This report provides exclusive insights into the COVID-19 impact on the Subsea Pumps Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Subsea Pumps Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Subsea Pumps Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by Infinium Global Research on subsea pumps market provides in-depth analysis of segments and sub-segments in global as well as regional subsea pumps market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional subsea pumps market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global subsea pumps market. According to the report the global subsea pumps market is projected to grow at a CAGR of 5.6% over the forecast period of 2018-2024.
Subsea pumping is one of the most mature solutions for increasing oil recovery from subsea tiebacks. In boosting applications, seabed pumps improve production economics by reducing backpressure on the reservoir that increases flow rates, and total recoverable reserves. In other applications where there is low reservoir drive, single-phase pumps can be used to inject into the reservoir to increase reservoir pressure and sweep hydrocarbons from the formation, rising recovery and enabling increased production rates. Subsea multiphase pumps improve production economics by reducing back pressure on the reservoir that increases flow rates and total recoverable reserves.
Increasing energy demand has resulted in high offshore production investment along with maturing onshore oilfields, which in turn, are the major factors driving the growth of the subsea pumps market. In addition, a decline of shallow and onshore gas reserves are forcing the companies to increase their focus on deep-water reserves thus enhancing the market growth. Owing to the handling of produced water in proximity to the production site, the operation cost and time are reduced this in turn, is anticipated to boost the growth of the subsea pumps market. On the other hand, strict government laws on oil explorations hinder the growth of the market. Furthermore, the growing requirement of fuel the production of the already present brownfield oil and gas projects are positively influencing the growth of the market. On the other hand, offshore Greenfield will also contribute; it's positively influenced by market development. Moreover, the developments in subsea technologies ensure top abilities and huge economic benefits, thus the oil and gas reserves and the newly discovered oilfields are gaining several opportunities for the key players in the subsea pumps market over the years to come.
Among the geographies, Americas dominated the subsea pumps market. Moreover, Latin America is anticipated to witness the largest share owing to the significant development observed in subsea exploration and production activities and due to increasing offshore exploration along the Gulf of Mexico. Hence, this region is anticipated to remain the dominant region over the forecast period. Moreover, increasing oil production in Eastern Europe particularly in Russia is expected to drive the European market. In order to meet this energy demand, the exploration & production activity, including offshore is expected to increase in China, which in turn is expected to drive the market for subsea pumps in the Asia Pacific regions.
The report on global subsea pumps market covers segments such as application and type. On the basis of application, the global subsea pumps market is categorized into subsea boosting, subsea separation, subsea injection and subsea gas compression. On the basis of type, the global subsea pumps market is categorized into helico-axial, centrifugal, twin screw, hybrid, counter-axial and others.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region.
The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global subsea pumps market such as Aker Solutions ASA, Baker Hughes A GE Co, Halliburton Company, Schlumberger Limited, Weatherford International plc, National Oilwell Varco, Oceaneering International, Inc., TechnipFMC plc, Kerui Group Co., Ltd and RongSheng Machinery Manufacture LTD.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global subsea pumps market. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of subsea pumps market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the subsea pumps market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the subsea pumps market to understand the present and future trends in this market and formulate their strategies accordingly.