Global Industry Analysis Subsea Pumps Market Forecast 2014 - 2020

The global subsea pumps market is primarily dependent on the advancement of offshore hydrocarbon reserves across numerous regions. Owing to the increasing inclination of recoverable oil and gas reserves toward ultra-deep water and deep water reservoirs, the technology of subsea pumping and other related technologies are poised to gain importance. The players in this market have been competing in terms of both technology and prices.

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The global subsea pumps market stood at US$0.9 bn in 2013 and is predicted to reach US$1,539.1 mn by 2020, rising at a 7.10% CAGR between 2014 and 2020. The market is poised to rise owing to the increasing count of subsea projects and the advancement of subsea technologies. In addition, the growing requirement to fuel the production of the already present brownfield oil and gas projects and offshore Greenfield will also positively impact market development. The increasing oil and gas upstream expenditures also fuel the demand for subsea pumps. Furthermore, the developments in subsea technologies ensure top operational abilities and huge economic benefits. The untapped markets for oil and gas reserves and the newly discovered oilfields present key opportunities in the global subsea pumps market.

High Employment of Helicon-Axial Subsea Pumps in Oil and Gas Boosting Operations

There are mainly four types of products present in the market, namely helico-axial, centrifugal, electrical submersible pump (ESP), and others including hybrid pump, counter-axial, and twin-screw. Of these, the segment of helicon-axial led the market in 2013. These kind of subsea pumps are mainly employed in oil and gas boosting operations. This segment is poised to lead the market and will rise at the highest growth rate over the forecast horizon. On the other hand, ESPs have emerged as an effective and economical means for lifting of process fluids from immense depths in harsh environmental conditions. ESPs are made for operating at flow rates ranging between 1000 barrels per day and 20,000 barrels per day.

Stable Political System to Make Brazil a Lucrative Market

Geographically, the report categorizes market into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa (MEA). Of these, the Latin America subsea pumps market led the market for subsea pumps in 2013 and is poised to maintain its superiority over the forecast horizon. In Latin America, Brazil is amongst the most swiftly developing nations due to the development of subsea technologies and infrastructure in this nation. In addition, a stable political system and currency makes this nation promising for investments by companies operating in production and exploration. Furthermore, in Brazil, financial stimulus and supportive government policies will be also be augmenting the development of the market. The pre-salt reserves’ development in Brazil’s deep water basins is also amongst the key factors increasing investments within subsea technologies of this nation.

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On the other hand, the Middle East and Africa (MEA) trailed Latin America on the basis of market share in 2013. This swift advancement in subsea production systems for deployment within deep water offshore hydrocarbon reserves within the West coast of Africa has immensely driven subsea pumps installations. In addition, huge installations of both ESP and helicon-axial subsea pumps have been planned in the region of MEA, which fill further drive the development of the market here.

The leading players in the global subsea pumps market are FMC Technologies, Inc., OneSubsea, General Electric Company, Aker Solutions ASA, Baker Hughes Incorporated, Flowserve Corporation, SPX Corporation, ITT Bornemann GmbH, Leistritz AG, and Sulzer Ltd., among others.

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