Global Subsea Manifolds Market was valued US$ 3.34 Bn in 2017 and is estimated to reach US$ 5.08 Bn by 2026 at a CAGR of about 5.03% during a forecast.
The subsea manifolds market is driven by facts such as the increase in number of offshore oil discoveries, more multi-well templates in the subsea beds and, severity geography drilling in offshore basins. In 2017, out of ten new oil discoveries, five was done in deep-water environment. The major driving factor is require to enlarged oil recovery from composite offshore reservoir important for growth of cost efficient subsea manifolds. The geography of the subsea beds is cruel than of onshore. Thus it requires good infrastructure. High pressure and temperature variety in the deep-sea environment leads to corrosion and failure of drilling tools and pipelines. This necessitates requirement for advanced equipment such as subsea manifolds with enhanced flexible to corrosion and weathering. Uncertainty in crude oil costs would impact productivity of offshore worker is the restrain of subsea manifolds market.
Subsea Manifolds Market
Global Subsea manifolds market is segmented into product, application, and region. On the basis of product, the market is classified as template manifold, cluster manifold, and pipeline end manifold. Among this segregated, cluster manifold segment is estimated to dominate the market for subsea manifolds. Cluster manifold are superior to template manifolds as they provide flexibility for segregation of wells, can include chemical injection, unlike the typical manifolds, and allow the re-use of exploration wells.
Based on application, Subsea injection manifold is a complicated structure with a number of pipes and valves, designed to inject the fluids into multiple wells. These injection manifolds can be re-configured to carry and inject several types of fracturing fluids such as oil-based fluids, synthetic-based fluids, foam-based fluids, water-alternating-gas, water, and gas. These manifolds are also able to connect to well reserve horizontally or vertically and have a highly customizable design to carry out operations on different types of soil on the seabed.
In terms of region, subsea manifolds market is anticipated to witness remarkable growth during the forecast period. Europe region is estimated to dominate the market with the largest market share in the forecast period. The Middle East & Africa region also accounted for an expected share of the global subsea manifold industry in terms of installations. The North American regional government have sanctioned various deep-water projects in the Gulf of Mexico, which are anticipated to increase the demand for subsea manifolds.
Key Players Profiled and Analised in the Report
ABB, Aker Solutions ASA, Baker Hughes Incorporated, TechnipFMC Technologies Inc., General Electric, ITT Bornemann GmbH, One Subsea, Subsea 7 S.A., Schlumberger, Halliburton, Drill Quip, and Siemens AG are among others.
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Scope Global Subsea Manifolds Market
Global Subsea Manifolds Market by Product
• pipeline end
Global Subsea Manifolds Market by Application
Global Subsea Manifolds Market by Geography
• North America
• Middle East & Africa
• Latin America
Key players operating in the Global Subsea Manifolds Market
• Aker Solutions ASA
• Baker Hughes Incorporated
• TechnipFMC Technologies Inc.
• General Electric
• ITT Bornemann GmbH
• One Subsea
• Subsea 7 S.A.
• Drill Quip
• Siemens AG
• Trendsetter Engineering
• Weatherford International Inc.
Report published by @ Maximize Market Research