The global subsea pumps market size reached US$ 1.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2.3 Billion by 2027, exhibiting a growth rate (CAGR) of 6.6% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Subsea pumps are motorized devices which are used for underwater operations conducted on the seabed. The device consists of a power generator, conditioner, controller and transmitter. These pumps are utilized to boost production streams and multiphase mixtures of water, gas and oil through helico-axial and centrifugal forces. They can transport untreated hydrocarbons, condensates and solids by applying pressure through the pipelines. They also have a retrievable pump unit and pump base skid that are tied into the production flowline system and are deployed to increase hydrocarbon recovery in low-pressure reservoirs.
The continuously increasing demand for oil and gas from industrial, transportation and residential sectors is one of the major factors driving the market growth. The substantial decline in the shallow and onshore gas reserves has shifted the extraction activities to deep-sea reserves, thereby driving the product demand. Furthermore, significant advancements in subsea technologies, ensuring high operational efficiencies and economic benefits, are also augmenting the market growth. For instance, the Remote Flooding Console (RFC), which utilizes subsea pumps, is used for flooding and pigging operations by small vessels that have minimal desk space. Additionally, the discovery of commercially usable offshore hydrocarbon reservoirs is enhancing the adoption of these pumps across the globe. Also, various product innovations, including the utilization of high voltage motors to prevent voltage drops, the development of large pump hardware with improved capabilities, along with the advancements in pump designs and motor drive resulting in lower weight requirements and the cost-effectiveness of these pumps, are also projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global subsea pumps market report, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on type and application.
Breakup by Type:
ESP (Electrical Submersible Pump)
Breakup by Application:
Subsea Gas Compression
Breakup by Region:
Middle East and Africa
The report has also analyzed the competitive landscape of the market with some of the key players being Aker Solutions ASA, Baker Hughes Company, TechnipFMC PLC, Halliburton Company, General Electric Company, Flowserve Corporation, Leistritz Pumps GmbH, Schlumberger Limited, Sulzer Ltd., SPX Corporation, Hayward Tyler Group PLC, National Oilwell Varco, Oceaneering International, Framo AS and ITT Bornemann GmbH etc.
IMARC Group’s latest report provides a deep insight into the global subsea pumps market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the subsea pumps market in any manner.
Key Questions Answered in This Report
1. What is the global subsea pumps market growth?
2. What are the global subsea pumps market drivers?
3. What are the key industry trends in the global subsea pumps market?
4. What is the impact of COVID-19 on the global subsea pumps market?
5. What is the global subsea pumps market breakup by type?
6. What is the global subsea pumps market breakup by application?
7. What are the major regions in the global subsea pumps market?
8. Who are the key companies/players in the global subsea pumps market?