The Europe subsea pumps market size reached US$ 322.3 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 489.2 Million by 2028, exhibiting a growth rate (CAGR) of 7.3% during 2023-2028.
Subsea pumps are used to transport crude oil from the seabed to the production site. It consists of a power generator, conditioner, controller and transmitter. It also has a retrievable pump unit and pump base skid that reduces back-pressure on the reservoir, improves hydrocarbon recovery rate and lowers the overall production cost. These advantages are increasing the application of subsea pumps in oil and gas exploration activities in the deeper offshore areas of Europe.
With the escalating electricity demand, there is an increase in the production of oil in Europe. This represents one of the key factors bolstering the market growth. Moreover, rising investments in research and development (R&D) activities to enhance the temperature and pressure monitoring, minimize environmental footprint and control the flow of subsea pumps are acting as another major factor stimulating the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Europe subsea pumps market report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on type and application.
Breakup by Type:
- Hybrid Pump
- Twin Screw
- ESP (Electrical Submersible Pump)
Breakup by Application:
- Subsea Boosting
- Subsea Separation
- Subsea Injection
- Subsea Gas Compression
Breakup by Country:
- United Kingdom
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis
||Type, Application, Country
||Germany, France, United Kingdom, Italy, Spain, Others
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Key Questions Answered in This Report:
- How has the Europe subsea pumps market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Europe subsea pumps market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the Europe subsea pumps market and who are the key players?
- What is the degree of competition in the industry?