Subsea pumping is one among the most widespread means of improving oil retrieval from subsea gas and oil reservoirs. The utilization of subsea pumps could make low pressure oilfields effective by increasing their manufacturing yield. Subsea pumps also add life to present Brownfield gas and oil reservoirs. Augmented requirement for increasing the production from subsisting offshore Brownfield and Greenfield gas and oil projects is estimated to propel further demand for the subsea pumps market in the years to come.
Moreover, escalating operations in gas and oil drilling and boost in demand for gas and oil have governed the implementation of subsea technologies. The subsea pumps market is greatly reliant on the development of offshore resources of hydrocarbons. With the coming up of subsea technologies and growing subsea projects, the subsea pumps market is likely to escalate significantly through the forecast phase. Advancements with respect to subsea pumping have boosted the requirement for subsea pumps.
This factor has also driven demand for this market. The worldwide subsea pumps market is split into three categories. These are applications, products and geographies. The applications market includes subsea boosting, subsea separation, subsea injection and subsea compression. The products market consists of centrifugal, helico-axial, electrical submersible pumps and others. The others sector of the products subsea pumps market includes hybrid, twin screw and counter-axial.
The regions studied are Europe, North America, Asia Pacific, Latin America, and Africa and the Middle East. The subsea pumps market was predicted to have generated income worth about USD 996 million in 2013. It is estimated to rise at about 16 percent CAGR from 2013 to 2018. The market is projected to achieve around 2, 092 million by 2018. Rising demand for energy worldwide, with escalating spendings in offshore manufacturing and discovery operations is also estimated to steer the subsea pumps market ahead.