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In a recently published report, Global Subsea Pumps Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Subsea Pumps Market products.
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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.
The Global subsea pumps market was valued at US$ 0.9 Billion in 2017 and is expected to reach US$ 1.5 Billion by 2022 growing at a CAGR of 7.10 % during the forecast period 2017-2022. Subsea pumps refer to a variety of equipment used in offshore pumping operations. They are used in the oil and gas industry to enhance oil recovery by optimizing production levels at economic rates. It maintains the flow of fluids in subsea production systems by transporting crude oil from the seabed to floating production system and carrying drilling fluid to the production site. Subsea pumps help subsea production and exploration companies achieve this in a cost-effective manner.
Market Dynamics
The major factor driving the subsea pumps market is the maturing onshore oilfields along with growing energy demand, which has resulted in high offshore production investment. Augmenting this is the discovery of commercially viable offshore hydrocarbon reservoirs. Another major factor influencing the growth includes reduced operating cost and time owing to handling of producing water in proximity to the production site. Apart from this, benefits of subsea pumps like improved oil and gas recovery, saving of surface production facility cost, higher net present value, and reduced possibility of hydrate formation in the flow line are expected to further strengthen the global market growth.
On the contrary, volatile crude oil prices and uncertain offshore drilling investments pose challenges to the global market over the forecast period. Other constraints include operational difficulty, cost impact associated with subsea system failure and their reduced reliability, Government policies. Subsea pumps market is also highly consolidated with higher entry barriers. Costs associated with subsea drilling are high at the beginning since companies need to move equipment and personnel to the well site.
Market Segmentation
The market is segmented on the basis of product type, application, and region. By product, the segments of this market are electrical centrifugal, helicon-axial, submersible pump, and others. The extensive use of helicon-axial subsea pumps helped the product segment enjoyed dominance and boost oil and gas operations. For the forecast period, the demand for helicon-axial pumps will remain the highest, according to the report. Application-wise, segments are subsea separation, subsea injection, subsea compression, and subsea boosting. Amongst all, subsea boosting had the largest share of the subsea pumps market and will continue to be the dominant segment during the forecast period. In recent times, the major factor responsible for the high demand for subsea applications has been the increasing governmental expenditures towards offshore exploration and production, thereby benefitting the subsea pumps market. By region, the market is segmented into of North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Latin America stands as the largest segment due to the development of exploration and production projects in deepwater pre-salt reservoirs off the coast of Brazil.
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Regional/Geographic Analysis
North America is expected to lead the subsea pumps market in the coming decade. The region's new exploration actions is at its all-time high and the operators are often forced to work in much deeper waters which require sophisticated technology and equipment. Also, the Middle East and North Africa are expected to have a positive impact on the global market where the production of oil is high. The increase in oil production in Eastern Europe, particularly in Russia is also expected to drive the European market growth over the forecast period. North America subsea pumps market is expected to be primarily driven by the increase in offshore exploration along the Gulf of Mexico.
Opportunities
The market also throws up several opportunities in R&D in areas such as temperature and pressure monitoring, inhibition of hydration and flow control and footprint minimization, which is expected to increase application opportunity for subsea pumps. High offshore investment regions such as the U.S., Latin America, and Europe are expected to provide opportunities for industry participants' growth.
Key Players
Some of the major players in the subsea pumps market include ITT Bornemann, Leistritz Advanced Technologies Corp., Flowserve Corporation, GE Oil & Gas, FMC Technologies Inc., Aker Solutions, Baker Hughes Incorporated., Hayward Tyler Group PLC., Fuglesangs Subsea AS, SPX Corporation, Sulzer Ltd. and OneSubsea among others.
The report contains comprehensive analysis on:
Global paints and coatings Market Segments
Global paints and coatings Market Drivers, Restraints and Opportunities
Global paints and coatings Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Global paints and coatings Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
Regional analysis for Feed Software Market includes
North America
US and Canada
Latin America
Mexico, Brazil, Argentina and Rest of Latin America
Western Europe
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
South Africa
North Africa
Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides in-depth market segmentation that is derived from extensive product mapping exercises, macro-economic factors and other qualitative and quantitative insights. The impact of all such factors are delivered across multiple market segments and geographies.
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Report Highlights:
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
In-depth Market Segmentation
Historical and Projected Market Sizing in terms of volume and value
Recent market trends and Impact Factors
R&D Status and Technology Overview
Extensive Industry Structure Coverage
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Leonard Thomas
Leonard Thomas is an energetic and versatile freelance writer for 5 years, he pen down any type of articles and web content. he is a Cambridge University Business English Certificate (Europe Level) holder . he is analytical, enthusiastic and ingenious, with the essence to work variously, strives to emerge as a lucrative individual who has a grasp on market. Congenial Interpersonal skills and the competence to grab every single trivia with foolproof analysis is something he primarily posses .
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