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.
Subsea pumps Market
The global subsea pumps market size 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.
Subsea pumps are widely used in matured offshore fields to improve their recovery rates and have seen a substantial increase in adoption as multiple offshore fields are maturing across the world. The increasing demand for crude oil and other byproducts is expected to favor the growth of the subsea pumps market over the forecast period.
The increasing scope of application for various subsea pumps is also expected to boost subsea pumps market potential in the long run. Increasing production and rising investments will also further favor the subsea pumps market growth through 2028.
Volatility in prices of crude oil due to changing economic factors is expected to have a hampering effect on the subsea pumps market potential through 2028. This is expected to cause many subsea pumps manufacturers to back off and play it safe in the changing world landscape.
The COVID-19 pandemic resulted in huge losses for the subsea pumps market and this was due to the changed outlook of the world economy. As lockdowns were imposed to curb the spread of coronavirus infections the demand for subsea pumps fell owing to restricted trade activity and a sudden drop in demand for crude oil and its byproducts.
The shutdown of multiple rigs and offshore facilities, lack of skilled workforce, restricted trade activity, and closure of manufacturing and distribution channels are other factors that slowed market potential in 2020.
The subsea pumps market is expected to make a stellar comeback over the post-pandemic era owing to the lifting of lockdown restrictions and the world returning to normal. The increase in demand for crude oil and shortages faced during the pandemic will bolster demand for subsea pumps in the coming years through 2028.
Increasing Application in Oil and Gas Industries
Offshore exploration has increased in recent times to meet the high demand for oil and gas across the world. This has led to a substantial increase in the adoption of subsea pumps in these industries. Especially as the offshore and onshore fields mature the scope of application for subsea pumps widens as they are deployed to enhance efficiency and keep the operations financially sustainable.
Stringent Mandates for Offshore and Onshore Explorations to Restrict Market Growth
Offshore and onshore oil explorations have not had a good history with environmental conservation and since the focus on conservation is paramount now this would have a negative impact on the subsea pumps market potential.
The global subsea pumps market is segregated based on type, application, and region.
By Type, the market is divided into Centrifugal, Helico-axial, Hybrid pump, Twin screw, Co-axial, and ESP. The helicon-axial segment is anticipated to hold a dominant outlook over the forecast period. The increasing scope of application and rising adoption in the oil and gas industries is expected to majorly drive the growth of this segment through 2028. ESP segment is also anticipated to have a bright outlook.
By Application, the subsea pumps market is segmented into Subsea boosting, Subsea Separation, Subsea injection, and Gas compression. The subsea boosting segment is anticipated to hold a lucrative demand outlook over the forecast period.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
The Latin America region leads the global subsea pumps market in terms of revenue and volume share and is anticipated to maintain this stance over the forecast period as well. The increasing establishment of oil and gas industries in this region is expected to provide lucrative opportunities for subsea pumps manufacturers in this region. Brazil is expected to be the most lucrative market in this region. Rising investments in oil and gas industries, a stable political environment, and supportive government initiatives are expected to boost the subsea pumps market growth in Brazil. Increasing deepwater operations in this region are also predicted to boost the subsea pumps market potential through 2028.
The market for subsea pumps in the Middle East and Africa regions is expected to provide highly lucrative opportunities owing to the presence of a robust oil and gas manufacturing infrastructure.
Some of the main competitors dominating 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
Subsea pumps are used for boosting either hydrocarbon fluids or water. Subsea pumps are organized most ominously among the offshore developed fields to improve the performance or production rate, which is further achieved by reducing the reservoirs’ backpressure. Thus, the flow rate gets increased in the whole recoverable reserves. After that, the subsea pumps are organized up and down with the aid of a motor where is oil filled. This oil-filled motor is set up at the top and the pump section at the base. Moreover, the motor and pump are totally enclosed in force housing, which is perfect for subsea setup and planned for holding motor up to a water depth of 3,600m and pressures of up to 14,500psi. Besides, the subsea pumps are also unified for the requirement of offshore manufacturing of heavy oil.
Subsea pumps find massive applications in the manufacturing process of heavy oil in both developed and developing countries. The growing demand for energy and power industry is the primary factor boosting this market. Additionally, the rise in the number of deep-sea activities in the oilfields is likely to propel this market. The high oil demand from the energy and power industry is fuelling the offshore production investments along with maturing the onshore oilfields. Furthermore, there has been a substantial decline in the onshore and shallow gas reserves. Thus, companies are forced to increase their focus on the deep sea reserves, thereby enhancing this market. Moreover, the ongoing developments in the subsea technologies with huge fiscal welfares are likely to positively impact this market’s development. These factors are likely to contribute toward the subsea pumps market growth over the forecast timeframe. However, volatile and fluctuating oil costs might hinder this market’s growth.
By type, the subsea pumps market is segmented into the helico-axial, centrifugal, hybrid pump, co-axial, twin screw, and ESP. By application, the subsea pumps market is categorized into subsea separation, subsea injection, subsea boosting, and gas compression.
North America held a significant revenue share of the global subsea pumps market in 2017. The region is anticipated to continue with its regional dominance over the forecast period, due to the increased number of exploration activities in the Gulf of Mexico. Moreover, the increasing government expenditure in the exploration activities is likely to further drive this regional market over the forecast time period. The Middle East and Africa region are predicted to provide significant growth opportunities in the subsea pumps market. The high production of oil across the region is likely to amplify this market over the forecast span. Additionally, the technological advancements made in the subsea production systems are going to foster the market in the Middle East and Africa region over the forecast timeframe.
The key players involved in the subsea pumps market include Aker Solutions and Baker Hughes Incorporated, Flowserve Corporation, Fuglesangs Subsea AS, GE Oil & Gas, FMC Technologies Inc., Hayward Tyler Group Plc., ITT Bornemann, Leistritz Advanced Technologies Corp., SPX Corporation, Sulzer Ltd., and OneSubsea.
Increasing demand for oil and gas and rising maturity of offshore and onshore fields are major trends that guide subsea pumps market growth.
According to the Market Research report, the global subsea pumps market size was worth about US$ 1,685.1 million in 2021 and is predicted to grow to around US$ 3117.9 million by 2028, with a compound annual growth rate (CAGR) of around 10.8 percent.
The Latin America region leads the global subsea pumps market in terms of revenue and volume share and is anticipated to maintain this stance over the forecast period as well. The increasing establishment of oil and gas industries in this region
Some of the main competitors dominating 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