New York, NY, Dec. 13, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Subsea Pumps Market by Type (Helico-axial, Centrifugal, Hybrid Pump, Co-axial, Twin Screw, and ESP) and by Application (Subsea Separation, Subsea Injection, Subsea Boosting, and Gas Compression): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2024”. According to the report, the global subsea pumps market was valued at approximately USD 970 million in 2017 and is expected to generate revenue of around USD 1,588 million by 2024, growing at a CAGR of around 7.30% between 2018 and 2024.
The rapid advancements and continuous innovation in subsea pumps have led to the upsurge in the global subsea pumps market. The growing demand for energy and power industry is the primary factor boosting this market. There has been a substantial decline in the onshore and shallow gas reserves. Thus, companies are forced to increase their focus on the deep sea reserves, thereby enhancing this market. Furthermore, ongoing developments in the subsea technologies with huge fiscal welfares are likely to positively impact this market’s development. These factors are likely to contribute toward the subsea pumps market growth over the forecast timeframe. As the offshore production and exploration activities require high capital investments, the subsea pumps possess the competence of augmenting the offshore production levels at economical rates. Concisely, the subsea pumps help firms in enhancing their production level in a cost-effective manner. This factor may have a positive impact on the growth of the subsea pumps market. However, volatile and fluctuating oil costs might hinder this market’s growth.
Browse through 49 Tables & 20 Figures spread over 110 Pages and in-depth TOC on “Global Subsea Pumps Market: Type, Size, Share, Growth and Forecast, 2018 – 2024”.
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By type, the subsea pumps market is segmented into helico-axial, centrifugal, hybrid pump, co-axial, twin screw, and ESP. The helico-axial segment is likely to dominate the market in the future, due to the widespread use of helicon-axial subsea pumps in boosting oil and gas production operations. By application, the subsea pumps market is categorized into subsea separation, subsea injection, subsea boosting, and gas compression. The subsea boosting segment is forecasted to dominate the market in the upcoming years, due to the cumulative government spending on offshore exploration.
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the regional segments of the global subsea pumps market. The European subsea pumps market is projected to grow at the highest rate over the forecast timeline, due to the increased in oil production in Eastern Europe, particularly in Russia. Additionally, the rise in onshore and offshore exploration activities across Europe is further expected to drive this regional market.
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The North American subsea pumps market held a significant revenue share of the global subsea pumps market. The region is anticipated to continue with its regional dominance over the forecast time period, due to the increased number of exploration activities in the Gulf of Mexico. Moreover, the rise in government funding of these exploration activities is likely to further drive this regional market over the forecast time period.
The Middle East and Africa is predicted to provide significant growth opportunities in the subsea pumps market. High production of oil in the region is likely to amplify this regional market’s growth over the estimated timeframe. Additionally, the technological advancements made in the subsea production systems are going to widen the business sphere in the upcoming years.
Browse the full "Subsea Pumps Market by Type (Helico-axial, Centrifugal, Hybrid Pump, Co-axial, Twin Screw, and ESP) and by Application (Subsea Separation, Subsea Injection, Subsea Boosting, and Gas Compression): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2024" Report At https://www.zionmarketresearch.com/report/subsea-pumps-market
The key players involved in the subsea pumps market include Aker Solutions and Baker Hughes Incorporated, Flowserve Corporation, Fuglesangs Subsea AS, GE Oil & Gas, FMC Technologies Inc., Hayward Tyler Group Plc., ITT Bornemann, Leistritz Advanced Technologies Corp., SPX Corporation, Sulzer Ltd., and OneSubsea.
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This report segments the global subsea pumps market as follows:
Global Subsea Pumps Market: Type Segment Analysis
- Helico-axial
- Centrifugal
- Hybrid Pump
- Co-axial
- Twin Screw
- ESP
Global Subsea Pumps Market: Application Segment Analysis
- Subsea Separation
- Subsea Injection
- Subsea Boosting
- Gas Compression
Global Subsea Pumps Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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