Subsea Boosting Systems Market Segment Forecasts up to 2023
The mounting demand for energy across the globe owing to the rapidly expanding global population and the strengthening industrial sector, coupled with maturing onshore oil and gas reserves, are leading to a rising focus on the exploration and production of oil and gas from subsea reserves. The field of subsea oil and gas exploration is rapidly developing owing to product and process innovations and technological developments, leading to much improved exploration and drilling activities in deep waters. The continuous global demand for enhancing the production of oil and gas from subsea resources is the key factor driving the global subsea boosting systems market.
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Subsea boosting systems refer to the arrangement deployed at the top of an oil/gas exploration well to ensure the flow of fluid at an economical rate. Subsea boosting systems are commonly employed as oil and gas exploration activities take place at increased depths, at increased distance from the host exploration setup, and where the oil is heavy and reservoir pressure is low.
Subsea boosting systems primarily consist of multiphase, down-hole boosting, raw subsea water injection, and gas compression facilities. There are many benefits of using subsea boosting systems at higher depths, including a much safer and faster start-up of wells that have low energy/pressure, prolonged economic lifetime of the oilfield, improved production capacities, recovery, and the ability to switch to a different production strategy.
Rising Investment in Subsea Exploration Helping Subsea Boosting Systems Market
The pressing need to be able to satisfy the mounting energy demands from across the globe and the rising subsea exploration activities are the key drivers of the global subsea boosting systems market. Technological developments and several innovations in the field of subsea boosting technologies have led to the development of boosting systems with higher performance, reliability, and endurance. The rising level of investment in the oil and gas industry is also a key factor augmenting the demand for improved varieties of subsea boosting systems across the globe.
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The high initial costs of these systems and the addition of an additional stage of operation, requiring increased manpower and operating costs, are some of the key retraining factors limiting the growth of the global subsea boosting systems market.
Demand from Brazil Driving Latin America Subsea Boosting Systems Market
The market has observed widespread adoption in subsea oil production areas of Latin America, the Middle East, and Africa. The high level of investment observed in the field of subsea exploration in these regions is projected to create significant growth opportunities for the global subsea boosting systems market in the near future.
Latin America, in particular, is one of the most lucrative regional segments of the subsea boosting systems market. In Brazil, which is one of the most prominent centers for subsea boosting systems in the region, a large number of onshore oilfields are nearing maturity and some are already matured. Campos and Espirito Santo are the other key offshore oil fields in Latin America that can contribute to the expansion of the global subsea boosting systems market.
Some of the key businesses operating in the global subsea boosting systems market are FMC Technologies Inc., Cameron, Sulzer Limited, General Electric Co, Framo Mohn AS, Aker Solutions, Oceaneering International Inc., and GEOG VetcoGray.
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