New York , March 11, 2024 (GLOBE NEWSWIRE) -- The global subsea manifolds market size is estimated to attain at 5% CAGR from 2024-2036. The market is expected to garner a revenue of USD 7 billion by the end of 2036, up from a revenue of USD 4 billion in the year 2023. The market growth is attributed to the need to obtain high productivity levels in the oil and gas exploration companies that are being operated in the offshore fields. The increasing number of subsea wells is also estimated to propel the market growth. Across the world over 29% of the crude oil is produced from offshore sources as of 2023 reports.
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Additionally, drilling equipment installed in deep water is prone to corrosion, to prevent this, there is a need for corrosion-free materials. This issue can be solved with the use of subsea manifolds that have enhanced corrosion and weathering resistance which is estimated to propel the market growth. The rate of corrosion increases with depth, ranging from 0.3 mm/y (millimeter/year) at 13 m (meters) high to 0.6 mm/y closer to sea level, and it was reported that corrosion costs more than 50% of the offshore maintenance prices.
Subsea Manifolds Market: Key Takeaways
- Market in Europe region to propel the highest growth.
- The Production segment to garner the highest growth
- Market in Asia Pacific region to grow at the highest rate
Increasing Number of Offshore Activities in the Deeper Oceans is Driving the Growth of the Subsea Manifolds Market
Developing many offshore activities across the world that are improving the exploration and production works into further deep waters. The installation of subsea manifolds increases the advancement of new offshore fields and optimizes the old fields. The full-cycle returns from explorations in 2022 reached 20% from the base of 10% in 2018.
Subsea Manifolds Industry: Regional Overview
The global subsea manifolds market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
The existence of Dominant Key Players Near the North Sea and the Presence of Developed Offshore is Proliferating the Market Growth in the Europe Region
The Europe region market is projected to garner a significant market share of 35% by the end of 2036 owing to the presence of developed offshore sectors. The market growth is further credited to the existence of many prominent companies of oil, gas, equipment, and services in the North Sea. The occurrence of many unidentified shale oil deposits is likely to increase the investment opportunities thereby boosting the market size. Britain approved the new oil and gas exploration project in the North Sea Rosebank field for Equinor in 2023.
Government Plans to Improve Shale Gas Production is Spreading the Market Expansion in the Asia Pacific Region
The Asia Pacific region market in the year 2036 is estimated to secure a noteworthy market share of 27%. The government's role in increasing the sale of gas production quantity and shale basin domain of the region is propagating the market trends in the region. The provision of subsidies is raising the coal bed methane extraction and promoting exploration activities is fostering the market size. The shale gas production in China increased from 24 million cubic meters to 24 billion cubic meters from 2012 to 201 as per the reports.
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Subsea Manifolds Market Segmentation by Application
- Production
- Injection
The production segment from the subsea manifolds industry is anticipated to garner a significant market share of 54% in the coming years. The growth of the market is attributed to the application of subsea manifolds for isolation, sampling, testing of wells, and allocation management. Manifolds are huge structures 30 meters in height and the safety zone of 500 meters is maintained by centering at one place. The adaptability of the subsea manifolds makes them ideal for use in the horizontal or vertical flow line connections in the gas lift.
Subsea Manifolds Market Segmentation by Type
- Template Manifold
- Cluster Manifold
- Pipeline End Manifold (PLEM)
The subsea manifold market of the pipeline end manifold segment is predicted to register a second largest market share of 43% in the year 2036 as a result of the need for effective and reliable methods to transfer hydrocarbons from the deep waters to the surface in the offshore oil and gas production units. Corrosion and high pressure are the challenges faced during this process which are solved with the use of subsea manifolds. Manifolds are made to handle a maximum allowable working pressure that can reach over 6000 psig (pounds per square inch gauge) and can withstand temperatures as high as 1200º Fahrenheit (F) to as low as -65º F.
Subsea Manifolds Market Segmentation by Water Depth
- Shallow Water
- Deep Water
A few of the well-known market leaders in the global subsea manifolds market that are profiled by Research Nester are Baker Hughes, Aker Solutions, TechnipFMC, Schlumberger, Chevron Australia Pty Ltd., Mitsui Marine Development Co., Ltd., Yokogawa Electric Corporation, Mitsubishi Heavy Industries, Ltd., Chiyoda Corporation, and others.
Recent Development in the Market
- Baker Hughes was contracted by Chevron Australia Pty Ltd to deliver compression manifold technology for the Jansz-lo Compression project. The company is going to offer a subsea compression manifold structure with the module and foundation as well as the recently optimized version of the horizontal clamp connector system and subsea controls that are run by Subsea Connect of Baker Hughes at early engagement methodology.
- ConocoPhillips awarded a contract to Aker Solutions to deliver a subsea production system for the Eldfisk North development off the coast of Norway. The field is connected to the Eldfisk Complex and improved as a subsea satellite.
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