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) -- 11/07/2016 -- Global Subsea Pump Market: Overview
With the growing need to improve the yield of the existing offshore brownfield and greenfield oil and gas projects, the demand for subsea pumps has been experiencing a significant increase across the world. Analysts expect the trend to continue over the next few years, which is likely to reflect positively on the global market for subsea pumps in the near future.
According to Transparency Market Research (TMR), the worldwide market for subsea pumps, which held an opportunity worth US$0.9 bn in 2013, is likely expand at a CAGR of 7.10% during the period from 2014 to 2020 and reach a value of US$1.5 bn by 2020.
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Global Subsea Pump Market: Trends and Opportunities
Currently, the advancements in the subsea technologies are having the most prominent impact on the global market for subsea pumps. The rise in upstream expenditures on the production of oil and gas is expected to influence this market in the near future.
The exploration of newly discovered oilfields and untapped potential oil and gas reserves is also projected to boost this market significantly over the forthcoming years. However, the worldwide subsea pumps market may be hampered by the decreasing prices of crude in the years to come.
Going forward, helicon-axial subsea pumps are likely to remain the most valued product in this market and subsea boosting will emerge as the prime application area for subsea pumps across the world in the next few years.
Global Subsea Pump Market: Geographical Analysis
Geographically, the global market for subsea pumps has been classified into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. With Brazil being a prominent center for the installation of subsea pumps, Latin America has surfaced as the dominant regional market for subsea pumps across the world. Researchers anticipate the scenario to remain very much the same over the next few years. The swift infrastructural development and the advancement in subsea technologies are the key driving forces behind the growth of the Latin America market for subsea pumps.
The Middle East and Africa is also expected to witness a remarkable rise in the market for subsea pumps over the forthcoming years. The increased deployment of subsea production systems in deepwater offshore hydrocarbon reserves situated on the West Coast of Africa is likely to boost the Middle East and Africa subsea pumps market significantly in the near future. The rising deployment of both, ESP and helico-axial subsea pumps, is also projected to drive this regional market's growth in the years to come.
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Companies mentioned in the research report
The global market for subsea pumps is fragmented and highly competitive in nature. Players operating in this market focus aggressively on product innovation to achieve an edge over their competitors.
Leistritz AG, Sulzer Ltd., SPX Corp., OneSubsea, ITT Bornemann GmbH, General Electric Co., FMC Technologies Inc., Flowserve Corp., Baker Hughes Inc., and Aker Solutions ASA are some of the leading vendors of subsea pumps across the world.
Key Segments of Subsea Pump Market
Electrical Submersible Pump (ESP)
Others (Twin Screw, Hybrid and Counter-axial)
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