The global subsea pump market is valued at US$XX.XX million in 2017 and is projected to reach US$XX.XX million in 2023 exhibiting a CAGR of XX.XX% during the forecast span. The subsea pump market is driven by increasing demand for energy owing to increasing population across the globe. Discovery of hydrocarbon reservoirs and commercially viable oilfields in deep water is significantly pushing the demand for subsea pump market. Moreover, increasing commercialization of low-cost boosting systems is significantly reducing the operational costs, increasing the revenues and thereby augmenting high rates of return. Continuous increase in exploration activities is also augmenting the demand for subsea pumps. Furthermore, simplified installation and interventions coupled with low risk factor and complexity is also driving the market for subsea pumps across all geographical segments.
However, installation of subsea pumps are affecting marine lives in side deepwater and related environmental issues will restrain the market during the forecast period. Moreover, the overall growth for subsea pump market will experience a slow growth owing to the inadequate skilled workforce. Despite of these restraints, this market has some better opportunities which will push its growth to new heights. Huge investment opportunities in pump manufacturing coupled with increasing drilling activities under the water will heighten the growth for subsea pump market across all geographical regions.
On the basis of type, the global subsea pump market can be segmented as electrical submersible, helio-axial, counter-axial, hybrid, centrifugal, and twin screw. Centrifugal pumps have the highest differential pressure capability among the pump types and can handle low gas fraction volume. It also maintains the reservoir pressure and improves reservoir sweep when used to inject water. Hybrid pumps, combination of centrifugal and helio-axial impeller stages, have the capability of achieving higher efficiency and boost over helio-axial technology. Hybrid pumps are successfully applied in gas or liquid separation projects where liquid is boosted. Helio-axial has simple operation and has low cost intervention as compared to other pumps.
On the basis of geography, subsea pump market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. North America holds significant share of the global subsea pump market owing to the early and rapid adoption of advanced technologies and high investment made in the research and development. Increasing demand for various sources of energy will remarkably heighten the market for subsea pump in Asia Pacific. Moreover, continuous oil explorations in Western Europe will augment the growth for subsea pump market across Europe.
Subsea pump market is highly competitive due to the presence of well diversified international, and regional. However, some big international players dominate the market share owing to their brand image and market reach. With high market growth rate and increase in demand, this sector is attracting more players to enter into the market resulting in a more competitive subsea pump market. Competitive landscape provides with the strategy and investment details in order to boost up their presence.
Some of the key players of Subsea pump market included in the report are TechnipFMC plc, Hayward Tyler Limited, Flowserve Corporation, General Electric Company, and Aker Solutions, Sulzer Limited, and SPX Corporation among others.
The Subsea pump market has been segmented on the basis of type, application, and geography.
Middle East and Africa
Key questions answered by the report
What would be the global subsea pump market size from 2017-2022?
How are the major drivers and restraints affecting the global subsea pump market and the opportunities which exist for the key vendors?
Which segment and region will lead the market growth and why?
A comprehensive analysis of competitive landscape and key market participants behavior.
Key strategies adopted by vendors, with in-depth analysis along with their impact on competition and market growth.