Sarasota, FL -- (SBWire) -- 12/31/2018 --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.
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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.
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.
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North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the regional segments of the global subsea pumps market. North America held a significant revenue share of the global subsea pumps market in 2017. The region is anticipated to continue with its regional dominance over the forecast period, due to the increased number of exploration activities in the Gulf of Mexico. Moreover, the increasing government expenditure in the exploration activities is likely to further drive this regional market over the forecast time period. The Middle East and Africa region are predicted to provide significant growth opportunities in the subsea pumps market. The high production of oil across the region is likely to amplify this market over the forecast span. Additionally, the technological advancements made in the subsea production systems are going to foster the market in the Middle East and Africa region over the forecast timeframe.
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
Global Subsea Pumps Market Set for Rapid Growth, to Reach Value Around $1,588 Mn by 2024
Global subsea pumps market 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.