The global market was valued at $1,018.5 Million in 2014 and is projected to reach $1,773.7 Million by 2020, at a CAGR of 11.3% during the forecast period 2015-2020. The report focuses on the subsea pump market based on its various types and applications for different regions. The oil price slump in 2014 has slowed the growth of the offshore hardware and equipment market due to non-profitable extraction of crude from the fields. Due to this many stakeholders have pulled their support from the offshore projects, resulting in a decline in offshore productions. Considering this, the report forecasts subsea pumps market till 2020.
Subsea boosting is expected to be the largest application for subsea pumps and is expected to have more than 50% of the market share during the forecast period. Seabed boosting is at times deployed to ensure the flow of fluids from fields at the required rate after the natural reservoir pressure declines. Major factors that encourage the operators to adopt subsea boosting are the existence of heavy oil, the increased distance from the host, increased water depth, low reservoir pressure, and a greater number of field tiebacks to the host.
The report provides qualitative analysis of the leading players in the subsea pumps market, with a clear insight and analysis of the development strategies used and preferred by them. The report also includes a chronology of the developments with respect to contracts and agreements (including joint ventures, collaborations, and partnerships), mergers and acquisitions, new product launches, and expansions. Key players including OneSubsea (U.S.), FMC Technologies (U.S.), Aker Solutions (Norway), General Electric (U.S.), and Baker Hughes (U.S.), have been profiled in this report. The market dynamics in terms of market drivers, restraints, opportunities, burning issues, and industry trends have also been discussed in this report. Additionally, the effects of the oil price slump on the oil & gas industry is taken into consideration in order to track and forecast the market.
Subsea Pumps Market Size, 2015 vs. 2020 ($Million)
Source: Company Annual Reports, Press Releases, and MarketsandMarkets Analysis
The global market size is projected to grow at a CAGR of 11.3% during the forecast period. South America and Africa are expected to have maximum investments in the offshore E&P activities. Brazil, Norway, Angola, Mozambique, and the U.K. are identified as the key countries for this market.