The global subsea manifolds market is expected to be valued at USD 5.08 billion by 2025, according to a new report by Grand View Research, Inc. Increasing deepwater drilling activities and favorable revised offshore regulations have been a major factor driving the market growth.
Subsea manifolds are utilized to direct fracturing fluids to the wells and to extract the produced fluids from the well into the flow lines. Subsea manifolds are devised to withstand the harsh conditions in deepwater. These systems are customizable as per the type of the soil in the sea bed. The manifolds can be utilized for horizontal or vertical connections with the resource bed in deepwater. They have a highly customizable design and are able to connect to multiple wells at the same time.
Subsea manifolds facilitate the employment of a number of Enhanced Oil Recovery (EOR) strategy. The production manifold is employed for various applications by E&P companies including, isolations, testing, allocation management, and sampling. They are also employed to bring the produced fluids on to the surface via flow lines. Owing to these factors, production segment had the largest market share of 61.1% in 2016, and is anticipated to show a steady growth over the next eight years.
Injection is projected to grow at an estimated CAGR of 5.4% over the forecast period of 2016 to 2025, and thus be the fastest-growing segment in the application category. Injection manifolds can be customized to handle various types of fluids including, water-alternating-gas, gas, water, oil-based fluids, synthetic-based fluids, and foam-based fluids. These manifolds are subjected to immense pressure in deepwater and need to be built to withstand the harsh operating conditions; which thus makes their manufacturing cost high. This factor is anticipated to positively drive the injection segment growth over the forecast period of 2017 to 2025.
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Further key findings from the report suggest:
The global subsea manifolds demand was valued at USD 3.31 billion in 2016 and is expected to grow at a CAGR of 5.0% from 2017 to 2025
Production emerged as the largest application segment in 2016 and is estimated to generate revenue of USD 3.02 billion by 2025
Injection is anticipated to be the fastest growing application segment over the next eight years and is estimated to grow at a CAGR of 5.4%
Global subsea manifolds demand in production application was valued at USD 2.02 billion in 2016 and is anticipated to witness steady growth over the next eight years
The U.S. subsea manifolds market in applications category was valued at USD 0.38 billion in 2016 and is estimated to be valued at USD 0.57 billion by 2025
The Asia Pacific region is anticipated to witness high growth at a CAGR of 5.3% by 2025. Increasing financial aid tax benefits and government initiatives to exploit hydrocarbon reserves sustainably in South Korea, China, and India, is expected to drive market penetration in this region over the next few years.
Major players in the industry include Schlumberger, Weatherford International, Halliburton, Archer Limited, and Baker Hughes. In order to expand their product portfolio and gain market share, these major players are often indulged in mergers, joint ventures, & acquisitions.
Grand View Research has segmented the global Subsea Manifolds market on the basis of application, and region:
Subsea Manifolds Application Outlook (Revenue, USD Million, 2014 - 2025)
Subsea Manifolds Regional Outlook (Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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