Maturing onshore oilfields coupled with growing energy demand has resulted in high offshore production investment, which is expected to drive global subsea pumps market over the next six years. Discovery of commercially viable offshore hydrocarbon reservoirs is expected to augment the global market growth over the forecast period. Reduced operation cost and time owing to handling of produced water in proximity to production site is expected to drive subsea pumps to demand over the forecast period. Benefits of subsea pumps that include improved oil and gas recovery, higher net present value (NPV), saving of surface production facility cost and reduced possibility of hydrate formation inflow line, is expected to further strengthen the global market growth. High oil production in the Middle East and North Africa is expected to have a positive impact on the global market. Volatile crude oil prices and uncertain offshore drilling investments are expected to pose challenges to the global market over the forecast period. Operational difficulty and cost impact associated with subsea systems failure coupled with their reduced reliability are major challenges faced by market participants. Subsea pumps are employed in transporting crude oil from sea bed to Floating Production System (FPS) and for carrying drilling fluid to the production site. Operational applications include separation, boosting, compression, and injection at subsea level.
North America subsea pumps market is expected to primarily be driven by increasing offshore exploration along the Gulf of Mexico. Increasing oil production in Eastern Europe particularly in Russia is expected to drive the European subsea pumps market growth over the forecast period.
High offshore investment regions such as the U.S., Latin America, and Europe are expected to provide opportunities for industry participants’ growth. Subsea pumps market is highly consolidated with higher entry barriers. R&D in areas such as temperature/pressure monitoring, footprint minimization, inhibition of hydration, and flow control is expected to increase application opportunity for subsea pumps. Major companies operating in the global subsea pumps market include Flowserve Corporation (U.S.), GE Oil & Gas (U.S.), FMC Technologies Inc. (U.S.), Aker Solutions (Norway) and Baker Hughes Incorporated (U.S.), HAYWARD TYLER GROUP PLC. Other leading manufacturers include ITT Bornemann (Germany), Fuglesangs Subsea AS (Norway), Leistritz Advanced Technologies Corp., SPX Corporation, Sulzer Ltd., and OneSubsea (A Cameron and Schlumberger Company).
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The ongoing pandemic has led to a decline in exploration activities in the oil & gas sector. A number of EPC projects have also witnessed an indefinite pause that has transpired into a slump in the requirement for drilling and excavation services. Economic repercussions of the trend are expected to be highly evident in the Middle East. The report will account for Covid19 as a key market contributor.