Subsea pumps Market - Global Industry Analysis

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

Published Date: 17-May-2022 Category: Energy & Mining Report Format : PDF Pages: 188 Report Code: ZMR-2351 Status : Published

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.

Description

Subsea pumps Market Size And Forecast

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 Market: Overview

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.

COVID-19 Impact:

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.  

Global Subsea Pumps Market

Subsea Pumps Market: Growth Drivers

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.

Subsea Pumps Market: Restraints

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.

Global Subsea Pumps Market: Segmentation

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.  

Report Scope:

Report Attribute Details
Base Year 2020
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.

Recent Developments

  • In April 2019 – Aker Solutions a leading name in subsea manufacturing in association with FSubsea announced a coalition for the creation of new Hydromag technology and new multiphase boosting pump systems.

Regional Landscape

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.

Competitive Landscape

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

Global subsea pumps market is segmented as follows:

By Type

  • Centrifugal
  • Helico-axial
  • Hybrid pump
  • Twin screw
  • Co-axial
  • ESP

By Application

  • Subsea boosting
  • Subsea separation
  • Subsea injection
  • Gas compression

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

 

Table Of Content

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Subsea Pumps Market, (2022 - 2028) (USD Million)
    • 2.2 Global Subsea Pumps Market : snapshot
  • Chapter 3. Global Subsea Pumps Market - Industry Analysis
    • 3.1 Subsea Pumps Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Increasing Application in Oil and Gas Industries
    • 3.3 Market Restraints
      • 3.3.1. Stringent Mandates for Offshore and Onshore Explorations to Restrict Market Growth
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Type
      • 3.7.2 Market attractiveness analysis By Application
  • Chapter 4. Global Subsea Pumps Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Subsea Pumps Market: company market share, 2021
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Subsea Pumps Market - Type Analysis
    • 5.1 Global Subsea Pumps Market overview: By Type
      • 5.1.1 Global Subsea Pumps Market share, By Type, 2021 and 2028
    • 5.2 Centrifugal
      • 5.2.1 Global Subsea Pumps Market by Centrifugal, 2022 - 2028 (USD Million)
    • 5.3 Helico-axial
      • 5.3.1 Global Subsea Pumps Market by Helico-axial, 2022 - 2028 (USD Million)
    • 5.4 Hybrid pump
      • 5.4.1 Global Subsea Pumps Market by Hybrid pump, 2022 - 2028 (USD Million)
    • 5.5 Twin screw
      • 5.5.1 Global Subsea Pumps Market by Twin screw, 2022 - 2028 (USD Million)
    • 5.6 Co-axial
      • 5.6.1 Global Subsea Pumps Market by Co-axial, 2022 - 2028 (USD Million)
    • 5.7 ESP
      • 5.7.1 Global Subsea Pumps Market by ESP, 2022 - 2028 (USD Million)
  • Chapter 6. Global Subsea Pumps Market - Application Analysis
    • 6.1 Global Subsea Pumps Market overview: By Application
      • 6.1.1 Global Subsea Pumps Market share, By Application, 2021 and 2028
    • 6.2 Subsea boosting
      • 6.2.1 Global Subsea Pumps Market by Subsea boosting, 2022 - 2028 (USD Million)
    • 6.3 Subsea separation
      • 6.3.1 Global Subsea Pumps Market by Subsea separation, 2022 - 2028 (USD Million)
    • 6.4 Subsea injection
      • 6.4.1 Global Subsea Pumps Market by Subsea injection, 2022 - 2028 (USD Million)
    • 6.5 Gas compression
      • 6.5.1 Global Subsea Pumps Market by Gas compression, 2022 - 2028 (USD Million)
  • Chapter 7. Subsea Pumps Market - Regional Analysis
    • 7.1 Global Subsea Pumps Market Regional Overview
    • 7.2 Global Subsea Pumps Market Share, by Region, 2021 & 2028 (USD Million)
    • 7.3. North America
      • 7.3.1 North America Subsea Pumps Market, 2022 - 2028 (USD Million)
        • 7.3.1.1 North America Subsea Pumps Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 North America Subsea Pumps Market, by Type, 2022 - 2028
      • 7.4.1 North America Subsea Pumps Market, by Type, 2022 - 2028 (USD Million)
    • 7.5 North America Subsea Pumps Market, by Application, 2022 - 2028
      • 7.5.1 North America Subsea Pumps Market, by Application, 2022 - 2028 (USD Million)
    • 7.4. Europe
      • 7.4.2 Europe Subsea Pumps Market, 2022 - 2028 (USD Million)
        • 7.4.2.1 Europe Subsea Pumps Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 Europe Subsea Pumps Market, by Type, 2022 - 2028
      • 7.4.1 Europe Subsea Pumps Market, by Type, 2022 - 2028 (USD Million)
    • 7.5 Europe Subsea Pumps Market, by Application, 2022 - 2028
      • 7.5.1 Europe Subsea Pumps Market, by Application, 2022 - 2028 (USD Million)
    • 7.5. Asia Pacific
      • 7.5.3 Asia Pacific Subsea Pumps Market, 2022 - 2028 (USD Million)
        • 7.5.3.1 Asia Pacific Subsea Pumps Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 Asia Pacific Subsea Pumps Market, by Type, 2022 - 2028
      • 7.4.1 Asia Pacific Subsea Pumps Market, by Type, 2022 - 2028 (USD Million)
    • 7.5 Asia Pacific Subsea Pumps Market, by Application, 2022 - 2028
      • 7.5.1 Asia Pacific Subsea Pumps Market, by Application, 2022 - 2028 (USD Million)
    • 7.6. Latin America
      • 7.6.4 Latin America Subsea Pumps Market, 2022 - 2028 (USD Million)
        • 7.6.4.1 Latin America Subsea Pumps Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 Latin America Subsea Pumps Market, by Type, 2022 - 2028
      • 7.4.1 Latin America Subsea Pumps Market, by Type, 2022 - 2028 (USD Million)
    • 7.5 Latin America Subsea Pumps Market, by Application, 2022 - 2028
      • 7.5.1 Latin America Subsea Pumps Market, by Application, 2022 - 2028 (USD Million)
    • 7.7. The Middle-East and Africa
      • 7.7.5 The Middle-East and Africa Subsea Pumps Market, 2022 - 2028 (USD Million)
        • 7.7.5.1 The Middle-East and Africa Subsea Pumps Market, by Country, 2022 - 2028 (USD Million)
    • 7.4 The Middle-East and Africa Subsea Pumps Market, by Type, 2022 - 2028
      • 7.4.1 The Middle-East and Africa Subsea Pumps Market, by Type, 2022 - 2028 (USD Million)
    • 7.5 The Middle-East and Africa Subsea Pumps Market, by Application, 2022 - 2028
      • 7.5.1 The Middle-East and Africa Subsea Pumps Market, by Application, 2022 - 2028 (USD Million)
  • Chapter 8. Company Profiles
    • 8.1 Aker Solutions
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Baker Hughes Incorporated
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 FMC Technologies Inc.
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 General Electric Company
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Onesubsea
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Sulzer AG
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 SPX Corporation
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 ITT Bornemann
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Flowserve Corporation
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 Leistritz Pumpen Gmbh
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 Framo as
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments

Table Of Figures

  • 1. Market research Type
  • 2. Market research methodology
  • 3. Global Subsea Pumps Market, 2022 - 2028 (USD Million)
  • 4. Porter’s Five Forces Analysis
  • 5. Global Subsea Pumps Market attractiveness, By Type
  • 6. Global Subsea Pumps Market attractiveness, By Application
  • 7. Global Subsea Pumps Market share by Type, 2022 and 2028 (USD Million)
  • 8. Global Subsea Pumps Market by Centrifugal, 2022 - 2028 (USD Million)
  • 9. Global Subsea Pumps Market by Helico-axial, 2022 - 2028 (USD Million)
  • 10. Global Subsea Pumps Market by Hybrid pump, 2022 - 2028 (USD Million)
  • 11. Global Subsea Pumps Market by Twin screw, 2022 - 2028 (USD Million)
  • 12. Global Subsea Pumps Market by Co-axial, 2022 - 2028 (USD Million)
  • 13. Global Subsea Pumps Market by ESP, 2022 - 2028 (USD Million)
  • 14. Global Subsea Pumps Market share by Application, 2022 and 2028 (USD Million)
  • 15. Global Subsea Pumps Market by Subsea boosting, 2022 - 2028 (USD Million)
  • 16. Global Subsea Pumps Market by Subsea separation, 2022 - 2028 (USD Million)
  • 17. Global Subsea Pumps Market by Subsea injection, 2022 - 2028 (USD Million)
  • 18. Global Subsea Pumps Market by Gas compression, 2022 - 2028 (USD Million)
  • 19. Global Subsea Pumps Market share, by Region, 2022 and 2028
  • 20. North America Subsea Pumps Market, 2022 - 2028 (USD Million)
  • 21. Europe Subsea Pumps Market, 2022 - 2028 (USD Million)
  • 22. Asia Pacific Subsea Pumps Market, 2022 - 2028 (USD Million)
  • 23. Latin America Subsea Pumps Market, 2022 - 2028 (USD Million)
  • 24. The Middle-East and Africa Subsea Pumps Market, 2022 - 2028 (USD Million)

Table Of Tables

  • 1. Global Subsea Pumps Market: Snapshot
  • 2. Drivers of the Subsea Pumps Market: impact analysis
  • 3. North America Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 4. North America Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 5. U.S. Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 6. U.S. Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 7. Canada Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 8. Canada Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 9. Europe Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 10. Europe Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 11. Germany Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 12. Germany Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 13. France Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 14. France Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 15. U.K. Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 16. U.K. Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 17. Italy Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 18. Italy Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 19. Spain Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 20. Spain Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 21. Rest of Europe Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 22. Rest of Europe Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 23. Asia Pacific Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 24. Asia Pacific Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 25. China Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 26. China Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 27. Japan Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 28. Japan Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 29. India Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 30. India Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 31. South Korea Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 32. South Korea Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 33. South-East Asia Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 34. South-East Asia Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 35. Rest of Asia Pacific Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 36. Rest of Asia Pacific Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 37. Latin America Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 38. Latin America Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 39. Brazil Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 40. Brazil Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 41. Mexico Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 42. Mexico Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 43. Rest of Latin America Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 44. Rest of Latin America Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 45. The Middle-East and Africa Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 46. The Middle-East and Africa Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 47. GCC Countries Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 48. GCC Countries Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 49. South Africa Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 50. South Africa Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)
  • 51. Rest of Middle-East Africa Subsea Pumps Market revenue, By Type, 2022 - 2028 (USD Million)
  • 52. Rest of Middle-East Africa Subsea Pumps Market revenue, By Application, 2022 - 2028 (USD Million)

Methodology

Free Analysis

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.

Global Subsea Pumps Market

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.

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FrequentlyAsked Questions

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

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