17-May-2022 | Zion Market Research
The global subsea pumps market was worth around USD 1,685.1 million in 2021 and is estimated to grow to about USD 3117.9 million by 2028, with a compound annual growth rate (CAGR) of approximately 10.8 percent over the forecast period. The report analyzes the subsea pumps market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the subsea pumps market.[D1]
Subsea pumps are used in oil and gas applications extensively for multiple applications and this is expected to majorly drive the market potential over the forecast period as well. Increasing consumption of oil and gas across the world will propel the demand for subsea pumps over the forecast period through 2028.
Subsea pumps manufacturers are focusing on investing in research and development of new technologies to boost the sales of subsea pumps. Subsea pumps companies are also trying to adopt various organic and inorganic growth strategies to maximize their revenue generation potential in the coming years.
However, strict regulatory norms from governments across the world are expected to restrict offshore and onshore explorations in a bid to conserve the environment and reduce harmful impact and this will also hamper the subsea pumps market potential in the long run.
The pandemic of 2020 led to a slow down of the subsea pumps market and this was due to the unprecedented outbreak of coronavirus infections. The imposition of lockdowns to curb the spread of infection led to major changes in the demand and supply trend of oil and gas and led to a drop in sales of subsea pumps in the pandemic era.
Closure of multiple rigs and offshore facilities due to the absence of a skilled workforce also led to a further decline in the subsea pumps market growth trend.
The subsea pumps market is expected to make an amazing comeback over the post-pandemic era at a CAGR of around 10% as the lockdown restrictions are removed and the world returns to normal. Activities of rigs and offshore facilities will be back in full capacity and hence drive the subsea pumps market potential in the post-pandemic era through 2028.
The global subsea pumps market is segregated based on type, application, and region. Based on application, the global market is distinguished into Subsea boosting, Subsea Separation, Subsea injection, and Gas compression. The subsea boosting segment is anticipated to hold a dominant outlook over the forecast period and this demand is expected to be majorly driven by rising demand for boosting in the oil and gas industries.
The Latin America region is expected to hold a dominant outlook in the global subsea pumps industry landscape. Increasing oil exploration and rising investments in the development of oil and gas manufacturing infrastructure are expected to be prominent trends driving growth in this region. Brazil is expected to be the most noteworthy market in this region owing to increasing investments and rising support from the government to advance the nation. A stable political environment in Brazil will further attract more investments and will be a highly beneficial market for subsea pumps over the forecast period. The Middle East and Africa regions are also expected to provide rewarding opportunities owing to the rising demand for oil from this region and the presence of major oil and gas companies in this region.
Key players functioning in the global subsea pumps market include Aker Solutions, Baker Hughes Incorporated, FMC Technologies, Inc., General Electric Company, Onesubsea, Sulzer AG, SPX Corporation, ITT Bornemann, Flowserve Corporation, Leistritz Pumpen Gmbh, Framo as
Browse the full “Subsea pumps Market By Type (Centrifugal, Helico-axial, Hybrid pump, Twin screw, Co-axial, ESP), By Application (Subsea boosting, Subsea separation, Subsea injection, Gas compression), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/subsea-pumps-market
Global subsea pumps market is segmented as follows:
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