At 10.8% CAGR, Global Subsea Pumps Market Size & Share Worth USD 3117.9 Million by 2028 | Subsea Pumps Industry Trends, Demand, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, May 24, 2022 /PRNewswire/ -- As per Zion Market Research study, The global subsea pumps market was worth around USD 1,685.1 million in 2021 and is estimated to grow to about USD 3117.9 million by 2028, with a compound annual growth rate (CAGR) of approximately 10.8 percent over the forecast period. The report analyzes the subsea pumps market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the subsea pumps market.
Key Industry Insights & Finding of the Subsea Pumps Market Reports:
- As per the analysis shared by our research analyst, the Subsea Pumps Market is expected to grow annually at a CAGR of around 10.8 % (2022-2028).
- Through the primary research, it was established that the Subsea Pumps Market was valued approximately USD 1,685.1 Million in 2021 and is projected to reach to roughly USD 3117.9 Million by 2028.
- The Latin America region leads the global subsea pumps market in terms of revenue and volume share and is anticipated to maintain this stance over the forecast period as well.
- Brazil is expected to be the most lucrative market in this region. Rising investments in oil and gas industries, a stable political environment, and supportive government initiatives are expected to boost the subsea pumps market growth in Brazil.
- The market for subsea pumps in the Middle East and Africa regions is expected to provide highly lucrative opportunities owing to the presence of a robust oil and gas manufacturing infrastructure.
Zion Market Research published the latest report titled as "Subsea pumps Market By Type (Centrifugal, Helico-axial, Hybrid pump, Twin screw, Co-axial, ESP), By Application (Subsea boosting, Subsea separation, Subsea injection, Gas compression), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Subsea Pumps Market: Overview
Subsea pumps are widely used in matured offshore fields to improve their recovery rates and have seen a substantial increase in adoption as multiple offshore fields are maturing across the world. The increasing demand for crude oil and other byproducts is expected to favor the growth of the subsea pumps market over the forecast period.
The increasing scope of application for various subsea pumps is also expected to boost subsea pumps market potential in the long run. Increasing production and rising investments will also further favor the subsea pumps market growth through 2028.
Volatility in prices of crude oil due to changing economic factors is expected to have a hampering effect on the subsea pumps market potential through 2028. This is expected to cause many subsea pumps manufacturers to back off and play it safe in the changing world landscape.
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- Zion Market Research methodology
Industry Dynamics:
Subsea Pumps Market: Growth Dynamics
Drivers: Increasing Application in Oil and Gas Industries.
Offshore exploration has increased in recent times to meet the high demand for oil and gas across the world. This has led to a substantial increase in the adoption of subsea pumps in these industries. Especially as the offshore and onshore fields mature the scope of application for subsea pumps widens as they are deployed to enhance efficiency and keep the operations financially sustainable.
Restraints: Stringent Mandates for Offshore and Onshore Explorations to Restrict Market Growth.
Offshore and onshore oil explorations have not had a good history with environmental conservation and since the focus on conservation is paramount now this would have a negative impact on the subsea pumps market potential.
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Global Subsea Pumps Market: Segmentation
- The global subsea pumps market is segregated based on type, application, and region.
By Type, the market is divided into Centrifugal, Helico-axial, Hybrid pump, Twin screw, Co-axial, and ESP. The helicon-axial segment is anticipated to hold a dominant outlook over the forecast period. The increasing scope of application and rising adoption in the oil and gas industries is expected to majorly drive the growth of this segment through 2028. ESP segment is also anticipated to have a bright outlook.
By Application, the subsea pumps market is segmented into Subsea boosting, Subsea Separation, Subsea injection, and Gas compression. The subsea boosting segment is anticipated to hold a lucrative demand outlook over the forecast period.
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List of Key Players of Subsea Pumps Market:
- Aker Solutions
- Baker Hughes Incorporated
- FMC Technologies Inc.
- General Electric Company
- Onesubsea
- Sulzer AG
- SPX Corporation
- ITT Bornemann
- Flowserve Corporation
- Leistritz Pumpen Gmbh
- Framo as
Key questions answered in this report:
- What are the growth rate forecast and market size for Subsea Pumps Market?
- What are the key driving factors propelling the Subsea Pumps Market forward?
- What are the most important companies in the Subsea Pumps Market Industry?
- What segments does the Subsea Pumps Market cover?
- How can I receive a free copy of the Subsea Pumps Market sample report and company profiles?
Report Scope:
Free Brochure: https://www.zionmarketresearch.com/requestbrochure/subsea-pumps-market
Recent Developments:
- In April 2019 – Aker Solutions a leading name in subsea manufacturing in association with FSubsea announced a coalition for the creation of new Hydromag technology and new multiphase boosting pump systems.
Regional Dominance:
- Boosting the demand for nutritious breakfast choices.
The Latin America region leads the global subsea pumps market in terms of revenue and volume share and is anticipated to maintain this stance over the forecast period as well. The increasing establishment of oil and gas industries in this region is expected to provide lucrative opportunities for subsea pumps manufacturers in this region. Brazil is expected to be the most lucrative market in this region. Rising investments in oil and gas industries, a stable political environment, and supportive government initiatives are expected to boost the subsea pumps market growth in Brazil. Increasing deepwater operations in this region are also predicted to boost the subsea pumps market potential through 2028.
The market for subsea pumps in the Middle East and Africa regions is expected to provide highly lucrative opportunities owing to the presence of a robust oil and gas manufacturing infrastructure.
Global Subsea Pumps Market is segmented as follows:
Subsea Pumps Market: By Type Outlook (2022-2028)
- Centrifugal
- Helico-axial
- Hybrid pump
- Twin screw
- Co-axial
- ESP
Subsea Pumps Market: By Distribution Channel Outlook (2022-2028)
- Subsea boosting
- Subsea separation
- Subsea injection
- Gas compression
Subsea Pumps Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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