Albany - NY, Sept. 29, 2016 (GLOBE NEWSWIRE) -- The rising global demand for oil and gas is providing a major boost to the global subsea pumps market for states a recent market intelligence report published by Transparency Market Research. The report is titled “Subsea Pumps Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020,” and is available on the company’s website for sale.
The market is projected to exhibit a healthy CAGR of 7.1% from 2014 through 2020. If the prediction holds true, the market, which had a valuation of US$0.9 bn in 2013, will rise to US$1.5 bn by the end of the forecast period. The market will benefit from the rising oil and gas exploration activities, especially in low-pressure oilfields.
Subsea pumps refer to a vast variety of equipment utilized in offshore pumping operations. As offshore exploration and production projects are highly capital intensive, they employ equipment that have the capability of optimizing production levels at economic rates. Subsea pumps help subsea production and exploration companies achieve this goal in a cost-effective manner.
So as to make the vast market data easy for comprehension, the market has been analyzed from the point-of-view of three criteria: Product type, application, geography.On the basis of product type, the market has been segmented into helicon-axial pumps, electrical submersible pumps, centrifugal pumps, and other varieties such as counter-axial pumps, hybrid pumps, and twin screw pumps. The major application areas for subsea pumps analyzed in the report include subsea boosting, subsea injection, subsea separation, and subsea compression. From a geographic standpoint, the global subsea pumps market is segmented into Asia Pacific, Middle East and Africa (MEA), Europe, and Latin America.
Browse Research Report: http://www.transparencymarketresearch.com/subsea-pumps-market.html
Of the key product types analyzed in the report, the helico-axial pumps segment dominated the global subsea pumps market in 2013, owing to their vast use in several operations in subsea oil and gas exploration and production activities. The demand for helico-axial pumps is also projected to continue being the highest among other product types over the report’s forecast period.
Of the key applications examined in the report, the segment of subsea boosting dominated the market, accounting for the largest share in 2013, and is projected to be the dominant application segment over the report’s forecast period as well.
Of the key regional markets for subsea pumps examined in the report, Latin America held the largest share in 2013 owing to the significant development observed in subsea exploration and production activities in the region in past few years.
The report also presents a comprehensive overview of the competitive scenario of the market. Itt documents crucial market-related data pertaining to business profiles, finances, recent product and technology developments, and the strengths and weaknesses of some of the major vendors operating in the global subsea pumps market.
Some of the market’s most influential companies profiled in the report are Leistritz AG, Sulzer Ltd., SPX Corporation, OneSubsea, ITT Bornemann GmbH, General Electric Company, FMC Technologies, Inc., Flowserve Corporation, Baker Hughes Incorporated, and Aker Solutions ASA.
The market has been segmented as follows:
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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Source:Transparency Market Research