Rising Need to Increase Production from Existing Offshore Oil and Gas Projects Is Expected to Augment the Demand for Subsea Pumps in the Near Future

Innovation is a pivotal force that drives the global subsea pumps market. The success of this industry can undoubtedly be attributed to innovative subsea pumping technologies, which are constantly evolving.


Albany, NY -- (SBWIRE) -- 09/03/2015 -- Market Research Reports Search Engine (MRRSE) has added a new report titled ' Subsea Pumps Market By Product (Helico-axial, Electrical Submersible Pump (ESP), Centrifugal, and Others) for Subsea Boosting, Subsea Separation, Subsea Compression, and Subsea Injection Applications - Global Industry Analysis, Size, Share, Growth, Trends between 2014 and 2020 " to its repository. The report, published by Transparency Market Research, covers the current status of the market and future trends and opportunities in the subsea pumps market. The report also offers information in the form of illustrative tables and analytical graphs. Company profiles of leading players across the globe form a pivotal part of the study.

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According to this report, the subsea pumps market, in light of product segments, is segregated into electrical submersible pump (ESP), helico-axial, centrifugal, and others (twin-screw, hybrid pump, and counter-axial). The helico-axial segment ruled the market in 2013. This kind of subsea pump is regularly utilized as a part of oil and gas boosting operations. The helico-axial segment is predicted to continue its domination of the market and is forecast to develop at the highest CAGR during the forecast period. ESPs, another major product type in the subsea pumps market, are considered as a cost-effective means for picking up process liquids under harsh natural conditions. ESPs are intended to work at stream rates extending from 1,000 barrels every day to 20,000 barrels every day.

The report segments the subsea pumps market by their applications, into subsea separation, subsea boosting, subsea injection, and subsea compression. The subsea boosting application segment claimed the biggest market share in 2013 and is predicted to lead the global market in the forecast period. On the grounds of geography, the worldwide subsea pumps market has been segmented into Europe, North America, Asia Pacific, the Middle East and Africa (MEA), and Latin America. Latin America was the leader in the subsea pumps market in 2013. This pattern is predicted to stay constant during the forecasting horizon. Brazil is one of the rapidly developing nations in Latin America and the nation's regulatory framework is beneficial for the advancement of base and subsea innovations.

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The study further states that the rapid improvement of the subsea production framework in deepwater sites off the West Coast of Africa has boosted the market. This is further reinforced by increasing activity in the field of tapping into shallow water and deepwater hydrocarbon reservoirs in the Middle East. Expansive establishments of both helico-axial and ESP subsea pumps are arranged in this area, which would drive business development in the next couple of years. These pumps would be utilized for subsea boosting and subsea partitioning applications.

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