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Subsea Manifolds Market Growth Prospects, Industry Outlook, Size, Share, In-Depth Analysis And Forecast 2032: Key Players are Aker Solutions ASA, Baker Hughes Incorporated, Drill-Quip Inc., Halliburton Company, Schlumberger Limited
Subsea Manifolds Market
Subsea Manifolds Market Size, Growth Rate, And Forecast
The global subsea manifolds market size is expected to grow from $3.67 billion in 2022 to $3.86 billion in 2023 at a compound annual growth rate (CAGR) of 5.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global subsea manifolds market size is expected to reach $4.58 billion in 2027 at a CAGR of 4.4%.
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Subsea Manifolds Market Drivers
The rising demand for oil and gas is expected to propel the growth of the subsea manifolds market going forward. Oil and gas refer to all materials generated or extracted in connection with petroleum, natural gas, and other hydrocarbons or minerals that are similar to them or any of them. Subsea manifolds have been used in the oil and gas fields to transfer oil or gas from wellheads into a pipeline. For instance, in March 2023, according to the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, there is an increase in U.S. crude oil output to 12.4 million b/d in 2023 from the record-high of 11.7 million b/d in 2022. Furthermore, in September 2022, the US consumed an average of 86.6 billion cubic feet of natural gas per day (Bcf/d) 2022, the highest annual consumption of natural gas in the U.S. as compared to the previous year. Therefore, the rising demand for oil and gas is driving the growth of the subsea manifolds market.
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Subsea Manifolds Market Segments
• By Type: Template Manifold, Cluster Manifold, Pipeline End Manifold (PLEM)
• By Function: Choke And Kill Manifold, Squeeze Manifold, Frac Manifold, Production Manifold, Injection Manifold
• By Water Depth: Shallow Water, Deep Water, Ultra Deep Water
• By Application: Production, Injection
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the subsea manifolds market.
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Subsea Manifolds Market Key Players
Major competitors in the subsea manifolds market are Aker Solutions ASA, Baker Hughes Incorporated, Drill-Quip Inc., Halliburton Company, Schlumberger Limited, Subsea 7 SA, Trendsetter Engineering, TechnipFMC Technologies Inc., ABB Limited, General Electric Company, Weatherford International Inc.
The Business Research Company's "Global Subsea Manifolds Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Subsea Manifolds Market Include:
1. Executive Summary
2. Subsea Manifolds Market Characteristics
3. Subsea Manifolds Market Trends And Strategies
4. Subsea Manifolds Market - Macro Economic Scenario
5. Subsea Manifolds Market Size And Growth
………………
27. Subsea Manifolds Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Subsea Manifolds Market
29. Subsea Manifolds Market Future Outlook and Potential Analysis
30. Appendix
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