Global subsea pumps market has received tremendous boost in recent years on account of rising demand for hydrocarbons and subsequent extraction equipment. Subsea pumps are utilized in transporting extracted crude oil to floating production systems and providing drilling fluid to production sites. Depleting hydrocarbon reserves on land has shifted extraction activities offshore, leading to greater demand for subsea pumps. Reduced costs and time associated with subsea pumps is expected to boost global demand over the forecast period. Various factors such as higher net present value (NPV), improved oil and gas yield, reduced facility costs and decreased hydrate formation in gas/oil flow lines are also expected to drive the global subsea pumps market. Increasing technological advancements have boosted demand for deep-water accessing techniques such as subsea pumps. Overall global need for crude oil and natural gas presents lucrative opportunities for subsea pumps over the forecast period.
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Categorization of subsea pumps on the basis of pump type includes counter-axial, hybrid pumps, twin screw, centrifugal, ESP (Electrical submersible pumps) and Helico- Axial. Futher classification on the basis of pumping systems includes subsea injection, separation, gas compression and boosting. Subsea pumps market is quite consolidated with major entry barriers. Relentless depletion of conventional crude oil reserves on land has led to stringent regulations and policies regarding oil extraction activities. Hence, environmental concerns and governmental policies are expected to hamper subsea market development.
Geographically, subsea pumps market is most prominent in the offshore regions surrounding North America, mainly in the Gulf of Mexico and U.S. Coast. Other markets like Middle East and Africa offer growth opportunities on account of massive crude oil reserves. High-investment areas in Europe such as Russia also generate increasing demand for subsea pumps in offshore drilling activities. Increasing oil production activities in Asia Pacific regions, mainly India, China, Japan, South Korea are also boosting demand for subsea pumps in these areas.
Major industry players are actively involved in R&D in fields of flow control, inhibition of hydration, footprint minimization and pressure/temperature monitoring, thereby increasing global subsea market share. Key industry participants include OneSubsea (Cameron & Schlumberger Co.), Sulzer Ltd., SPX Corporation, Leistritz Advanced Technologies Corp., Fuglesangs Subsea AS, TT Bornemann, Hayward Tyler Group Plc., Baker Hughes Incorporated, Aker Solutions, FMC Technologies Inc., GE Oil & Gas and Flowserve Corporation.
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