Subsea pumping involves various technologies and methods that promote offshore production of oil and gas without the help of surface production facilities. Rapid growth in demand for energy is the strongest driver for the increased exploration and drilling activities. It is also driving offshore exploration activities, which is expected to remain on the higher scale in the years to come. All these factors are expected to be the strongest growth factors for the global subsea pumps market. High growth rate, increasing investments and advancements in the production technology are also considered as some of the major drivers for the global industry. All these factors are expected to reflect in the changing revenue channels and demand patterns in the industry, attracting more investments and business expansions.
Market Segments of Subsea Pumps
Analysis of the overall market has to include careful consideration of all the aspects and components of the industry. It is the reason why the researchers have categorized the global subsea pumps market into different segments based on the major components of the industry, which include the types of pumps, applications and geographic regions. The basic types of pumps analyzed by the researchers include centrifugal, helicon-axial, twin-screw, electrical submersible pumps (ESPs), counter-axial, and so on. Applications of the pumps include separation, injection, boosting, and gas compression of subsea exploration activities. Based on geographic regions, the industry is segmented into Europe, Asia Pacific, Latin America, US and Africa.
The latest rise in the exploration activities are calling for advanced technologies in terms of production and exploration activities. Maturity if the onshore wells and oil and gas reserves and the ever-increasing energy demands are creating larger demand for offshore explorations. These changing demands are contributing to the change in exploration and technological approaches towards the industry. All these factors are expected to drive the subsea pumps market. Increased capital spending and larger investments in the industry are also expected to create positive business prospects for the global industry. Various types of pumps in the industry require strong infrastructure for their successful applications. This demand is driving the advancements and innovative applications of the existing products in the industry.
According to the expert analysis, the global subsea pumps market is set to grow at an estimated CAGR of over 16% from 2013 to 2018. At the expected CAGR, the industry is anticipated to become worth more than $2,092.1 million by the end of the year 2018. According to the same reports and forecasting analysis, Latin America and Europe are expected to witness strongest growth in terms of revenue channels. Europe and the United States of America on the other hand are expected to witness highest compound annual growth rate from 2013 to 2018.