Subsea Pumps Market: Rising Offshore Oil Projects Demanding High-efficiency Pumps, reports TMR

The global subsea pumps market is concentrated in nature, having few players holding the majority of the share. The companies present in this market are competing in terms of both price and technology. The top three players hold a share of around 51.7% in the market. The names of some of the top players operating in the market are FMC Technologies, Inc., Aker Solutions ASA, OneSubsea, and General Electric Company. The manufacturing of subsea pumps is a capital-intensive business having high exit barriers. Owing to these barriers, the companies do not exit the industry even during instances of low profit margins, thus shifting the degree of competition from high to medium in the coming years, Transparency Market Research (TMR) finds in the new study. 

The global subsea pumps market is expected to touch US$1,539.1 mn by 2020. In terms of product, the global subsea pumps market is led by the segment of helico-axial pumps, in terms of revenue. This segment is predicted to hold a share of 35.4% by 2020. This is owing to the fact that helico-axial pumps are primarily the most common types of pumps utilized in subsea oil and gas production boosting operations. These pumps are also utilized in order to maintain the homogeneity of the two-phase mixture. Thus, there is a huge demand for these pumps globally. Electrical submersible pumps followed helico-axial pumps and constitute the second-largest share in the market.

Subsea Boosting to Hold a Dominant Share by 2020

In terms of application, the segment of subsea boosting held a substantial share in the market in the past and is predicted to lead the market in the coming year with a share of 64.0% by 2020. Subsea boosting is majorly employed as an effective way to enhance the output via subsea production activities and also increases the rate of production. In addition, the benefits of subsea boosting such as reduced impact on environment and enhanced recovery of oil will also fuel the demand for this segment.

Geographically, Latin America is predicted to lead the market with a share of 32.6% by 2020. The advancement of pre-salt reserves within Brazil’s deep water basins is amongst the prime factors boosting the market for subsea pumps in Latin America. The Middle East and Africa (MEA) trailed the region of Latin America. This is due to the swift installment of subsea production systems in deep water offshore hydrocarbon reserves within the west coast of Africa.

Increasing Development of Subsea Technologies will Enable Improved Operational Abilities

The global subsea pumps market is driven by the increasing requirement to fuel the production of already present offshore greenfield and brownfield oil and gas projects, states a TMR analyst. In addition, the increasing development in subsea technologies have presented huge economic benefits and efficient operational abilities, hence fuelling the demand for subsea pumps. Furthermore, the soaring demand for crude oil utilized as a key source of transportation fuel and the increasing energy demand globally will positively impact the development of the market.

However, the skyrocketing prices of gas and oil impedes the development of the market for subsea pumps. This is owing to the fact that these soaring crude oil prices may result in the shutting down of numerous oil and gas has projects in offshore areas, thus hampering the growth of the overall market.

“Nevertheless, the newly discovered oil fields and the high potential reserves will create new growth opportunities for the companies operating in this market,” says a TMR analyst.

This information is based on the findings of a report published by Transparency Market Research titled, “Subsea Pumps Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”

The subsea pumps market has been segmented as follows:

  • Products
    • Helico-axial
    • Electrical Submersible Pump (ESP)
    • Centrifugal
    • Others (Twin Screw, Hybrid and Counter-axial)
  • Applications
    • Subsea Boosting
    • Subsea Separation
    • Subsea Compression
    • Subsea Injection
  • Geography
    • North America
    • Europe
    • Asia Pacific
    • Middle East and Africa (MEA)
    • Latin America

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.

US Office Contact

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453

7 of 10 large enterprizes view our Report to take the right decision.

View Report