Due to a limited number of manufacturers of subsea boosting systems, the degree of competition in the global subsea boosting systems market is expected to substantially increase, reports Transparency Market Research (TMR) in a new study. The leading manufacturers of subsea boosting systems are focusing on pricing strategies to attract consumers and maintain their leading position in the industry. The top three companies, FMC Technologies, OneSubsea, and GE Oil & Gas, together accounted for approximately 78% of the global subsea boosting market in 2014.
The increasing need for enhancing oil and gas production has opened up new opportunities for manufacturers of subsea boosting systems due to their extensive use in oil and gas drilling from deep and ultra-deep-water locations. The continuous investments being made in projects to discover new offshore oil and gas drilling opportunities has augmented the demand subsea boosting systems.
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Increasing Need to Extract Oil and Gas from Mature Reservoirs to Boost Sales of Subsea Boosting Systems
According to TMR analysts, the rising demand for fossil fuels has led to an increase in shallow water and onshore E&P activities for oil and gas reservoirs. Due to the increasing E&P activities, the reserves of oil and gas have depleted leading to a decrease in the production from mature reservoirs, such as low pressure oil fields. As subsea boosting systems help in the extraction from the low pressure oil fields, their demand in future is expected to increase substantially.
Subsea boosting systems have proven highly beneficial in enhancing the deepwater and ultra-deepwater production from heavy oil and gas reservoirs in West Africa, Brazil, the North Sea, and the Gulf of Mexico. Thus, the need to prolong the economic lifetime of oil and gas reservoirs through increasing production recovery is expected to drive the global sales of subsea boosting systems.
Fluctuating Crude Oil Prices to Negatively Affect Sales of Subsea Boosting Systems
The fluctuating prices of crude oil are likely to hamper drilling activities worldwide, reports TMR in its study. E&P companies are struggling to maintain their production in comparison to the prices of crude oil and natural gas, thus slowing down the extraction processes. Moreover, a decline in crude oil prices has brought about a substantial decrease in offshore drilling activities. With the tumbling prices of crude oil, many companies are likely to abandon numerous oil and gas projects in the North Sea and other offshore areas. Thus, the fluctuating crude oil prices are anticipated to impede the sales of subsea boosting systems due to the decrease in drilling activities.
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Rising Deepwater and Ultra-Deepwater Drilling Activities to Provide Manufacturers of Subsea Boosting Systems with Future Growth Opportunities
Drilling activities have received a substantial boost in emerging economies such as India, China, and Brazil due to the growing demand for oil and gas in these regions. To fulfill high fossil fuel demands, leading private and national companies are discovering new oil and gas reserves. Due to the increase in offshore oil and gas exploration activities, the requirement for subsea oil and gas equipment has also increased. Thus, companies operating in the global subsea boosting systems market are projected to gain benefit from the new crude oil and natural gas discoveries along with the high potential reserves. As a result of this, the oil fields application segment is expected to dominate the global subsea boosting systems market with a share of 67.7% in 2023.
The global subsea boosting systems market is thus estimated to rise at a CAGR of 9.7% from 2015 to 2023. The systems market was valued at US$1.46 bn in 2015 and is projected to touch a valuation of US$3.07 bn by 2023. Asia Pacific is expected to lead the global market for subsea boosting systems with a share of 23.9% in 2023
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