Subsea pumping system is an established technique for oil extraction from subsea tie backs. The increased investment in the offshore market for extracting oil and natural gas suggests that the demand for subsea pumping systems will also grow. According to the U.S. Energy Information System, the natural gas consumption is expected to increase by 0.9 percent per year. This increase in the consumption of oil and gas will directly increase the subsea pumping system market. Moreover, the subsea pumps are highly efficient and boost the rate of recovery, extend the time period of maximum production plateau and reduce the main abandonment pressure, thereby, increasing the total amount of fluids extracted from the basin or reservoir. These subsea pumping systems help to extend the life span of existing brownfields and aid to increased flow rates & total recoverable reserves.
One of the key drivers of the global subsea pumping system market is the persistent depletion in the onshore and shallow water fields. This has bound the companies to focus on deep water areas, where a blend of systems and subsea pumps are used to extract hydrocarbon from the sea bed. The market of the subsea pumping system is expected to develop at a reasonable pace in coming years. Moreover, the increased shale gas production has increased the demand for innovative subsea pumps and technologies, which acts as another driver for the global subsea pumping system market. The restraints associated with the subsea pumping system market include the issues linked with the environment, lack of skilled professionals and geopolitical chaos. On the other hand, the increasing demand of energy and the augmented investment by the companies in offshore fields, will act as opportunities for the subsea pumping system market. In addition to this, continuous technological advancements will bring new opportunities to the market. As the recoverable reserves with extend into deeper water and longer tiebacks, subsea pumping systems are forecasted to contribute maximum in the offshore development.
The subsea pumping system market can be segmented on the basis of technology as:
- Subsea trees
- Subsea manifolds
- Umbilical risers
- Flow lines and control modules
Globally subsea systems are used to enhance the production of hydrocarbons. On the basis of processing systems, the global market for subsea pumping systems market can be segmented as:
The primary component for pumping system includes equipments for power conditioning and control, power generation, power transmission and a retrieval pump unit which is attached to production flow line system. The market for subsea pumping systems can be segmented on the basis of geography as:
- North America
- South America
- Asia Pacific
- Middle East
Globally, the North American and European region provides significant opportunities for the subsea pumping system market. In Europe, Norway and UK are characterized by high drilling of reservoirs whereas in the North America, the Gulf of Mexico is expected to host many new floating drilling platforms. Asia, Australia and Middle East region also provides emerging opportunities for the subsea pumping system market. In Asia, there has been an increase in the exploration and production activities for deep water seas. As a result, India, China, Indonesia, and Malaysia offer new investment opportunities in the subsea pump market. Some of the other factors such as increased exploration and production activities and discovering new offshore reserves will bolster the subsea pumping systems market in the coming years.
Some of key players in the subsea pumping system market are Sulzer, Aker Solutions, General Electric, FMC Technologies, Dynes, Bornemann and One Subsea.
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