MARKET OVERVIEW
The subsea pump market sells pumps utilized for underwater oil and gas production. These pumps help to increase the fluid pressure at the wellhead, leading to an increased flow of hydrocarbons to the surface. With offshore oil and gas production growth, the demand for subsea pumping systems is projected to rise. Companies are investing in R&D to develop advanced and more efficient subsea pumps that are reliable and durable. Electric subsea pumps are growing as they are more cost-effective and efficient than hydraulic pumps. The increasing demand for subsea boosting systems, which enable fluid pressure at the wellhead, also drives demand for subsea pumps.
MARKET SCOPE
The "Global Subsea Pumps market Analysis to 2028" is a specialized and in-depth study of manufacturing and construction with a special focus on the global market trend analysis. The report aims to provide an overview of Subsea Pumps with detailed market segmentation by type, and application. The global Subsea Pumps market is expected to witness high growth during the forecast period. The report provides key statistics on the Subsea Pumps market and offers key trends and opportunities in pump market.
MARKET SEGMENTATION
- On the basis of type, market is segmented as hello-axial, ESP, Centrifugal, twin-screw, hybrid, counter-axial.
- On the basis of application market is segmented as subsea boosting, subsea injection, subsea separation, and subsea gas compression.
MARKET DYNAMICS
Drivers:
- Rise in deep-water activities, longer tiebacks, and recoverable reserves are some key factors that will drive the subsea pumps market.
- New Offshore discoveries are opportunities for subsea pumps market. Oil price volatility are some challenges for subsea pumps market.
Restraints:
- Strict government regulatory norms, operational, and environmental concern are some restraints that will hinder the subsea pumps market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Subsea pumps market based on various segments. It also provides market size and forecast estimates from year 2018 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The Subsea pumps market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting Subsea pumps market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South & Central America after evaluating political, economic, social and technological factors effecting the Subsea pumps market in these regions.
IMPACT OF COVID-19 ON SUBSEA PUMPS MARKET
The outbreak of COVID-19 has significantly impacted various industries including the manufacturing industry. Containment measures were imposed by governments across the globe such as trade restriction and factor shutdown followed by limited personnel at workplaces in order to adhere to the norms of social distancing. Thus, the imposition of such measures has disrupted the supply chain of manufacturers in 2020. However, the industry started to stabilize from Q4 of 2020 as economies started to reopen and containment measures were relaxed.
MARKET PLAYERS
The reports cover key developments in the subsea pumps market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from Subsea pumps market are anticipated to lucrative growth opportunities in the future with the rising demand for subsea pumps in the global market. Below mentioned is the list of few companies engaged in the subsea pumps market.
The report also includes the profiles of key subsea pumps companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- Aker Solutions
- Baker Hughes Incorporated
- FMC Technologies, Inc
- General Electric Company
- Onesubsea
- Sulzer AG
- SPX Corporation
- ITT Bornemann
- Flowserve Corporation
- Leistritz Pumpen Gmbh