The global subsea pumps market is expected to grow at a CAGR of 6.8% during 2020-2025. Subsea pumps are motorized devices which are used for underwater operations conducted on the seabed. The device consists of a power generator, conditioner, controller and transmitter. These pumps are utilized to boost production streams and multiphase mixtures of water, gas and oil through helico-axial and centrifugal forces. They can transport untreated hydrocarbons, condensates and solids by applying pressure through the pipelines. They also have a retrievable pump unit and pump base skid that are tied into the production flowline system and are deployed to increase hydrocarbon recovery in low-pressure reservoirs.
The continuously increasing demand for oil and gas from industrial, transportation and residential sectors is one of the major factors driving the market growth. The substantial decline in the shallow and onshore gas reserves has shifted the extraction activities to deep-sea reserves, thereby driving the product demand. Furthermore, significant advancements in subsea technologies, ensuring high operational efficiencies and economic benefits, are also augmenting the market growth. For instance, the Remote Flooding Console (RFC), which utilizes subsea pumps, is used for flooding and pigging operations by small vessels that have minimal desk space. Additionally, the discovery of commercially usable offshore hydrocarbon reservoirs is enhancing the adoption of these pumps across the globe. Also, various product innovations, including the utilization of high voltage motors to prevent voltage drops, the development of large pump hardware with improved capabilities, along with the advancements in pump designs and motor drive resulting in lower weight requirements and the cost-effectiveness of these pumps, are also projected to drive the market further.
IMARC Group’s latest report provides a deep insight into the global subsea pumps market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the subsea pumps market in any manner.
The report has also analyzed the competitive landscape of the market with some of the key players being Aker Solutions, Baker Hughes, FMC Technologies, Halliburton, General Electric Company, Flowserve, Leistritz Pumps GmbH, OneSubsea, Sulzer, SPX Corporation, Hayward Tyler Group, National Oilwell Varco, Oceaneering International, Framo AS, ITT Bornemann GmbH, etc.
The global subsea pumps market was worth around US$ 1,496 Million in 2019.
According to the estimates by IMARC Group, the global subsea pumps market will exhibit moderate growth during the next five years.
A sudden spread of the coronavirus disease (COVID-19) has negatively impacted the growth of the market. This can be accredited to lockdowns imposed by governments of several countries, which have interrupted the functioning of various end-use industries, such as oil and gas.
The escalating demand for oil and gas in various end-use industries, along with the substantial decline in shallow and onshore gas reserves, represents one of the key factors impelling the global market growth.
Advancements in the subsea technology and high voltage motors to prevent voltage drops acts as a significant trend in the market.
On the basis of the type, the market has been classified into the centrifugal, helico-axial, hybrid, twin screw, co-axial and electrical submersible pumps (ESPs).
Based on the application, the market has been categorized into subsea boosting, separation, injection and gas compression.
Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
Leading industry players are 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, Inc., Oceaneering International, Inc., Framo AS and ITT Bornemann GmbH.
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