The global subsea pumps market is expected to grow at a CAGR of 12.6% from 2017 to 2025.
Subsea pumping is considered as one of the most promising solution for increasing oil recovery by reducing the backpressure on reservoirs. Reduction in backpressure results in an increase in the flow rate and total recoverable reserves.
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The benefits of using subsea pumps include accelerated production, enhanced recovery & extended field life, reduction in operating expenses, increased production from low energy reservoirs, improvement in flow assurance performance, and safer start-up of low energy wells in relatively less time. A pumping system basically consists of equipment for power generation, power transmission, and power conditioning & control.
The use of subsea pumps in the offshore industry started approximately two decades ago.
On the basis of type, the subsea pump market is segmented into helico-axial, centrifugal, electrical submersible pump (ESP), hybrid, twin screw, and counter-axial. Based on application, it is categorized into subsea boosting, subsea separation, subsea injection, and subsea compression.
Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
- Newly explored oil & gas fields coupled with expanding demand for oil is expected to fuel the demand for subsea pumps.
- Advantages of using subsea pumps, such as extension in the life of reservoirs, high production, and reduction in operating expenses is increasing the demand for subsea pumps.
- Falling prices of crude oil is expected to hinder market growth during the forecast period.
Market Players: (subsea pump manufacturers company market)
The major players in the global subsea pump market are Aker Solutions ASA, FMC Technologies, Inc., SPX Corporation, Flowserve Corporation, Baker Hughes Incorporated, General Electric Company, Sulzer AG, OneSubsea, Framo AS, and ITT Bornemann GmbH.
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Key Point from Table of Content
- Company profiles
7.1. Aker Solutions ASA
7.1.1. Overview (multiphase compressor a pumping system market)
7.1.2. Financials and business segments
7.1.3. Recent developments
7.2. Baker Hughes Incorporated
7.2.2. Financials and business segments
7.2.3. Recent developments
7.3. FMC Technologies, Inc.
7.3.2. Financials and business segments
7.3.3. Recent developments
7.4. Flowserve Corporation
7.4.2. Financials and business segments
- Helico-axial (helico axial multiphase pump market)
- Electrical Submersible Pump (ESP)
- Hybrid (multiphase pump oil and gas market)
- Twin Screw
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- Subsea Boosting (subsea booster pump market)
- Subsea Separation
- Subsea Injection
- Subsea Compression
- North America
- Rest of Europe
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