Select Language
According to the latest report by IMARC Group, titled “Subsea Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global subsea pumps market size reached US$ 1,496 Million in 2019. Subsea processing technology plays a vital role in offshore oil extraction projects. Subsea pumps have become an integral part of greenfield projects and help in facilitating tiebacks of untapped satellite fields to existing production centers. As a result, there is a rise in their demand for transporting untreated solids, hydrocarbons and condensates. They also aid in boosting the production streams and multiphase mixtures of gas, oil and water. Apart from this, they are utilized for raising the rate of recovery, extending the duration of the peak production plateau, reducing the final abandonment pressure and increasing the total amount of fluids recovered from brownfield reservoirs.
Global Subsea Pumps Market Trends:
One of the key factors propelling the subsea pumps market growth is the continually rising demand for oil and gas. The significant decline in the shallow and onshore gas reserves has resulted in the increasing extraction activities at deep-sea reserves, which in turn has boosted the demand for subsea pumps. Apart from this, advancements in the subsea technology are resulting in high operational efficiencies, increasing the utilization of subsea production systems and enabling operators to access deep-water oil and gas reservoirs. Besides this, the usage of high voltage motors to prevent voltage drops, the development of large pump hardware with improved capabilities, and innovations in pump designs and motor drive are boosting the overall sales of these pumps. Furthermore, the discovery of commercially usable offshore hydrocarbon reservoirs is anticipated to positively influence the adoption of these pumps in the coming years. On account of these factors, the market value is projected to reach US$ 2,802 Million by 2025, expanding at a CAGR of 10.7% during the forecast period (2020-2025).
Market Summary:
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us
IMARC Group
Email: sales@imarcgroup.com
Phone No: (D) +91 120 433 0800 | www.imarcgroup.com
Americas :- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331
REACH OUT TO US
Call us on
( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91-120-433-0800 )
Drop us an email at
sales@imarcgroup.com