Albany, NY -- (SBWIRE) -- 04/21/2016 -- The global subsea boosting systems market is expected to surpass US$3 bn by the end of 2023. This market was valued at US$1.3 bn in 2014 and is projected to exhibit a CAGR of 9.70% during the forecast period of 2015 to 2023. These details have been provided in a research report released by Transparency Market Research, titled "Subsea Boosting Systems Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023."
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According to the report, the primary driver of the global subsea boosting systems market is the rapidly increasing demand for oil and gas around the world. This demand is escalating in proportion to the growing global population and the increasing rate of urbanization in developing economies. Onshore oil and gas fields are close to being depleted, leaving oil companies to turn toward deep offshore deposits.
The global subsea boosting systems market is benefitting from the higher rate of attention shown to offshore oil exploration and production activities. Research and innovation efforts are leading to subsea boosting systems that are increasingly efficient, reliable, and can function for longer periods of time. Consequently, oil and gas companies are showing a greater interest in the global subsea boosting systems market.
Subsea boosting systems offer several advantages to oil and gas companies, including increased water depth, lower reservoir pressure, heavier oil, increased distance between the boosting system and the host, and a larger amount of host tiebacks.
The report divides the global subsea boosting systems market on the basis of water depth, application, and region.
In terms of water depth, the global subsea boosting systems market is segmented into shallow water and deep water. An estimated share of 57.80% in the global subsea boosting systems market was held by the shallow water segment in 2014.
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In terms of applications, the global subsea boosting systems market is segmented into oil and gas. An estimated share of 69.40% in the global subsea boosting systems market was held by the segment of oil fields in 2014.
The report's geographical perspective on the global subsea boosting systems market reveals Asia Pacific to have been the largest region in this market in 2014. During this financial year, Asia Pacific held 25.0% of the global subsea boosting systems market. APAC is also proving to be a leader in the exploration and production of oil and gas. Most of this region's progress is attributed to high activity levels in this sector by China, Australia, and Indonesia. Pending projects by India, South Korea, and the Philippines are also expected to help the Asia Pacific region retain its leading position in the global subsea boosting systems market in the near future.
The second-largest region in the global subsea boosting systems market for 2014 was Europe. The future growth of the global market is also expected to be based on the increase in exploratory activities in South and Central America, especially in Brazil.
The key players in the global subsea boosting systems market are General Electric Company, Aker Solutions, Framo AS, Flowserve Corporation, ITT Bornemann GmbH, Baker Hughes Incorporated, FMC Technologies, Inc., OneSubsea, Leistritz Advanced Technologies Corp, and Sulzer Ltd.
Key segments of the Subsea Boosting Systems Market
Subsea Boosting Systems Market: By Water Depth
Shallow Water
Deep Water
Subsea Boosting Systems Market: By Application
Oil
Gas
Subsea Boosting Systems Market: By Region
North America
U.S.
Canada
Mexico
Europe
Norway
U.K.
Rest of Europe
Asia Pacific
Australia
China
Rest of Asia Pacific
South & Central America
Brazil
Venezuela
Rest of South & Central America
Africa
Nigeria
Angola
Rest of Africa
Middle East
Saudi Arabia
UAE
Rest of Middle East
About Transparency Market Research
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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