Subsea Pumps Market

In recent times, there have been lots of developments in terms of offshore drilling. The increasing world energy demands have pushed the drilling and exploration companies to push drilling limits towards deep and ultra-deep waters. These deep and ultra-deep-water drilling activities have to be carried out under challenging geological conditions that require high technological advancements and innovative equipment.

Subsea pumps have become an integral part of the offshore production phase during the lifecycle of an oil or gas well, driven by rising offshore and heavy oil productions. The soaring demand of energy and the maturity of existing oilfields have intensified a major portion of upstream oil and gas capital expenditures towards new field exploration and production.

The offshore oil and gas market continues to grow at an increasing pace, as oil and gas operators continue to discover reserves in deeper-water areas where subsea development is highly required to make the recovery economically viable. As such, the requirement for maintaining and boosting recovery rates from these subsea wells has increased and will continue to do so. As a result of the need to maintain and boost production, subsea pumps will play a key role in the future of the offshore oil and gas market.

The European and Latin American regions are the biggest markets for subsea pumps. Some of the leading players of the subsea pumps industry are Aker Solutions (Norway), Baker Hughes (U.S.), GE Oil and Gas (U.S.), OneSubsea (U.S.), FMC Technologies Inc. (U.S.), and Sulzer Ltd. (Switzerland).

Offshore drilling in challenging conditions, shale reserves, and increasing drilling activities in emerging regions such as Africa, Latin America, and Asia-Pacific, are further boosted by the shale boom that has created new revenue pockets for the subsea pumping systems market. These revenue pockets are further complemented by the emergence of new, safer, and efficient technological enhancements.

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
https://www.marketsandmarkets.com/Market-Reports/subsea-pumping-systems-market-112518945.html

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