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The Europe subsea pumps market is currently witnessing moderate growth. 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. However, the outbreak of the coronavirus disease (COVID-19), labor shortage and decline in oil and gas exploration activities in offshore areas are hampering the growth of the market. The market is anticipated to grow once the situation is under control. On account of these factors, the market is expected to continue its moderate growth during the forecast period (2020-2025).
IMARC Group provides an analysis of the key trends in each sub-segment of the Europe subsea pumps market report, along with forecasts for growth at the region level from 2020-2025. Our report has categorized the market based on region, type and application.
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The competitive landscape of the industry has also been examined along with the profiles of the key players.
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