The relevance of drilling in offshore oil production has driven demand within the global subsea boosting systems. Viable extraction of oil and gas from subsea pipelines and reservoirs can change the fortunes of oil companies. Furthermore, favourable subsea operations can be a source of economic affluence for several regions. Hence, the global subsea boosting systems market is projected to grow at a sound pace in the years to follow. Furthermore, investments made towards oil exploration activities have also created increased demand within the global market.
Customized demand for engineering and simulation within the oil and gas industry has emerged as lucrative area of growth. The use of subsea boosting systems in this regard has played a vital role in the growth of the global market. Furthermore, the high level of customization followed across the oil and gas industry is a prominent standpoint from the perspective of market growth. The next few decades would be integral for the vendors to gauge the market potential. Subsea operations are gathering momentum as treatment and handling of subsea fluids becomes an industrial priority.
Discovery of inland waters and offshore areas has become a goldmine of possibilities for market vendors. Regional authorities are making seamless efforts to capitalise on their oil production potential, and this factor shall propel market demand. Several subsea projects have reached completion over the last decade, and this factor is suggestive of a stellar pace of market growth.
Transparency Market Research (TMR), in one of its reports, predicts that the global subsea boosting systems market would grow at a stellar starry CAGR of 9.7% over the period between 2015 and 2023. Furthermore, the global subsea boosting systems market is expected to touch a value of US$3.07 bn by 2023. The growth of the global subsea boosting systems market is attributed to the emergence of drilling rigs and offshore structures.
Offshore Wind Power Operations
Wind power infrastructure has undergone key advancements in multiple regions. The Scandinavian countries such as Denmark, Sweden, and Finland have transcended as the most successful regions in terms of wind power management. The use of subsea boosting systems holds tremendous relevance for the wind energy sector. This factor, coupled with the growth of marine anchoring technologies, has propelled market demand. Growth of drilling operations has also played an integral role in market expansion.
As marine exploration activities gather swing, the demand within the global subsea boosting systems shall rise. Furthermore, underwater mining operations can be performed with a high level of sophistication post the induction of subsea boosting systems. As mining sites undergo rapid infrastructural changes, the market for subsea boosting systems shall thrive.
Emergence of Remotely Operated Vehicles
Mineral samples from subsea regions are collected by remotely operated vehicles. This factor, coupled with the use of cutting tools and aids in mining, has given a thrust to the growth of the global market. Subsea energy technologies form an important component of the energy harvesting and production system. Moreover, investigation of subsea terrains holds commercial relevance for regional territories. Based on the aforementioned factors, it is legit to assert that the global subsea boosting systems market would trace ascending graph of growth.
Some of the leading vendors in the global subsea boosting systems market are ITT Bornemann GmbH, Framo AS, Flowserve Corporation, Inc., General Electric Company, and Sulzer Ltd.
The review is based TMR’s report titled, “Subsea Boosting Systems Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 – 2023”.
The global subsea boosting systems market are:
- Shallow Water
- Deep Water
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South & Central America
- Rest of South & Central America
- Rest of Africa
- Middle East
- Saudi Arabia
- Rest of Middle East
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