- October 30, 2015
Subsea technologies are evolving at breakneck speed. There is a pressing need for optimum productivity and offshore operators are willing to invest in promising technologies.
Spike in Offshore Hydrocarbon Reserves Impels Global Subsea Pumps Market
Given the capital intensive nature of offshore projects, it becomes imperative for offshore operators to use equipment that offers the highest possible degree of productivity. This is where subsea pumps come into play. The growing dependence of offshore operators on energy-efficient subsea pumps has manifested in the form of a million-dollar market today. As subsea pumps become a common fixture in oilfields, there is an entire market not just for such pumps, but also for services and maintenance components related to them.
The recent spike in number of offshore hydrocarbon reserves reported across numerous regions has created conducive factors for the growth of the global subsea pumps market.
Advent of Pioneering Subsea Technologies to Further Subsea Pumps Market
As a result, the subsea pumps market is also on course to becoming a space that is defined by cutting-edge R&D. because of all of these factors, growth in the subsea pumps market will be promising in the next few years, show recent market research reports.
Browse the full Global Subsea Pumps Market report at http://www.mrrse.com/subsea-pumps-market
Subsea pumps are much sought after essentially because they help improve the flow rates and help optimize production cycles that are deployed in oil reservoirs.
The versatile applications of subsea pumps are their greatest strength. These pumps are typically used for injecting water into wells that lack the required reservoir drives, thus helping increase oil production. The proper use of subsea pumps has helped offshore operators enhance the viability of low-pressure fields. With this, the life of Brownfield gas reserves can be augmented.
Ultra-deepwater Reservoir Explorations Will Provide Lucrative Opportunity to Subsea Pumps Market
The highest concentration of subsea pumps is currently reported in the shores off West Africa, Brazil, the Gulf of Mexico and the North Sea. With recent exploration activities focused on deepwater reservoirs, the technological capabilities offered by subsea pumps will become even more integral to offshore operations in the next few years.
Based on Application Type, Subsea Boosting Will Garner Highest Revenue Shares
When looking at the subsea pumps market as a whole, there are various segments that can be carved out to gain a deeper insight. There are various applications in which subsea pumps are deployed. These include: Subsea boosting, subsea compression, subsea separation, and subsea injection. The predominant application was that of subsea boosting as of 2013, and will hold on to this leading position until 2020 at least. The
On the basis of products, the subsea pumps market is composed of centrifugal pumps, helico-axial, as well as electrical submersible pump (ESP) pumps. The most dominant segment in the global subsea pumps market was that of helico-axial pumps as of 2013 and will continue to remain the most widely-used pump type over the remainder of the decade.
Latin America is the Foremost Regional Market for Subsea Pumps and Will Remain So Until 2020
Given the high concentration of subsea exploration activities that are carried out in the Latin American countries, this region stood as the largest market for subsea pumps in 2013, and will continue to be the leader in the subsea pumps market over the next four to five years. Within Latin America, Brazil is the most promising market for subsea pumps.
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