Transparency Market Research has released a market research report titled “Subsea Boosting Systems Market – Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2023”. According to this report, the global subsea boosting systems market was valued at US$1.34 bn in 2014 and is projected to reach US$3.07 bn by 2023 at a CAGR of 9.7% from 2015 to 2023.
Depleting oil and gas resources led oil and gas companies to explore offshore oil and gas fields. Subsea technologies used in combination with floating production systems have increased interest among exploration and production companies to focus on deep water areas. These technologies are used to extract hydrocarbons from offshore oilfields. Increasing oil and gas drilling activities and rising oil and gas demand have compelled oil and gas service providing companies to utilize subsea technologies. Innovation in subsea boosting technology provides higher reliability, performance, and endurance which have led to increase in demand for subsea technologies. Growing population and rising urbanization are likely to fuel the demand for energy across the globe. Depleting oil and gas reserves at onshore locations coupled with growing opportunities in deep water oil and gas exploration and production are expected to boost subsea activities in the near future.
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A subsea boosting system is an arrangement deployed at the topside of the well to ensure the flow of fluid (oil and condensate) from the oilfields at an economical rate. Some of the key parameters that lead to subsea boosting system installations are increased water depth, increased distance from the host, heavy oil, higher number of field tiebacks to the host, and low reservoir pressure. A subsea boosting system primarily includes multiphase and down-hole boosting, gas compression, and raw subsea water injection. Subsea boosting process helps in safer and faster start-up of low-energy wells, increases the economic life of the field, increases production and recovery, and enables a different production strategy.
The subsea boosting systems market has been analyzed in terms of revenue (US$ Mn). Additionally, the market has been segmented on the basis of water depth, application, and geography. Based on water depth, the market has been segmented into shallow water and deep water. The shallow water segment held the largest share of 57.8% of the subsea boosting systems market in 2014. In terms of application, the market has been segmented into oil fields and gas fields. The oil fields segment accounted for the largest share of 69.4% of the subsea boosting systems market, by application, in 2014.
In terms of geography, the subsea boosting systems market has been segmented into six regions: North America, Asia Pacific, Europe, South & Central America, Africa, and the Middle East. Asia Pacific was the largest market for subsea boosting systems, accounting for 25.0% of the global market share in 2014. Asia Pacific is emerging as a key oil and gas producing region. Subsea activities in the region are largely concentrated in countries such as China, Indonesia, and Australia. Apart from these countries, the Philippines, South Korea, and India also have a few subsea projects.
Increased energy demand coupled with the need to boost offshore oilfield production has propelled the demand for subsea boosting systems. Europe was the second-largest market for subsea boosting systems in 2014. Growing demand for energy and need for increased production from offshore oilfield are expected to drive the demand for subsea boosting systems in the near future. Africa was the third-largest market for subsea boosting systems in 2014. The market in South & Central America is expected to witness significant growth in the near future, with Brazil leading the market.
The key players in the global subsea boosting systems market are General Electric Company, Aker Solutions, Framo AS, Flowserve Corporation, ITT Bornemann GmbH, Baker Hughes Incorporated, FMC Technologies, Inc., OneSubsea, Leistritz Advanced Technologies Corp, and Sulzer Ltd.
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