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Subsea Pump System Market - Growth, Trends, and Forecast (2020 - 2025)

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  • 125 Pages
  • March 2020
  • Region: Global
  • Mordor Intelligence
  • ID: 4997547
The market for the global subsea pump system is witnessing significant growth with CAGR of 6% and majorly depends on the offshore exploration activities and the mature offshore oilfields. 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. However, a highly volatile crude oil price scenario during the recent years, owing to the supply-demand gap, geopolitics, and several other factors, are expected to hinder the growth of the market studied during the forecast period.
  • Deepwater sector is expected to dominate the market in the forecast period owing to increased offshore investments in recent years.
  • Furthermore, the major companies are investing in ongoing R&D projects on the advancement of technology to reduce the overall cost of offshore expenditure. Subsea pumps are employed majorly in the offshore mature fields to improve the recovery rate by reducing back pressure on the reservoir, thereby lowering the production expenditure. The ability to the reduction in the cost of a subsea pump system is providing the opportunity to propel the market in the coming future.
  • South America dominated the market across the globe in 2018, with most of the demand coming from Brazil. The Asia Pacific is the fastest-growing region followed by Europe.

Key Market Trends

Deepwater Sector to Dominate the Market
  • The oil and gas industry is engaged in a rising movement to identify new techniques and technologies that can help them to maximize revenues from the existing brownfields and new assets by enhancing their outputs.
  • With the rising number of maturing onshore oilfields in recent years, there have been growing in the offshore exploration and production (E&P) activities. For instance, in the Permian Basin, currently the most important basin in terms of crude oil production, the production from old wells has started to decline, and there is little scope for new discovery in these areas. As a result, the oil and gas industry is shifting toward deeper regions in search of oil and gas, in order to meet the increasing demand.
  • In recent years, increasing offshore activity is attracting investors. According to EIA in 2019, the number of final investment decisions (FIDs) is expected to increase by around 10% compared to that in 2018. Offshore oil and gas reserves accounted for the majority of FIDs in the last three years. The global deepwater liquid production is expected to reach 10.3 million bbl/d in 2019, which is an increase of 700000 bbl/d compared to 2018.
  • Therefore with increasing offshore exploration investment and oil production from newly developed fields, the deepwater sector is expected to dominate the market in forecast period.

South America to Dominate the Market Growth
  • As the demand for energy is increasing rapidly, various countries and major companies and investors are shifting their interest toward deep water, as it holds the potential for a guaranteed supply of oil & gas for few decades.
  • This, however, requires employing high technology, to produce oil and gas reserves that are buried thousands of meters deep on the ocean floor. This has increased the need for the subsea pump system to increase recovery and reduce overall cost.
  • In 2018, Brazil and the United States together accounted for more than 90% of ultra-deepwater production globally. According to EIA, Brazil is a world leader in the development of deepwater and ultra-deepwater projects. The change in government policy in recent years such as liberalization in the oil & gas sector attracted foreign investment in the country. Moreover, the presence of the most experienced international oil companies in the deepwater development and the largest deepwater reserves makes Brazil the most attractive countries for upstream deepwater investment.
  • Similarly, in the same year, a new exploration permit was awarded in April 2019 to the consortium formed by ExxonMobil and Qatar Petroleum, for exploration in Malvinas Oeste Basin. 13 companies offered approximately USD 995 million for exploration licenses of areas within the Austral, Argentina Norte, and Malvinas Oeste basins. All the three basins are offshore, combining to a total tendered area of more than 200,000 sq. km. never explored before.
  • Moreover, in 2019, Brazil held its sixth successful oil and gas bid round in just over a year and awarded all four blocks in the prospective pre-salt area for BRL 6.82 billion. The latest investment and upcoming projects in deepwater are likely to drive the growth of the subsea pump system market during the forecast period in the South America region.

Competitive Landscape

The subsea pump system market is moderately fragmented due to many companies operating in the industry. The key players in this market include Aker Solutions ASA, Baker Hughes Company, Halliburton Company, Schlumberger Limited, Weatherford International PLC., and Oceaneering International, among others.

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Table of Contents

1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
4.1 Introduction
4.2 Market Size and Demand Forecast, in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies & Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5.1 Deployment
5.1.1 Shallow water
5.1.2 Deepwater
5.2 Application
5.2.1 Boosting
5.2.2 Separation
5.2.3 Injection
5.2.4 Others
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 DeepOcean AS
6.3.2 DOF Subsea AS
6.3.3 Helix Energy Solutions Group
6.3.4 TechnipFMC PLC
6.3.5 Bourbon Corporation SA
6.3.6 Fugro NV
6.3.7 Oceaneering International Inc.
6.3.8 Saab Seaeye Limited
6.3.9 Forum Energy Technologies Inc.
6.3.10 Subsea 7 SA
6.3.11 Saipem SpA

Companies Mentioned

A selection of companies mentioned in this report includes:

  • DeepOcean AS
  • DOF Subsea AS
  • Helix Energy Solutions Group
  • TechnipFMC PLC
  • Bourbon Corporation SA
  • Fugro NV
  • Oceaneering International Inc.
  • Saab Seaeye Limited
  • Forum Energy Technologies Inc.
  • Subsea 7 SA
  • Saipem SpA