The global subsea pump market size is expected to expand at a robust CAGR during the forecast period, 2021-2028. The growth of market is attributed to growing demand for oil & gases, fluctuation in oil prices, and number of onshore field reaching the maturity level are increasing rapidly.
However, from the last few years crude oil has shown high fluctuation in prices because of the demand supply gap, geopolitics and various other external factors which also act as a hindrance in the market growth.
The oil and gas industry is majorly focusing on developing new techniques and technologies that allow them to expand their profit sharing margin from existing brown fields and new assets by enhancing their production yield.
In the recent years offshore activities witnesses a significant growth in the segment which is attracting new investors on a large scale.
The offshore oil and gas reserves constitute a majority of FIDs preceding last three years. It was also expected that the global deepwater liquid production will reach approximately 10 million bbl/d in 2019, when compared to 2018 it is approximately 700000 bbl/d increase.
Moreover, it can be estimated that with the growing investment, exploration, and production of oil from new fields the deepwater segment is anticipated to dominate the market during the projected period.
Furthermore, with the unwavering demand for oil and gas owing to industrial and commercial development which constantly shallow water and onshore oil & gas reserves forcing companies to focusing more on deepwater exploration which augment the subsea pump segment.
Market Trends, Drivers, Restraints, and Opportunities
- R&D and technological advancement towards improving the performance of pumping is estimated to surge the market in the coming years.
- Rising production of shale gas increased demand for subsea pump, tools, and equipments for the production of oil and gas is anticipated to propel the market during the forecast period.
- Increasing offshore investments is estimated to boost the market during the projected period.
- Growing offshore exploration and production activities is estimated to impel the market in the coming years.
- Increasing investment in advanced technologies and techniques to reduce the overall cost of offshore expenditure is anticipated to drive the market during the forecast period.
- Vulnerable against the severe environmental conditions baffles the operational activities which also leads to major financial losses act as a factor that can hinder the growth of the market in the coming years.
- Lack of awareness about the water salinity level which is capable to corrode the production line system possesses a challenge that can impede the market growth during the forecast period.
Scope of the market
The report on the global subsea pump market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Subsea Pump Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Separations, Injections, Boosting, and Others)
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Regional Scope
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Europe, Asia-Pacific, South America, North America, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Schlumberger Limited; Baker Hughes Co.; Oceaneering International Inc.; Aker Solutions ASA; Halliburton Company.
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Market segment insights
The injection segment is expected to hold a major share of the market
Based on applications, the market is segregated into separations, injections, boosting, and others. The injection segment is expected to hold major share of the market in the coming years due application primarily used for extraction of oil application such as HAP and TSP can be integrated with the segment which helps in stimulating the production of oil.
South America is anticipated to dominate the market
In the terms of regions, the market is classified as Europe, Asia-Pacific, South America, North America, and Middle East & Africa. South America is anticipated to dominate the market during the projected period due to rising demand for energy, major investors & companies focusing more on deepwater activities, which make the region potential enough to guarantees the oil and supply for few decades, along with adoption of new technologies, constant high demand for subsea pumps, rising investments, and upcoming project are some of the reasons that makes the region more dominant as compared to others.
Segments
Global subsea pump market has been fragmented on the basis of
Application
- Separations
- Injections
- Boosting
- Others
Regions
- Europe
- Asia-Pacific
- South America
- North America
- Middle East and Africa
Key players
- Schlumberger Limited
- Baker Hughes Co.
- Oceaneering International Inc.
- Aker Solutions ASA
- Halliburton Company.
Competitive Landscape
Key players competing in the global subsea pump market include Schlumberger Limited; Baker Hughes Co.; Oceaneering International Inc.; Aker Solutions ASA; Halliburton Company.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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