The latest report on Subsea Pumps Market by Infinium Global Research gives complete coverage of the Subsea Pumps Market by application (subsea boosting, subsea separation, subsea injection, subsea gas compression), type (helico-axial, centrifugal, twin screw, hybrid, counter-axial), region (NA, EU, APAC, RoW) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Subsea Pumps such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Major Factors Driving the Growth of the Subsea Pumps Industry
Subsea pumping is one of the most mature solutions for increasing oil recovery from subsea tiebacks. In boosting applications, seabed pumps improve production economics by reducing backpressure on the reservoir that increases flow rates, and total recoverable reserves. In other applications where there is low reservoir drive, single-phase pumps can be used to inject into the reservoir to increase reservoir pressure and sweep hydrocarbons from the formation, rising recovery and enabling increased production rates. Subsea multiphase pumps improve production economics by reducing back pressure on the reservoir that increases flow rates and total recoverable reserves.
Increasing energy demand has resulted in high offshore production investment along with maturing onshore oilfields, which in turn, are the major factors driving the growth of the subsea pumps market. In addition, a decline of shallow and onshore gas reserves are forcing the companies to increase their focus on deep-water reserves thus enhancing the market growth. Owing to the handling of produced water in proximity to the production site, the operation cost and time are reduced this in turn, is anticipated to boost the growth of the subsea pumps market.
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The Exploration & Production Activity, Including Offshore is Expected to Increase In China, Which in Turn is Expected to Drive the Market for Subsea Pumps
On the other hand, strict government laws on oil explorations hinder the growth of the market. Furthermore, the growing requirement of fuel the production of the already present brownfield oil and gas projects are positively influencing the growth of the market. On the other hand, offshore Greenfield will also contribute; it’s positively influenced by market development. Moreover, the developments in subsea technologies ensure top abilities and huge economic benefits, thus the oil and gas reserves and the newly discovered oilfields are gaining several opportunities for the key players in the subsea pumps market over the years to come.
Among the geographies, Americas dominated the subsea pumps market. Moreover, Latin America is anticipated to witness the largest share owing to the significant development observed in subsea exploration and production activities and due to increasing offshore exploration along the Gulf of Mexico. Hence, this region is anticipated to remain the dominant region over the forecast period. Moreover, increasing oil production in Eastern Europe particularly in Russia is expected to drive the European market. In order to meet this energy demand, the exploration & production activity, including offshore is expected to increase in China, which in turn is expected to drive the market for subsea pumps in the Asia Pacific regions.
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- Comprehensive analysis of global as well as regional markets of the Subsea Pumps.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.