Global Subsea Pumping System Market: Overview
The global market for subsea parking systems has gained considerably traction in the past few years owing to the vast rise in investment in the field of offshore oil and gas exploration. As such activities are expected to surge at a significant pace in the near future, owing to the depleting conventional onshore oil and gas reserves and the constant rise in global demand for energy sources, the market for subsea pumping systems will gain increasing prominence as well.
This subsea pumping system market report gives a thorough account of the present state of the global subsea pumping systems market, including a complete study of past and present trends, growth drivers, and restraints. The report provides a comprehensive forecast for the period between 2016 and 2024, predicting the way key market segments and regional markets will develop over the said period. Recent developments in terms of product types, technologies, and vendor landscape are also analyzed at length. A detailed analysis of the key macro and micro factors necessary for growth of established players and new entrants is also included.
Global Subsea Pumping System Market: Drivers and Restraints
Quite obviously, the rising exploration across subsea oil and gas sites is the key driver of the global subsea pumping system market. The persistent depletion of shallow and onshore oil and gas reserves has compelled companies in the field to increase their focus on deep water reserves, wherein a combination of pumps and other tools specifically developed for subsea activities are extensively used. Moreover, the rising production of shale gas across many regions has also increased the demand for innovative subsea pumps and tools, further driving the market.
However, the market is restrained due to factors such as the concerns linked with harsh impact of subsea exploration and production activities on the environment, lack of skilled professionals, and the complex locations of work associated with the operations of subsea pumps. Nevertheless, the market will benefit from the continuous technological developments being observed in the subsea pumping domain. As recoverable oil and gas reserves extend into deeper waters and entail longer tiebacks, subsea pumping systems are expected to play a much important role in the development of offshore reserves in the near future.
Global Subsea Pumping System Market: Segmentation
The market has been segmented on the basis of three broad criteria: technology, processing systems, and geography. On the basis of technology, the market is segmented into boosting, separation, injection, and compression technologies. On the basis of geography, the report includes an overview of the overall state of the markets for subsea pumping systems across regions such as North America, Asia Pacific, Europe, Middle East, and South America.
Of the key regional markets analyzed in the report, the North America and Europe markets provide significant growth opportunities owing to the presence of vast offshore oil and gas reserves and several top vendors in the oil and gas industry. Increase in deep sea exploration and production activities across Asia Pacific is also expected to lead to vast growth opportunities for the subsea pumping system market.
Global Subsea Pumping System Market: Competitive Landscape
The report presents a thorough overview of the competitive landscape of the global subsea pumping system market with the help of detailed business profiles, developments such as mergers and acquisitions, and SWOT analysis of key vendors and a Porter’s five forces analysis of the market. Some of the key companies operating in the market are Sulzer, Bornemann, General Electric, Aker Solutions, One Subsea, FMC Technologies, and Dynes.