Global Subsea Pumps Market is valued approximately at USD 2.19 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.20% over the forecast period 2020-2027. Subsea pumps are having large deployment in offshore mature fields to improve the recovery rate by reducing backpressure on the reservoirs. Since, it increases the flow rates and total recoverable reserves. Subsea pumps are configured vertically with an oil-filled motor, which is installed at the top and the pump section at the bottom. The rapid growth in oil & gas industries and implementation of subsea pumps in offshore reserves are the key factors propelling the growth of market over the forecast years. According to International Energy Agency, the global natural gas production accounted for around 3958 billion cubic meters in the year 2018 which enhanced and reached to around 4088 billion cubic meters in the year 2019. The global natural gas production witnessed a surge of about 3.3% in the year 2019. Similarly, According to International Energy Agency, the global crude oil production accounted for 80,622,000 barrel per day (b/d) in the year 2019. Also, the crude oil production accounted for about 10.99 million barrel per day (b/d) in the year 2018 which enhanced and reached to around 12.33 million barrel per day (b/d) in the year 2019 registering a growth of about 11%. In addition, discovery of new offshore reserves is the factor propelling the growth of market over the forecast years. However, stringent government regulation regarding subsea pumps usage is the factor hampering the market growth.
The regional analysis of global Subsea Pumps Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rapid growth in production of natural gas in the major economies of the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rapid growth in oil & gas industry and discovering of new offshore reserves would create lucrative growth prospects for the Subsea Pumps Market across Asia-Pacific region.
Major market player included in this report are:
Baker Hughes Incorporated
FMC Technologies, Inc.
General Electric Company
Leistritz Pumpen Gmbh
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Application offerings of key players. The detailed segments and sub-segment of the market are explained below:
Electrical Submersible Pump (ESP)
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Subsea Pumps Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers