Subsea Boosting Systems Market - Global Industry Analysis, Size, Share, Growth 2023
Global Subsea Boosting Systems Market: Snapshot
The
global market for subsea boosting systems is dominated by three
players, namely FMC Technologies, OneSubsea, and GE Oil & Gas.
Together they accounted for a mammoth share of 78% in the market in
2014. Competition among them is intense too as they try to outsell one
another through pricing strategies intended to lure more consumers.
Other prominent names in the market are Aker Solutions, Baker Hughes
Incorporated, Flowserve Corporation, Inc., Framo AS, General Electric
Company, ITT Bornemann GmbH, Sulzer Ltd, and Leistritz Advanced
Technologies Corp.
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At
present, the global market for subsea boosting systems is being driven
by the burgeoning demand for fossil fuels and petroleum products and
their effectiveness in improving production from developed reservoirs.
However, the frontrunner among growth drivers is the technological
progress in the field of deepwater and remote applications. Uncovering
of offshore oil and gas fields in countries such as Angola, Gabon,
Tanzania, Nigeria, and Mozambique have also presented an opportunity to
companies in the market. One factor countering the growth is the
volatile crude oil prices that pose a challenge to companies wanting to
maintain consistent production costs.
A
report by Transparency Market Research forecasts the global subsea
boosting systems market to expand at a healthy CAGR of 9.7% from 2015 to
2023. The market was worth US$1.46 bn in 2015 and is estimated to reach
US$3.07 bn by the end of 2023.
Heavy Investments in Shallow Water Oil Drilling to Propel Sales Dramatically
Depending
upon the depth of water, the global market for subsea boosting systems
can be segmented into shallow water and deep water. The recent spate of
investments in shallow water oil drilling will likely increase the
revenue generated in the market dramatically. The usage of helicoaxial
pumps with more effective subsea boosting systems is also anticipated to
foster growth.
Based
on applications again, the global market for subsea boosting systems
can be further classified into oil and gas. With companies increasingly
expending energy on discovery of oil fields, the oil field subsea
boosting application segment is expected to grow its share in revenue to
a substantial 67.7% by 2023.
The
nations of China, the U.S., North Sea, Brazil, Gulf of Mexico, and
Western Africa are key regions in the global oilfields subsea boosting
systems market. Exploration of oil fields in water depths and tie-back
distances is anticipated to generate the demand for subsea boosting
systems in these regions.
Densely Populated Asia Pacific Stokes Demand
From
a geographical standpoint, Asia Pacific is the leading market for
subsea boosting systems because of the burgeoning population in the
region. This has generated need for energy procured from different
sources and has in turn bolstered demand for subsea boosting systems.
Hotbeds of subsea activities in the region are China, Vietnam,
Australia, Indonesia, and Malaysia. However, the main drivers of the
market in the region are Australia and China on account of being
potential markets for the offshore drilling industry. Going forward,
Asia Pacific is forecasted to gain a share 23.9% in revenue in the
overall market.
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Europe
is another key region in the global market for subsea boosting. The
rise in deepwater drilling activities in the continent is predicted to
foster growth in the market in the foreseeable future. The Middle East
will likely outpace all other regions in terms of growth rate owing to
ongoing large-scale drilling activities in Saudi Arabia and U.A.E. It is
also a mature market for shallow water exploration activities.
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