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Subsea pump business to reach USD 2bn by 2018

27th June 2014

The growing demand of energy with the increasing investments in offshore exploration and production activities is expected to drive the global subsea pumps market, according to a new "Subsea Pumps Market by Type, by Application & by Geography - Global Trends & Forecast to 2018" report from Research and Markets

Subsea pump business to reach USD 2bn by 2018
Latin America dominates the current global subsea pumps market due to maximum number for the subsea pumps projects

It is estimated to reach USD 2bn by 2018 with a combined annual growth rate of around 16 per cent from 2013 to 2018. The latest exploration and highly advanced technology required in Latin America and European regions is expected to experience the highest revenue growth during the next 5 years.

The continuous advancement of technology creates new opportunities to reach deeper water depths. Subsea pumps handle the produced fluids at the seabed itself, thereby saving time and human efforts. The continuous appetite of wanting to enhance oil and gas production ensures a bright future for the subsea pumps globally.

The need to satisfy the rising energy demand and maturity of onshore oil and gas fields is expected to enhance the growth prospects of the market. The lucrative and high-investment areas such as Latin America, Europe, and US are the key driving factors for the exponential growth of the subsea pumping systems market.

The major restraining issues for the subsea pumps market include the reliability of subsea units, subsea processing system failures, and the increasing costs of intervention vessels.

The number of existing and proposed subsea pumps projects has increased over the last few years. A majority of these units were awarded prior to the recent decline in offshore activities caused by the global economic downturn, pressures on the supply chain, and oil price volatility. Therefore, as a result of the timing of the contracts, several projects have gone ahead despite these conditions.

Latin America dominates the current global subsea pumps market due to maximum number for the subsea pumps projects. Top players in the subsea pumping systems market include Aker Solutions (Norway), Flow Serve (US), OneSubsea (US), FMC Technologies Inc. (US), Baker Hughes (US), and GE Oil and Gas (US). These companies represent the largest share of the subsea pumps market globally.

The companies from the global subsea pumps market are expanding into emerging markets like Latin America, Asia Pacific and Europe. Innovative new pumping system technologies are some of the crucial strategies that are helping companies maximise their revenues.

The estimation of the subsea pumps market is evaluated through feedback from secondary research and primary respondents. The major types considered for the study are centrifugal, helico-axial, ESP, hybrid, and twin-screw. Similarly, applications of subsea pumps considered for the study are subsea boosting, subsea separation, subsea compression, and subsea injection. Geographically, the market is studied for different regions such as US, Latin America, Asia-Pacific, Europe, and Africa.

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