Transparency Market Research has published a new report "Subsea Pumps Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020" to its report store.
Albany, NY -- (SBWIRE) -- 07/23/2015 -- According to a recent research report published by Transparency Market Research, due to the advancements in subsea technologies, the global subsea pumps market is expected to grow at a CAGR of 7.1% during the period between 2014 and 2020. has assessed the past market valuation to estimate the future growth of the market. The market was worth US$975.0 million in 2013 and is expected to reach a valuation of US$1,539.1 million by 2020. Subsea pumps are most widely used to enhance oil recovery from subsea gas and oil reservoirs. Subsea pumps boost the production output of low pressure oilfields and make them viable. The pumps are also used to extend the life of existing brownfield oil and gas reservoirs. The report cites that the need to boost the production of existing offshore greenfield and brownfield oil and gas projects will be driving demand from the global subsea pumps market.
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Excellent operational abilities and high economic benefits of advanced subsea pumps will augment the growth of the market across the globe. However, the report points out that the growing prices of oil and gas will hamper the demand for subsea pumps. Newly discovered oilfields and untapped potential oil and gas reserves will open new opportunities for the overall market. On the basis of product type, the report has segmented the global subsea pumps market into electrical submersible pump, helico-axial, centrifugal, and others. Helico-axial pumps dominated the overall market in 2013 due to their extensive usage in oil and gas boosting operations. These pumps are particularly suitable for handling series and parallel operations. The demand for helico-axial pumps is expected to be the highest during the period between 2014 and 2020. Electrical submersible pumps account for the second largest share in the market. These are designed to operate at flow rates ranging from 10,000 to 20,000 barrels per day.
The report has analyzed the various application segments of the global subsea pumps market, such as subsea separation, subsea boosting, subsea injection, and subsea compression. Subsea boosting was the largest application segment in 2013 and is expected to dominate the market during the forecast horizon. The rapid growth of the subsea boosting application segment can be attributed to the rising expenditure on offshore oilfield exploration and production activities. The report studies the global subsea pumps market in five key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. In 2013, Latin America was the largest market for subsea pumps owing to the development of pre-salt reserves in the deep water basins of Brazil. Growing trend of deep water production activities in West African nations will drive the demand for subsea pumps in the Middle East and Africa. The report profiles some of the key players in the global subsea pumps market, such as General Electric Company, Aker Solutions ASA, and Baker Hughes Incorporated.
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The research study has been segmented as below:
Global Subsea Pumps Market: Product Segment
Electrical Submersible Pump (ESP)
Others (Twin Screw, Hybrid and Counter-axial)
Global Subsea Pumps Market: Application Segment
Global Subsea Pumps Market: Regional Segment
Middle East and Africa (MEA)
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