Transparency Market Research has published a new report "sSubsea Manifolds Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020" to its report store.
Albany, NY -- (SBWIRE) -- 07/20/2015 -- The global subsea manifolds market has been forecast to register a 5.60% CAGR from 2014 to 2020, according to a report published by Transparency Market Research. The comprehensive 81-page study is titled "Subsea Manifolds Market - and is available for sale on the company website.The findings of the report indicate that rising from a value of US$2,540.01 million in 2013, the global subsea manifolds market is projected to reach US$3,716.42 million by the end of 2020. Subsea manifold systems have the ability to adapt to transitioning operating conditions, significantly driving the global market.
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Depleting onshore reserves have forced oil and gas exploration and production companies to focus on oil recovery from offshore basins and reservoirs, leading to the growth of the subsea manifolds market. The consistently rising demand for petroleum and petroleum products is likely to boost the market for subsea manifolds in the future. In contrast, the volatile nature of the prices of crude oil has impacted the profitability of offshore operators, consequently hampering the growth of the subsea manifolds market.
The subsea manifolds market, by application, is segmented into injection manifolds and production manifolds. Depending on the development concept of the subsea field, production manifolds are used to transfer produced fluids from subsea production wells to flowlines. The injections manifolds market has seen an increase in investment by exploration companies looking to enhance oil recovery techniques. Geographically, the market for subsea manifolds is divided into North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific. Europe is currently the largest market for subsea manifolds, given the mandatory use of template structures for the protection of subsea instruments.The North Sea holds the majority of oil and natural gas reserves in Europe and stringent environmental requirements regarding the development of offshore reserves is driving the installation of subsea technologies, thereby fueling the subsea manifolds market in the region.
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In terms of installations, the Middle East and Africa also hold a significant share of the global market thanks to large-scale deployment of subsea production systems to develop deepwater offshore hydrocarbon reserves. Numerous offshore activities and deepwater projects in areas such as California and the Gulf of Mexico are expected to propel the North American subsea manifolds market.Aker Solutions ASA, Dril-Quip Inc., Subsea 7 S.A., OneSubsea, Baker Hughes Incorporated, General Electric, Siemens AG, ABB Limited, FMC Technologies Inc., Technip S.A., and ITT Bornemann GmbH are some the leading players functioning in the global subsea manifolds market. The research report offers an in-depth evaluation of the competitive landscape, highlights the key forces that drive and restrain the performance of these players. Apart from this, the report profiles each of the companies on the basis of attributes such as financial standing, recent developments, and business strategies.
Subsea Manifolds Market: Application Analysis
Subsea Manifolds Market: Regional Analysis
Middle East & Africa
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