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Subsea Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 135 Pages
  • September 2023
  • Region: Global
  • IMARC Group
  • ID: 5642384

Quick Summary:

In an atmosphere where the demand for oil and gas continues to rise across residential, transportation, and industrial sectors, an increase in deep-sea extraction activities due to reduced shallow and onshore gas reserves is evident. This has substantially surged the demand for devices necessary for underwater operations such as subsea pumps. Our global Subsea Pumps Market Outlook - 2028 offers solid enrichment to decision-makers across various industries by providing a deep-dive analysis of this foundational market.

The report reveals how advancements in subsea technologies and economic benefits are further contributing to an augmented market growth. Innovations such as the utilization of high voltage motors to avoid voltage drops, the development of large pump hardware, and cost-effectiveness due to advancements in pump designs provide a layer of intrigue and confirm the market's potential for expansion. This comprehensive and exceptionally detailed report delivers essential insights that help predict market outcomes, making it a valuable tool for industry players, investors, consultants, business strategists, and researchers alike.

Global Subsea Pumps Market Outlook - 2028

The global subsea pumps market size reached US$ 1.7 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 2.4 Billion by 2028, exhibiting a growth rate (CAGR) of 6.51% during 2023-2028.

Subsea pumps are motorized devices which are used for underwater operations conducted on the seabed. The device consists of a power generator, conditioner, controller and transmitter. These pumps are utilized to boost production streams and multiphase mixtures of water, gas and oil through helico-axial and centrifugal forces. They can transport untreated hydrocarbons, condensates and solids by applying pressure through the pipelines. They also have a retrievable pump unit and pump base skid that are tied into the production flowline system and are deployed to increase hydrocarbon recovery in low-pressure reservoirs.

The continuously increasing demand for oil and gas from industrial, transportation and residential sectors is one of the major factors driving the market growth. The substantial decline in the shallow and onshore gas reserves has shifted the extraction activities to deep-sea reserves, thereby driving the product demand. Furthermore, significant advancements in subsea technologies, ensuring high operational efficiencies and economic benefits, are also augmenting the market growth. For instance, the Remote Flooding Console (RFC), which utilizes subsea pumps, is used for flooding and pigging operations by small vessels that have minimal desk space. Additionally, the discovery of commercially usable offshore hydrocarbon reservoirs is enhancing the adoption of these pumps across the globe. Also, various product innovations, including the utilization of high voltage motors to prevent voltage drops, the development of large pump hardware with improved capabilities, along with the advancements in pump designs and motor drive resulting in lower weight requirements and the cost-effectiveness of these pumps, are also projected to drive the market further.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each segment of the global subsea pumps market report, along with forecasts at the global and regional levels from 2023-2028. The report has categorized the market based on type and application.

Breakup by Type:

  • Centrifugal
  • Helico-Axial
  • Hybrid Pump
  • Twin Screw
  • Co-Axial
  • ESP (Electrical Submersible Pump)

Breakup by Application:

  • Subsea Boosting
  • Subsea Separation
  • Subsea Injection
  • Subsea Gas Compression

Breakup by Region:

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

Competitive Landscape:

The report has also analyzed the competitive landscape of the market with some of the key players being Aker Solutions ASA, Baker Hughes Company, TechnipFMC PLC, Halliburton Company, General Electric Company, Flowserve Corporation, Leistritz Pumps GmbH, Schlumberger Limited, Sulzer Ltd., SPX Corporation, Hayward Tyler Group PLC, National Oilwell Varco, Oceaneering International, Framo AS and ITT Bornemann GmbH etc.

The publisher's latest report provides a deep insight into the global subsea pumps market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the subsea pumps market in any manner.

Key Questions Answered in This Report

1. What was the size of the global subsea pumps market in 2022?
2. What is the expected growth rate of the global subsea pumps market during 2023-2028?
3. What are the key factors driving the global subsea pumps market?
4. What has been the impact of COVID-19 on the global subsea pumps market?
5. What is the breakup of the global subsea pumps market based on the type?
6. What is the breakup of the global subsea pumps market based on the application?
7. What are the key regions in the global subsea pumps market?
8. Who are the key players/companies in the global subsea pumps market?
Frequently Asked Questions about the Global Subsea Pumps Market

What is the estimated value of the Global Subsea Pumps Market?

The Global Subsea Pumps Market was estimated to be valued at $1.7 Billion in 2022.

What is the growth rate of the Global Subsea Pumps Market?

The growth rate of the Global Subsea Pumps Market is 5.9%, with an estimated value of $2.4 Billion by 2028.

What is the forecasted size of the Global Subsea Pumps Market?

The Global Subsea Pumps Market is estimated to be worth $2.4 Billion by 2028.

Who are the key companies in the Global Subsea Pumps Market?

Key companies in the Global Subsea Pumps Market include Aker Solutions ASA, Baker Hughes Company, TechnipFMC PLC, Halliburton Company, General Electric Company, Flowserve Corporation, Leistritz Pumps GmbH, Schlumberger Limited, Sulzer Ltd. and SPX Corporation.

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Subsea Pumps Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Type
5.5 Market Breakup by Application
5.6 Market Breakup by Region
5.7 Market Forecast
6 SWOT Analysis
6.1 Overview
6.2 Strengths
6.3 Weaknesses
6.4 Opportunities
6.5 Threats
7 Value Chain Analysis
8 Porter’s Five Forces Analysis
8.1 Overview
8.2 Bargaining Power of Buyers
8.3 Bargaining Power of Suppliers
8.4 Degree of Competition
8.5 Threat of New Entrants
8.6 Threat of Substitutes
9 Market Breakup by Type
9.1 Centrifugal
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Helico-Axial
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Hybrid Pump
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Twin Screw
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Co-Axial
9.5.1 Market Trends
9.5.2 Market Forecast
9.6 ESP (Electrical Submersible Pump)
9.6.1 Market Trends
9.6.2 Market Forecast
10 Market Breakup by Application
10.1 Subsea Boosting
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Subsea Separation
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Subsea Injection
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Subsea Gas Compression
10.4.1 Market Trends
10.4.2 Market Forecast
11 Market Breakup by Region
11.1 North America
11.1.1 Market Trends
11.1.2 Market Forecast
11.2 Europe
11.2.1 Market Trends
11.2.2 Market Forecast
11.3 Asia Pacific
11.3.1 Market Trends
11.3.2 Market Forecast
11.4 Middle East and Africa
11.4.1 Market Trends
11.4.2 Market Forecast
11.5 Latin America
11.5.1 Market Trends
11.5.2 Market Forecast
12 Price Analysis
13 Competitive Landscape
13.1 Market Structure
13.2 Key Players
13.3 Profiles of Key Players
13.3.1 Aker Solutions ASA
13.3.2 Baker Hughes Company
13.3.3 TechnipFMC PLC
13.3.4 Halliburton Company
13.3.5 General Electric Company
13.3.6 Flowserve Corporation
13.3.7 Leistritz Pumps GmbH
13.3.8 Schlumberger Limited
13.3.9 Sulzer Ltd.
13.3.10 SPX Corporation
13.3.11 Hayward Tyler Group PLC
13.3.12 National Oilwell Varco
13.3.13 Oceaneering International
13.3.14 Framo AS
13.3.15 ITT Bornemann GmbH

Companies Mentioned

  • Aker Solutions ASA
  • Baker Hughes Company
  • TechnipFMC PLC
  • Halliburton Company
  • General Electric Company
  • Flowserve Corporation
  • Leistritz Pumps GmbH
  • Schlumberger Limited
  • Sulzer Ltd.
  • SPX Corporation
  • Hayward Tyler Group PLC
  • National Oilwell Varco
  • Oceaneering International
  • Framo AS
  • ITT Bornemann GmbH

Methodology

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