Contract agreement and geographical expansion policy are the current trends of the subsea pumps market.
The leading companies of the subsea pumps market focus on securing contract agreements especially in the developing regions, where the growth is at its maximum to enhance their business reach. Also, engaging the market in expansion geographical expansion is quite a trend in the emerging markets. Thus, these activities account as growth strategies that are followed by major industry players.
The capital expenditure and operating expenditure of the subsea pumps industry are very huge in terms of value. Keeping this in mind, the best way for companies to increase their geographic presence and market penetration is through expansion, contracts, and new product developments. The subsea pumps market requires a considerably large amount of time and expenditure in the development of such equipment. Many of the companies have limited capital, manpower, and technology for the production of such equipment, and therefore, enter into joint ventures to make their businesses efficient. Moreover, the equipment is not readily available in the market as the manufacturers deliver it according to the orders that they receive. Thus, the industry aims at acquiring more long-term contracts that will increase the availability of such equipment in terms of numbers and regions.
The major market players are based in U.S. and are focused now on other countries for their expansion. Hence, investment in these regions through JVs, expansions and contracts, provides the companies an edge to access local businesses.
Companies such as Aker Solutions (Norway), GE Oil & Gas (U.S.), OneSubsea (U.S.), FMC Technologies Inc. (U.S.), Baker Hughes (U.S.), Flow Serve (U.S.), and Sulzer Ltd. (Switzerland), have been the most active companies, and have been actively participating in the competitive developments for the subsea pumps market.
Related Reports:
Subsea Pumps Market By Type (Helico-Axial, ESP, Centrifugal, Twin-Screw, Hybrid, Counter-Axial), By Application (Subsea Boosting, Subsea Injection, Subsea Separation, Subsea Gas Compression), & By Geography - Global Trends & Forecast to 2018
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