The global subsea pumps market exhibited strong growth during 2015-2020. 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. Looking forward, the global subsea pumps market is expected to grow at a CAGR of 7.5% during the forecast period (2021-2026).
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 size was valued at US$ 1,443 Million in 2020.
According to the estimates by IMARC Group, the global subsea pumps market is expected to witness a CAGR of 7.5% from 2021 to 2026.
The expanding oil and gas sector along with the increasing focus on the development of offshore hydrocarbon reserves represent some of the key drivers for the global subsea pumps market.
Continuous advancements in subsea technologies for ensuring high operational efficiencies represent one of the key trends in the global subsea pumps market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt in the development of various offshore fields, thereby limiting the demand for subsea pumps.
On the basis of the type, the market has been bifurcated into centrifugal, helico-axial, hybrid pump, twin screw, co-axial and ESP (Electrical Submersible Pump). Currently, helico-axial pumps hold the majority of the total market share.
On the basis of the application, the market has been divided into subsea boosting, subsea separation, subsea injection and subsea gas compression. Among these, subsea boosting represents the largest segment.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Middle East and Africa dominates the global market.
The key companies in the global subsea pumps market are 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.
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