Subsea Pumps Market Trends 2014 – 2020
The global subsea pumps market and presents an insight into the future of the market over the period between 2014 and 2020. Subsea pumping, a common method for enhancing oil recovery from subsea oil and gas repositories, is especially considered highly beneficial in low-pressure oilfields. The report states that the market for subsea pumps will grow at a healthy 7.1% CAGR between 2014 and 2020, as a result of which the market, valued at US$0.9 bn in 2013, will rise to US$1.5 bn by 2020.
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The report recognizes factors such as the high economic benefits and excellent operational abilities of advanced subsea pumps behind the rising demand for these products across the global market. The use of subsea pumps in extending the life of existing gas and brownfield reservoirs and the demand for boosting production of existing projects will also drive the global subsea pumps market.
However, the fluctuating prices of oil and gas across the globe will hamper the market’s growth to a certain extent. Nevertheless, marketers can rely upon newly discovered oilfields and numerous untapped sources of oil and gas reserves across the globe as future demand drivers of the subsea pumps market.
The report segments the global subsea pumps market on the basis of three criteria: product types, key application areas, and key regional markets.On the basis of product type, the market is segmented into electrical centrifugal, submersible pump, helico-axial, and others. Of these, the product segment of helico-axial pumps dominated the overall market in 2013, owing to their extensive use in a number of oil and gas boosting operations. The demand for helico-axial pumps is expected to remain the highest over the report’s forecast period as well. In 2013, the market segment of electrical submersible pumps accounted for the second largest share in the global subsea pumps market.
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Application-wise, the report segments the global subsea pumps market into subsea separation, subsea compression, subsea injection, and subsea boosting. Of these, the market segment of subsea boosting held the largest share in the global subsea pumps market in 2013 and is also expected to remain the dominant segment over the report’s forecast period. The high demand in current times and healthy future growth prospects of subsea pumps in the area of subsea boosting can be attributed to the rising global expenditure on activities such as offshore exploration and production.
Geography-wise, the global subsea pumps market is segmented into Latin America, North America, Europe, the Middle East and Africa, and Asia Pacific. In 2013, the market segment of Latin America held the largest share in the global subsea pumps market owing to the progress of exploration and production activities in deepwater pre-salt reserves in the basins off the coast of Brazil. The rising trend of deepwater oil and gas recovery in West African countries will also drive demand for subsea pumps in the Middle East and Africa.
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