According to the latest report by IMARC Group, titled “Subsea Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global subsea pumps market reached a value of US$ 1.5 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 2.3 Billion by 2027, expanding at a CAGR of 6.6% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into the centrifugal, helico-axial, hybrid pump, twin screw, co-axial and electrical submersible pump (ESP). At present, helico-axial pumps represent the most widely utilized product type.
- On the basis of the application, the market has been segregated into boosting, separation, injection and gas compression. Amongst these, subsea boosting accounts for the majority of the total market share.
- Region-wise, Middle East and Africa enjoys the leading position in the market. Other major markets include Asia Pacific, Europe, North America, and Latin America.
- The competitive landscape of the market has been examined, with some of the key players being Aker Solutions ASA, Baker Hughes Company, TechnipFMC PLC, Halliburton Company, General Electric Company, Flowserve Corporation, Leistritz Pumps GmbH, Schlumberger Limited, Sulzer Ltd., SPX Corporation, Hayward Tyler Group PLC, National Oilwell Varco, Oceaneering International, Framo AS and ITT Bornemann GmbH.
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