Press Release / Industry / Subsea Pumps Market worth $1,773.7 Million in 2020

Subsea Pumps Market worth $1,773.7 Million in 2020

The Global Subsea Pumps Market is projected to reach $1,773.7 Million by 2020, at a CAGR of 11.3% during the forecast period 2015-2020. Latin America was the single-largest market for subsea pumps in 2014, holding a 31.1% share, and is set to continue its dominance till 2020. High growth rates have been observed because of the ongoing production activities as future investments and promoting oil contango.

Subsea boosting is expected to be the largest application for subsea pumps and is expected to have more than 50% of the market share during the forecast period. Seabed boosting is at times deployed to ensure the flow of fluids from fields at the required rate after the natural reservoir pressure declines.

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It includes seabed multi-phase and down-hole boosting, raw seawater injection, and gas compression. Major factors that encourage the operators to adopt subsea boosting are the existence of heavy oil, the increased distance from the host, increased water depth, low reservoir pressure, and a greater number of field tiebacks to the host.

Subsea pumps market is majorly driven by the offshore exploration activities and the mature oilfields which require additional pressure in order to maintain a proper recovery rate. These activities are expected to have a healthy growth after 2016.

The ultra-deep E&P activities are expected to witness huge investments and move to deeper reserves once the oil prices and the breakeven price for oil production return to normal.

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Scope of the Report:
On the basis of Application:
• Subsea boosting
• Subsea separation
• Subsea injection
• Gas compression
On the basis of Type:
• Centrifugal
• Helico-axial
• Hybrid pump
• Twin screw
• Co-axial
• ESP

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Key Player:
The leading players in the market such as OneSubsea (U.S.), FMC Technologies (U.S.), Aker Solutions (Norway), General Electric (U.S.), and Baker Hughes (U.S.) among others have been profiled in this report.

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