Global Subsea Pumps Market to be Led by Brazil
Offshore projects demand a huge capital investment, which is what motivates oil companies to look for cheaper, effective, and efficient options. Subsea pumps are used for offshore exploration and oil production to increase the levels of production in the oilfields in an economical way. As several regions across the globe are looking at developing and tapping into their offshore hydrocarbon reserves, the subsea pumps market is garnering copious amount of attention. The market is also gaining lucrative business due to exceptional technological advancements and mounting subsea projects.
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Segmentation of Global Subsea Pumps Market
The global subsea pumps market has been segmented on the basis of products, applications, and regions. The products in the global subsea pumps market are helico-axial, centrifugal, electrical submersible pumps (ESP), and others such as twin screw, hybrid, and counter-axial. The application-wise segmentation of the subsea pumps market is inclusive of subsea boosting, subsea separation, subsea compression, and subsea injection. Geographically, the global subsea pumps market is segmented into North America, Asia Pacific, Europe, the Middle East and Africa (MEA), and Latin America.
Helico-Axial Segment to Dominate Global Subsea Pumps Market
The global subsea pumps market was driven by the helico-axial segment in 2013. These pumps are majorly used for boosting oil and gas operations. According to analysts at Transparency Market Research, the helico-axial segment is expected to continue its dominance in the coming years. The electrical submersible pumps (ESP) segment is expected to enjoy a strong growth pattern as well, as these pumps are exceptionally economical and efficient in drawing up petroleum fluids in challenging environmental conditions. ESPs have been designed to generate a flow rate of anywhere between 1,000 barrels a day to 20,000 barrels a day. Among the various applications, subsea boosting held the largest market share in 2013 and is likely to lead the global subsea pumps market in the coming few years.
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Latin America Leads Global Subsea Pumps Market
Latin America had a dominant presence in the global subsea pumps market in 2013, which promises to lead the market on in the near future. The primary reason for this growth is the petroleum industry in Brazil, a developing country in Latin America. The government in the region is determined to bring about infrastructural transformation and advancement in subsea technologies. These mission statements are also supported by consistent political support across the various parties and a stable currency. It is in fact the latter that is making Brazil a hub for investments and an important center for subsea pumps installation.
Brazil Emerges as the Key Region
In the coming five years, increasing financial and infrastructural support from the government is expected to encourage the subsea pumps market in Brazil. Furthermore, the development of pre-salt reserves in the deepwater basins of Brazil is also contributing to the influx of investment in subsea technologies in the region.
The MEA segment, supported by the heavy dependence of Middle Eastern economies on petroleum production, is also a major regional player in the global subsea pumps market. The primary growth drivers for the expansion of the global subsea pumps market are the need for subsea production systems in the deepwater offshore hydrocarbon reserves off the West Coast of Africa. This growth is also supported by initiatives taken to develop shallow water and deepwater hydrocarbon reserves in the Middle East. The region also plans to install ESP subsea and helicon-axial pumps, elevating demand for these products. These pumps will help in subsea separation and subsea boosting applications.
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Some of the key players in the global subsea pumps market are OneSubsea, FMC Technologies, Inc., General Electric Company, Aker Solutions ASA, Baker Hughes Incorporated, Flowserve Corporation, SPX Corporation, Sulzer Ltd., ITT Bornemann GmbH, and Leistritz AG. As these companies and governments look for recoverable oil and gas reserves in deepwater and ultra-deepwater reservoirs, subsea pumping and technologies related to it will continue to gain a strong market share
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