Subsea pumps market is projected to reach US$1.5Bn by 2020 due to increased utilization of subsea technology in oil production. This, according to Transparency Market Research’s (TMR), will account for a healthy 7.10% compound annual growth rate (CAGR) from 2014 to 2020, a significant increase compared to the US$0.9Bn market value in 2013.
Subsea pumping is commonly used for increased oil recovery from subsea oil and gas reservoirs, especially in low-pressure oil fields.
According to the TMR report, factors such as flawless operational capabilities and high economic benefits are some of the driving forces behind the increase in demand for the subsea pumps across the world.
The utilization of subsea pumps is known to aid in the life extension of existent gas and brownfield repositories. This serves as an advantage since with all factors considered, the demand for boosting production of existent projects is boosting growth of the global subsea pumps market.
On the other hand, fluctuating oil and gas prices act as a hindrance to the growth of the pumps market. Fortunately, market players are able to weather this problem through dependence on newly discovered oilfields and a large number of untapped oil and gas reserves. These, in turn, will help drive this market in the years to come.
In the report, the global subsea pumps market is segmented on the basis of product type, application, and region.
By product, electrical centrifugal, helicon-axial, submersible pump, and others are the segments of the market. The helicon-axial product segment is singled out for dominating the overall market in 2013, the dominance being attributed to the extensive use of helicon-axial subsea pumps in boosting oil and gas operations.
The demand for the helicon-axial pumps has been predicted to remain the highest in the period from 2014 to 2020.
The report divides the global subsea pumps market into the regional segments of North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa.