Global Subsea Boosting Systems Market Report Examines Latest Trends and Key Drivers Supporting Growth through 2023

In order to study the various trends and patterns prevailing in the overall market for Subsea Boosting Systems, Market Research Reports Search Engine (MRRSE) has included a new report titled “Subsea Boosting Systems Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. Readers can access the regional as well as segment-wise analysis for acquiring precise information about the global market structure.

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Due to a limited number of manufacturers of subsea boosting systems, the degree of competition in the global subsea boosting systems market is expected to substantially increase, reports Transparency Market Research (TMR) in a new study. The leading manufacturers of subsea boosting systems are focusing on pricing strategies to attract consumers and maintain their leading position in the industry. The top three companies, FMC Technologies, OneSubsea, and GE Oil & Gas, together accounted for approximately 78% of the global subsea boosting market in 2014.

The increasing need for enhancing oil and gas production has opened up new opportunities for manufacturers of subsea boosting systems due to their extensive use in oil and gas drilling from deep and ultra-deep-water locations. The continuous investments being made in projects to discover new offshore oil and gas drilling opportunities has augmented the demand subsea boosting systems.

Increasing Need to Extract Oil and Gas from Mature Reservoirs to Boost Sales of Subsea Boosting Systems

According to TMR analysts, the rising demand for fossil fuels has led to an increase in shallow water and onshore E&P activities for oil and gas reservoirs. Due to the increasing E&P activities, the reserves of oil and gas have depleted leading to a decrease in the production from mature reservoirs, such as low pressure oil fields. As subsea boosting systems help in the extraction from the low pressure oil fields, their demand in future is expected to increase substantially.

Subsea boosting systems have proven highly beneficial in enhancing the deepwater and ultra-deepwater production from heavy oil and gas reservoirs in West Africa, Brazil, the North Sea, and the Gulf of Mexico. Thus, the need to prolong the economic lifetime of oil and gas reservoirs through increasing production recovery is expected to drive the global sales of subsea boosting systems.

Fluctuating Crude Oil Prices to Negatively Affect Sales of Subsea Boosting Systems

The fluctuating prices of crude oil are likely to hamper drilling activities worldwide, reports TMR in its study. E&P companies are struggling to maintain their production in comparison to the prices of crude oil and natural gas, thus slowing down the extraction processes. Moreover, a decline in crude oil prices has brought about a substantial decrease in offshore drilling activities. With the tumbling prices of crude oil, many companies are likely to abandon numerous oil and gas projects in the North Sea and other offshore areas. Thus, the fluctuating crude oil prices are anticipated to impede the sales of subsea boosting systems due to the decrease in drilling activities.

Rising Deepwater and Ultra-Deepwater Drilling Activities to Provide Manufacturers of Subsea Boosting Systems with Future Growth Opportunities

Drilling activities have received a substantial boost in emerging economies such as India, China, and Brazil due to the growing demand for oil and gas in these regions. To fulfill high fossil fuel demands, leading private and national companies are discovering new oil and gas reserves. Due to the increase in offshore oil and gas exploration activities, the requirement for subsea oil and gas equipment has also increased. Thus, companies operating in the global subsea boosting systems market are projected to gain benefit from the new crude oil and natural gas discoveries along with the high potential reserves. As a result of this, the oil fields application segment is expected to dominate the global subsea boosting systems market with a share of 67.7% in 2023.

The global subsea boosting systems market is thus estimated to rise at a CAGR of 9.7% from 2015 to 2023. The systems market was valued at US$1.46 bn in 2015 and is projected to touch a valuation of US$3.07 bn by 2023. Asia Pacific is expected to lead the global market for subsea boosting systems with a share of 23.9% in 2023.

The high-level analysis in the report provides detailed insights into the subsea boosting systems business globally. There are currently numerous drivers of the market. The most prominent drivers include growing deep water exploration and production (E&P) activities and rising investments to enhance recovery of oil and gas from maturing subsea wells. Subsea oil and gas proven reserves by various regions were also considered for market analysis. Market attractiveness analysis was carried out for the subsea boosting systems market on the basis of application. Market attractiveness was estimated on the basis of common parameters that directly impact the market in different regions.

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The subsea boosting systems market was segmented on the basis of water depth (shallow water and deep water), application (oil and gas), and geography. The subsea boosting systems market has been segmented into six regions: North America, Asia Pacific, Europe, South & Central America, Africa, and the Middle East. Regional data has been provided for each sub-segment of the subsea boosting systems market. Key players in the subsea boosting systems market include FMC Technologies, Inc., OneSubsea, GE Oil & Gas, Aker Solutions ASA, Baker Hughes Incorporated, ITT Bornemann GmbH, and Sulzer Ltd. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments.

Subsea Boosting Systems Market: By Water Depth

Shallow Water
Deep Water

Subsea Boosting Systems Market: By Application

Oil
Gas

Subsea Boosting Systems Market: By Region

North America
U.S.
Canada
Mexico

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