With advancements in technology, oil and gas operators are progressively utilizing subsea technologies for the development of offshore hydrocarbon reserves. Subsea technologies are designed, considering the harsh operating conditions in deepwater areas and can be customized depending on the soil properties. In the recent years, majority of the hydrocarbon discoveries made in offshore areas were located in deepwater. As a result, subsea technologies are turning to be more attractive than conventional topside production technologies. Oil and gas exploration companies operating in offshore producing fields with heavy oils and low reservoir pressures prefer installing subsea technologies for attaining optimized production levels. Subsea manifold systems are key equipment, which are designed to direct the flow from subsea production wells into multiple production flowline headers. Subsea manifolds form an essential part of subsea production systems as they allow operators to adapt to changing operating conditions. Subsea manifolds are flexibly designed according to the requirements of offshore operating companies. They enable operators to connect future subsea wells/tie-back in an efficient manner and reduce the production loss when the equipment is not working properly. In several offshore basins, production companies can install dual header manifolds according to their requirements.
Currently, Europe is the most prominent market for the subsea manifolds industry. The North Sea, which is a predominantly shallow water region, accounts for a major share of the oil and natural gas production in Europe. In areas such as the North Sea and the Norwegian Continental Shelf, stringent environmental compliances are in place regarding the development of offshore reserves. In such cases, installation of subsea technologies would significantly reduce the risk involved in the offshore oil and gas production operations. The Middle East & Africa region also accounted for a significant share of the global subsea manifold industry in terms of installations in 2013. Large deployments of subsea production systems for the development of deepwater offshore hydrocarbon reserves in the West Coast of Africa has contributed significantly to the subsea manifolds installations.
Subsea manifold systems can be segmented into two major categories based on their application: production manifolds, and injection manifolds. The type and number of manifolds required for a subsea production system depends on the characteristics of the reservoir, and configuration of the subsea system. Rising investments in enhanced oil recovery techniques by exploration companies have resulted in a number of investments in the injection manifolds market. Production manifolds are used to transfer produced fluids from two or more subsea production wells into one or more flowlines, depending on the development concept of the subsea field.
Major companies such as Aker Solutions ASA and FMC Technologies Inc. are awarded supply contracts by offshore exploration companies for subsea manifolds. The subsea manifolds are designed and customized as per the requirements of the offshore operating company. With increasing demand for subsea technologies in Latin America, and Africa, major subsea manifold manufacturing companies are starting fabrication centers near these areas. The major manufacturing companies prefer operating fabrication facilities near subsea development areas and procure raw materials from local companies to optimize production time. Investments in research and development activities is also a major factor which assists subsea manifolds manufacturing companies to securing supply contracts from hydrocarbon exploration companies.
Global Subsea Manifolds Market, Revenue Share by Region, 2013 and 2020
This research study analyzes the market for subsea manifolds in terms of revenue. The subsea manifolds market has been segmented on the basis of application and geography. For the research, the base year is 2013, while the forecast is for the period 2014-2020. Market data for all segments has been provided on the regional level for the period 2013-2020. The report provides a comprehensive competitive landscape and features companies engaged in the manufacture of subsea manifolds. This report includes the key market dynamics affecting the demand for subsea manifolds globally. The report also provides a detailed industry analysis of the global subsea manifolds market with the help of Porter’s Five Forces model. The Porter’s Five Forces analysis aids in understanding the five major forces that affect the industry structure and profitability of the global subsea manifolds market. The forces analyzed include the bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition.
The high-level analysis provides detailed insights into the business of subsea manifolds globally. Major drivers, restraints, and opportunities of the subsea manifolds market were analyzed in detail and are illustrated in the report through graphs and tables. There are currently few drivers which attract investments in the subsea manifolds market. One of the most prominent drivers is the increasing hydrocarbon discoveries in deepwater offshore areas. Exploration companies operating in these areas are now investing in subsea technologies to optimize production levels. Substantial reduction in capital expenditure can be achieved by installing subsea manifolds. These instruments reduce the number of flowlines and umbilical required in offshore production activities. The number of risers can also be significantly reduced by using subsea manifolds. Market attractiveness analysis was carried out for the subsea manifolds industry on the basis of geography. Market attractiveness was estimated on the basis of regional parameters that directly impact the market.
The subsea manifolds market has been segmented into two broad categories on the basis of application as production and injection manifolds. The subsea manifolds market was analyzed across five geographies: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe accounted for the major market share in terms of expenditure on subsea manifolds in 2013. The North Sea, which is a predominantly shallow water region, accounts for a major share of the oil and natural gas production in Europe. Regional data has been provided for each sub-segment of the subsea manifolds market. Key market participants in the subsea manifold manufacturing business include Aker Solutions ASA, FMC Technologies, Inc., OneSubsea, and General Electric. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments.
The market size of subsea manifolds has been estimated by studying the possible future subsea project installation trends. Detailed research on subsea investments in different regions has been undertaken to estimate and forecast the consumption and investments in the subsea manifolds industry. The global subsea manifolds market has been segmented as below:
Subsea Manifolds Market: Application Analysis
- Production Manifolds
- Injection Manifolds
Subsea Manifolds Market: Regional Analysis
- North America
- Asia Pacific
- Middle East & Africa
- Latin America