Subsea Pumps Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024

Subsea Pumps Market: Overview

Subsea pumps are deployed most significantly among offshore developed fields to enhance the improvement rate by decreasing backpressure of the reservoirs, thus rising flow rates and whole recoverable reserves. Subsea pumps are configured up and down with the help of an oil-filled motor, which is set up at the top and the pump part at the base. On the other hand, the motor and pump are completely enclosed in a force housing perfect for subsea setup and planned for holding motor up to a water depth of 3,500m and pressures of up to 14,000psi. Besides, subsea pumps have also incorporated the requirement for offshore manufacturing of heavy oil. The rising demand for power and the maturity of obtainable oilfields have exaggerated a foremost segment of upstream oil & gas funds expenditures towards production and new field exploration. Subsea production systems can be used to develop reservoirs, or parts of reservoirs, which require drilling of the wells from more than one location. Deep water conditions, or even ultradeep water conditions, can also inherently dictate the development of a field by means of a subsea production system, since traditional surface facilities such as on a steel-piled jacket, might be either technically unfeasible or uneconomical due to the water depth. Subsea dealing refers to the separation of formed fluids into liquid and gas or oil, and water—for entity phase transport and clearance (only in the case of water). The liquid watercourse can be pumped to a middle facility for final dispensation. The gas stream can be elated under natural force or force boosted (compressed) to the host capability.

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Subsea Pumps Market: Growth Factors

Developing onshore oilfields along with rising power demand has given rise to high offshore production venture, which is anticipated to fuel the global subsea pumps market in the coming future. The invention of commercially feasible offshore hydrocarbon reservoirs is anticipated to expand the global market development in the coming years. Decreased in operation expenditure and time due to the handling of generating of water in closeness to production site is anticipated to fuel the global subsea pumps demand in the coming years. Advantages of subsea pumps that consist of enhanced gas and oil recovery, maximum Net Present Value (NPV), saving of surface manufacturing facility expenditure and decreased the possibility of hydrate development in the flow line, is anticipated to further fortify the global subsea pumps market development.

Subsea Pumps Market: Segmentation

The subsea pumps market has been divided further based on a type of subsea pumps utilized such as helical-axial, centrifugal, hybrid pump, co-axial, twin screw, and ESP. The subsea pumps market is further classified based on applications as subsea separation, subsea injection, subsea boosting, and gas compression.

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Subsea Pumps Market: Regional Analysis

The global subsea pumps market is classified into the significant regions such as Asia Pacific, North America, Europe Latin America, Africa, and the Middle East. In the past year, Latin America accounted for the largest regional section due to the expansion of exploration and manufacturing projects in marine pre-salt reservoirs off the coast of in the Brazil region.

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Subsea Pumps Market: Competitive players

The key players in the global subsea pumps market are, Flowserve Corporation, GE Oil & Gas, FMC Technologies Inc., Aker Solutions and Baker Hughes Incorporated, Hayward Tyler Group Plc., ITT Bornemann, Fuglesangs Subsea AS, Leistritz Advanced Technologies Corp., SPX Corporation, Sulzer Ltd. and OneSubsea.

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