Press release
Subsea Manifolds Market Analysis 2024-2033 : Market Size, Top Segments, Leading Region Forecast | Aker Solutions ASA, Baker Hughes Incorporated, Drill-Quip Inc., Halliburton Company, Schlumberger Limited
Subsea Manifolds Global Market Report 2024
The Business Research Company offers in-depth market insights through Subsea Manifolds Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The subsea manifolds market size has grown steadily in recent years. It will grow from $3.86 billion in 2023 to $4.04 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to growing offshore oil and gas exploration, increasing deepwater discoveries, focus on cost-efficient production, rise in subsea tieback projects, government initiatives for offshore development, increasing demand for energy.
The subsea manifolds market size is expected to see steady growth in the next few years. It will grow to $4.82 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to growing focus on enhanced oil recovery (eor), increaseing investment in subsea infrastructure, focus on environmental sustainability, rapid growth in floating production systems, integration of digitalization and automation. Major trends in the forecast period include technological innovations in material design, advancements in subsea technologies, integrated subsea production systems, digitalization and remote monitoring, high-pressure, high-temperature (hpht) applications.
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Market Segmentation:
The subsea manifolds market covered in this report is segmented -
1) By Type: Template Manifold, Cluster Manifold, Pipeline End Manifold (PLEM)
2) By Function: Choke And Kill Manifold, Squeeze Manifold, Frac Manifold, Production Manifold, Injection Manifold
3) By Water Depth: Shallow Water, Deep Water, Ultra Deep Water
4) By Application: Production, Injection
Major Driver - Offshore Expansion Fueling Subsea Manifolds Market Growth
Growing offshore production is expected to propel the growth of the subsea manifolds market. Offshore production refers to the extraction of oil and gas from beneath the seabed, typically in ocean waters. Subsea manifolds play a crucial role in offshore production by connecting wells to pipelines and risers, managing the distribution of injected water, gas, and chemicals, and optimizing the flow of production fluids within the system. For instance, according to the Energy Information Administration, a US-based government agency. in the U.S., about 14.5% of crude oil was produced from wells located in the Federal Offshore Gulf of Mexico in 2022, and about 0.1% was produced in the Federal Offshore Pacific (California). Therefore, growing offshore production is driving the subsea manifolds market.
Competitive Landscape:
Major companies operating in the subsea manifolds market report are Aker Solutions ASA, Baker Hughes Incorporated, Drill-Quip Inc., Halliburton Company, Schlumberger Limited, Subsea 7 SA, Trendsetter Engineering, TechnipFMC Technologies Inc., Asea Brown Boveri Limited, General Electric Company, Weatherford International Inc., McDermott International Ltd., Worldwide Oilfield Machine Inc., ITT Bornemann GmbH, OneSubsea LLC, Petroleo Brasileiro SA, Nexans SA, Siemens AG, FMC Technologies Inc., Saipem S.p.A., Cameron International Corporation, National Oilwell Varco Inc., Oceaneering International Inc., Prysmian Group, Vallourec SA, Emerson Electric Co., Parker Hannifin Corporation, Eaton Corporation, Honeywell International Inc., Rockwell Automation Inc., Mitsubishi Electric Corporation, Schneider Electric SE.
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Top Trend - Baker Hughes' Breakthrough Ms-2 Annulus Seal In Subsea Manifold Technology
Technological advancements are the key trends gaining popularity in the subsea manifolds market. Companies operating in the subsea manifolds market are adopting innovative and advanced technologies to sustain their position in the market. For instance, in May 2022, Baker Hughes Incorporated, a US-based oil field services company, launched the MS-2 Annulus Seal, a new subsea manifold wellhead technology, to help lower well construction and installation costs by reducing rig trips and saving substantially on operational rig costs. MS-2 Annulus Seal extends intervention choices, lowers the cost of well construction and intervention, and assures well integrity under difficult circumstances. The MS-2 Annulus Seal, the most recent technological improvement to Baker Hughes' existing wellhead seal, the MS-SN, increases operator confidence in well integrity and prolongs well life.
The Table Of Content For The Market Report 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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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