The rising need for energy amongst the exponentially growing urban dwellers across the globe has led to a sharp decline in the oil and gas reserves. This deficit is expected to increase further due to rapid industrialization along with the rising number of opportunities for oil and gas exploration and production in deep water.
All of these factors are collectively expected to create a sizeable demand for subsea activities, thereby leading to growing adoption of subsea boosting systems in the near future, states report published by Transparency Market Research. The ongoing technological developments to deliver subsea equipment that has better reliability, endurance, and performance to make an effective recovery from the reserves.
According to the report, the opportunity in the global subsea boosting systems market will be worth US$3,078.6 mn by 2023 as compared to US$1.46 bn in 2015, as the market expands at a CAGR of 9.7% between 2015 and 2023. The positive CAGR of will also be supported by the ability of subsea boosting systems to improve recovery from oil and gas reservoirs across ultra-deepwater and deepwater areas.
The increasing investments in the development of subsea technologies and equipment are also resulting growth of this market. The increasing expenditure on compressors, pumps, and other subsea equipment for development of offshore oilfields will also offer lucrative growth opportunities to this market in the coming few years.
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Asia Pacific Leads Subsea Boosting Systems Market Due to Flourishing Exploration Activities
According to TMR, Asia Pacific dominated the global subsea boosting systems market in 2014 due to flourishing shallow water and deepwater projects across Malaysia and Australia. In the coming years, this region will maintain its leading stance as China, Vietnam, and Indonesia will witness a growth in subsea activities. As of 2015, Asia Pacific held a share of 25.0% in the overall subsea boosting systems market. Analysts predict that Central and South America will also be attractive markets for these systems as the regions are taking up development of pre-salt reserves in the deepwater of Brazil seriously.
Deepwater Exploration Holds Promise as Existing Reserves Deplete
An evaluation of the subsea boosting systems market on the basis of water depth showed that shallow water held a leading share of 58% in the overall market as of 2014. However, increasing emphasis on deepwater areas due to declining shallow water fields is expected to increase the share of deepwater explorations to 45% by the end of 2023. Though, the shallow water segment will hold the leading share in 2023, subsea boosting systems for deepwater exploration will show signs of remarkable progress. The growing number of deepwater discoveries have also increased the investments flowing into subsea exploration activities to cater to the insatiable demands and the decline reserves.
Some of the key operating players in the global subsea boosting systems market are FMC Technologies, Inc., OneSubsea, GE Oil & Gas, Aker Solutions ASA, Baker Hughes Incorporated, Flowserve Corporation, Framo AS, ITT Bornemann GmbH, and Sulzer Ltd. These companies are focusing on collaborating with smaller players to acquire competencies in technologies to establish leadership in the global market.
Research Report: http://www.transparencymarketresearch.com/subsea-boosting-systems-market.html
Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.
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