Pune, India -- (SBWIRE) -- 10/03/2017 -- Market Highlights
Hydrocarbon discoveries are increasingly made in the deep water offshore basins around the world. To increase production and operational efficiency of deep water basins, substantial investment are made in installing subsea manifolds. The technology is predominantly applied in deep water production activities where hydrocarbon extraction is carries out in the harshest of environments. Several global oil and gas companies are looking to develop their offshore hydrocarbon reserves which is driving the market. Subsea manifolds also help in achieving better production rate and play a major role in adapting to changing operating conditions and operational flexibility.
Subsea Manifold Market is expected to grow over the CAGR of around 4.85% during the period 2017 to 2023.
The key players of global Subsea Manifold Markets are
- ABB (Switzerland),
- Aker Solutions ASA (Norway),
- Baker Hughes Incorporated (U.S),
- FMC Technologies Inc. (U.S.),
- General Electric (U.S.),
- ITT Bornemann GmbH (Germany),
- OneSubsea (U.S.),
- Subsea 7 S.A. (U.K.)
- Technip S.A. (France).
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Market Research Analysis
Europe region is expected to dominate the market
The Europe region is expected to dominate the subsea manifolds market because of increasing deep water hydrocarbon basins in the North Sea area. The North Sea region accounts for major share of oil and gas production of Europe. There is a stringent environmental rules for implementing new oil field operations in the North Sea region which is driving the market for subsea manifolds to enhance oil recovery from existing deep water regions. The Middle East region also accounts for a significant share of global subsea manifolds market. This is because of increasing deep water exploration activities in the region.
Subsea manifolds are predominantly used in deep water hydrocarbon extraction because of their ability to withstand harsh operating conditions. With the advancement in technology and the reduced investment in oil extraction activities, oil operators are increasingly using subsea manifold technologies to access hydrocarbon reserves. Then market is driven by the ability of subsea manifolds to be customized based on operating conditions and on the soil upon which they are constructed upon. They also enable oil operators to connect with other subsea wells in an energy efficient manner and increase operational profit.
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Scope of the Report
This study provides an overview of the global subsea manifold market, tracking one market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global subsea manifold market by its application type and by regions.
By Applications Type
- Production Manifolds
- Injection Manifolds
- North America
- Asia Pacific
- Rest of the World
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