The Subsea Pumps Market is witnessing a significant growth owing to the rise in exploration across subsea oil & gas exploration sites.
Portland, OR -- (SBWIRE) -- 07/18/2017 -- Subsea single and multiphase pumps are deployed majorly among offshore mature fields to improve the recovery rate by reducing backpressure on the reservoirs, thereby increasing flow rates and total recoverable reserves. Subsea Pumps are configured vertically with an oil-filled motor, which is installed at the top and the pump section at the bottom. In addition, the pump and motor are fully enclosed in a pressure housing ideal for subsea installation and designed for holding motor up to water depth of 3,000m and pressures of up to 15,000psi. Furthermore, subsea pumps have also integrated the need for offshore production of heavy oil. The soaring demand for energy and the maturity of existing oilfields have intensified a major portion of upstream oil & gas capital expenditures towards new field exploration and production.
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This report projects the trends and opportunities of the global subsea pumps market. This research study includes a qualitative and quantitative analysis with comprehensive research methodologies and reliable projections to understand the present overview and predict the market behavior during the forecast period.
The market has witnessed significant demand owing to rise in exploration across subsea oil & gas exploration sites. Moreover, the decline of shallow and onshore oil & gas reserves compels the companies to increase their focus on deep water reserves, thereby enhancing the market growth. The rise in production of shale gas across North America leads to the demand for subsea pumps and tools, which augments the market growth. Furthermore, rapid ongoing recovery of oil & gas reserves beneath the water level as well as entailed longer tiebacks and subsea pumping systems are expected to boost offshore reserves during the forecast period. However, stringent government regulatory norms posing restrictions on oil explorations as well as volatilizing oil prices hinders the market growth.
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The global subsea pumps market is segmented based on type, application, and geography. On the basis of type, it is divided into helico-axial, electrical submersible pump (ESP), centrifugal, twin screw, hybrid, and counter-axial. On the basis of application, the market can be classified into subsea boosting, subsea separation, subsea injection, and subsea compression. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key market players in this sector include Aker Solutions, Baker Hughes Incorporated, FMC Technologies, Inc., General Electric Company, OneSubsea, Sulzer AG, SPX Corporation, ITT Bornemann GmbH, and Flowserve Corporation.