Albany, NY, March 9, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has released a new market research report titled Subsea Pumps Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020. According to the report, the global subsea pumps market was valued at USD 975.0 million in 2013 and is projected to reach USD 1,539.1 million by 2020, expanding at a CAGR of 7.1% between 2014 and 2020.
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Depleting oil and gas reserves chiefly at onshore locations have led oil and gas companies to explore offshore oil and gas fields. Subsea technologies used in combination with floating production systems have increased interests among exploration and production companies to focus primarily on deepwater areas. These technologies are used to extract hydrocarbons from offshore oil and gas fields. Subsea pumping is one of the most common methods to enhance oil recovery from subsea oil and gas reservoirs. It also extends the life of existing Brownfield oil and gas reservoirs. Rising need to boost production from existing offshore Greenfield and Brownfield oil and gas projects is expected to drive the demand for subsea pumps in the coming four to five years. Furthermore, increasing oil and gas drilling activities accompanied by rising oil and gas demand have compelled oil and gas service providing companies to utilize subsea technologies. This is likely to propel the overall market growth over the forecast period.
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Innovations in subsea pumping technology, providing greater reliability, performance and endurance have led to a rise in demand for subsea pumps. In 2013, helico-axial segment accounted for the largest market share in terms of subsea pump installations. Helico-axial pumps are the most commonly used subsea pumps in oil and gas boosting operations. These pumps are more suitable to handle series and parallel operations. The helico-axial pump segment is anticipated to continue to dominate the market and grow at the highest rate during the forecast period. ESPs accounted for the second largest market share. These pumps are designed to operate at flow rates ranging from 1,000 barrels per day to 20,000 barrels per day.
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Subsea boosting application dominated the Subsea Pumps Market that accounted for the largest market share in 2013. Furthermore, subsea boosting application segment is expected to continue its dominance in the global market during the forecast period. Increasing expenditure in offshore oilfield exploration and production activities would be the primary growth driver of the subsea boosting market. Latin America held the highest market share globally in terms of both subsea pumps installations and revenues of subsea pumps market in 2013. The development of pre-salt reserves in the deepwater basins of Brazil is one of the major factors attracting investments in the subsea pumps market in Latin America. Increasing trend towards deepwater production activities in the Middle East and Africa (MEA) region, particularly in West African countries, is expected to drive investments in the subsea pumps market.
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Key players in the market include FMC Technologies, Inc., Aker Solutions ASA, OneSubsea, General Electric Company, and Baker Hughes Incorporated. The report also profiles market players such as Flowserve Corporation, ITT Bornemann GmbH, SPX Corporation, Sulzer Ltd., and Leistritz AG. The research study has been segmented as below:
Global Subsea Pumps Market: Product Segment
- Electrical Submersible Pump (ESP)
- Others (Twin Screw, Hybrid and Counter-axial)
Global Subsea Pumps Market: Application Segment
- Subsea Boosting
- Subsea Separation
- Subsea Compression
- Subsea Injection
Global Subsea Pumps Market: Regional Segment
- North America
- Asia Pacific
- Middle East and Africa (MEA)
- Latin America
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