Subsea Pump Market Competitive Insights and Precise Outlook 2020-2026

The Global Subsea Pump Market Research Report 2020-2025 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.

The market for the global subsea pump is expected to witness growth at a CAGR of over 5%, which majorly depends on the offshore exploration activities and the mature offshore oilfields.

Key Market Players:

Aker Solutions ASA, Baker Hughes Co, Halliburton Company, Schlumberger Limited, Oceaneering International Inc., TechnipFMC PLC, Weatherford International PLC, Drill-Quip Inc., National-Oilwell Varco Inc, Subsea 7 SA, Saipem SpA and Other

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Latest Development and Industry News

December 12, 2019: Schlumberger announced today an award by Chevron U.S.A. Inc. (Chevron) to OneSubsea for the supply of an integrated subsea production and multiphase boosting system for the Anchor Field in the US Gulf of Mexico. Through this engineering, procurement and construction (EPC) award, OneSubsea—the subsea technologies, production and processing systems division of Schlumberger—will supply vertical monobore production trees and multiphase flowmeters rated up to 20,000 psi.

Key Market Trends

Deepwater Sector to dominate the market

- The oil and gas industry is engaged in a rising movement to identify new techniques and technologies that can help them to maximize revenues from the existing brownfields and new assets by enhancing their outputs.
- With the rising number of maturing onshore oilfields in recent years, there have been growing in the offshore exploration and production (E&P) activities. For instance, in the Permian Basin, currently the most important basin in terms of crude oil production, the production from old wells has started to decline, and there is little scope for new discovery in these areas. As a result, the oil and gas industry is shifting toward deeper regions in search of oil and gas, in order to meet the increasing demand.
- In recent years, increasing offshore activity is attracting investors. According to EIA in 2019, the number of final investment decisions (FIDs) is expected to increase by around 10% compared to that in 2018. Offshore oil and gas reserves accounted for the majority of FIDs in the last three years. The global deepwater liquid production is expected to reach 10.3 million bbl/d in 2019, which is an increase of 700000 bbl/d compared to 2018.
- Therefore with increasing offshore exploration investment and oil production from newly developed fields, the deepwater sector is expected to dominate the market in forecast period.

South America to Dominate the Market

- As the demand for energy is increasing rapidly, various countries and major companies and investors are shifting their interest toward deep water, as it holds the potential for a guaranteed supply of oil & gas for few decades.
- This, however, requires employing high technology, to produce oil and gas reserves that are buried thousands of meters deep on the ocean floor. This has increased the need to subsea pump to increase recovery and reduce overall cost.
- In 2018, Brazil and the United States together accounted for more than 90% of ultra-deepwater production globally. According to EIA, Brazil is a world leader in the development of deepwater and ultra-deepwater projects. The change in government policy in recent years such as liberalization in the oil & gas sector attracted foreign investment in the country. Moreover, the presence of the most experienced international oil companies in the deepwater development and the largest deepwater reserves makes Brazil the most attractive countries for upstream deepwater investment.
- Similarly, in the same year, a new exploration permit was awarded in April 2019 to the consortium formed by ExxonMobil and Qatar Petroleum, for exploration in Malvinas Oeste Basin. 13 companies offered approximately USD 995 million for exploration licenses of areas within the Austral, Argentina Norte, and Malvinas Oeste basins. All the three basins are offshore, combining to a total tendered area of more than 200,000 sq. km. never explored before.

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The market factors explained in the report:

Market Overview: It includes Subsea Pump Market study scope, top key players, segments, market analysis by application, market analysis by type, and other chapters that give an overview of the research study.

Executive Summary: The Subsea Pump Market report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

Regional Study: All of the regions and countries analyzed in the Subsea Pump Market report is studied on the basis of market size by application, the market size by product, key players, and market forecast.

Key Players: This part of the Subsea Pump Market report discusses expansion plans of companies, key mergers and acquisitions, funding and investment analysis, company establishment dates, revenues of manufacturers, and their areas served and manufacturing bases.

Market Forecast: Here, the report offers a complete forecast of the global Subsea Pump Market by product, application, and region. It also offers global sales and revenue forecasts for all years of the forecast period.

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Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply-chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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