of 3,600m and pressures of up to 14,500psi. Besides, the subsea pumps are also unified for the requirement of offshore manufacturing of heavy oil.

Subsea pumps find massive applications in the manufacturing process of heavy oil in both developed and developing countries. The growing demand for energy and power industry is the primary factor boosting this market. Additionally, the rise in the number of deep-sea activities in the oilfields is likely to propel this market. The high oil demand from the energy and power industry is fuelling the offshore production investments along with maturing the onshore oilfields. Furthermore, there has been a substantial decline in the onshore and shallow gas reserves. Thus, companies are forced to increase their focus on the deep sea reserves, thereby enhancing this market. Moreover, the ongoing developments in the subsea technologies with huge fiscal welfares are likely to positively impact this market’s development. These factors are likely to contribute toward the subsea pumps market growth over the forecast timeframe. However, volatile and fluctuating oil costs might hinder this market’s growth.

By type, the subsea pumps market is segmented into the helico-axial, centrifugal, hybrid pump, co-axial, twin screw, and ESP. By application, the subsea pumps market is categorized into subsea separation, subsea injection, subsea boosting, and gas compression.

North America held a significant revenue share of the global subsea pumps market in 2017. The region is anticipated to continue with its regional dominance over the forecast period, due to the increased number of exploration activities in the Gulf of Mexico. Moreover, the increasing government expenditure in the exploration activities is likely to further drive this regional market over the forecast time period. The Middle East and Africa region are predicted to provide significant growth opportunities in the subsea pumps market. The high production of oil across the region is likely to amplify this market over the forecast span. Additionally, the technological advancements made in the subsea production systems are going to foster the market in the Middle East and Africa region over the forecast timeframe.

The key players involved in the subsea pumps market include Aker Solutions and Baker Hughes Incorporated, Flowserve Corporation, Fuglesangs Subsea AS, GE Oil & Gas, FMC Technologies Inc., Hayward Tyler Group Plc., ITT Bornemann, Leistritz Advanced Technologies Corp., SPX Corporation, Sulzer Ltd., and OneSubsea.