Global Subsea Compressor Market: Overview

In an offshore oil and gas sector, production equipment are placed as near as possible to the hydrocarbon reservoir. With technological advancements and vast research and development activities, new resources are being discovered in deeper waters, challenging climatic conditions, and remote places. Hence, the need for new technologies arise that can open new and matured sources of energy. Thus, to overcome this challenge, one the most promising technology is subsea gas compression. A new remote gas field or a depleted gas reservoir, subsea gas compression can enhance the life of the field, thereby increasing the revenue.

Subsea production systems are considered to be an important part of offshore developments. Offshore exploration and production activities are fuelling the demand for subsea equipment globally. Reservoir pressure in producing gas fields is declining over the period of time causing the natural gas output to fall. For exploration and production activities to be economical, gas pressure must be raised to maximize the natural gas production. Subsea process can supply separation and compression capabilities to deliver natural gas to onshore processing facilities to enhance the production of crude oil and natural gas from subsea wells. Subsea compression is a cost-effective method for the gas fields which require pressure boosting. Reliable subsea compression is a key to push subsea production from marginal to deep-water fields. The subsea compression provides large number of benefits as compared to that of installing a new platform including capital expenditure and operating expenditure.

The subsea compression unit must operate continuously with maintenance free operation for years. Subsea compressor is an energy efficient solution in comparison with topside compressors for as they work close to the well. Overall power requirement for subsea compressor vary from few KW to tens of MW. As compressor maintain flow rate of gas above the specified hydraulic limit, large quantities of hydrocarbons can be easily recovered from the reservoir. Subsea compression systems depends on numerous factors such as tieback distance, the type of reservoir, water depth, and type of production systems. One of the driving forces in the subsea compressor market is the reduction in development cost as compared to the traditional method.

Subsea compression addresses the declining natural gas reservoir pressure by offering an attractive combination of both economic and environmental benefits. Subsea compression can be considered as a technology for recovering increased volumes from beginning of the projects and at a later stage of the field life. Such type of system has gained popularity across the globe owing to the large number of deep water projects in remote locations. Mergers, acquisitions and partnership would help subsea equipment suppliers to penetrate global subsea compressor market. Subsea compression systems also eliminates the need for a new submersible platform with heavy weights. Subsea compression will provide far reaching HSE benefits to subsea gas developments.

Increase in number of drilling activities and mature reserves are some of the key drivers of the subsea compressor market. However, large numbers of technical and capital intensive risks associated with exploration and production activities can hinder the growth of the subsea compressor market. Ample opportunities are there for subsea compressor market owing to the discoveries of large numbers of shale gas reserves throughout the world. According to an estimate China accounts for large number of reserves as compared to the U.S.

Global Subsea Compressor Market: Key Players

Some of the key players in the subsea compressor market are Aker Solutions, OneSubsea, Dresser-Rand, SKF Group, Siemens AG, FMC Technologies, Inc., Vallourec S.A., Cameron International Corporation, National Oilwell Varco and GE Oil & Gas among others. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Subsea Compressor Market

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