Subsea Pumps Market Key Players, Trends and Growth 2022-27 According to IMARC Group’s latest report, titled “Subsea Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market size reached US$ 1.5 Billion in 2021. Subsea pumps are motorized devices that boost production, injection, gas compression and transportation of hydrocarbon fluids, condensates and solids. Hybrid, electrical submersible pump, co-axial, centrifugal, helico-axial and twin screw are some of the commonly used subsea pumps. They consist of a transmitter, conditioner, power generator and controller. Subsea pumps are widely used for conducting underwater operations on the seabed and are combined in parallel to increase pressure and enhance the overall flow. Apart from this, they assist in removing large particulate matter, improving recovery from a reservoir, production rates and greater oil and gas recovery.
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The global subsea pumps market is primarily being driven by the significant growth in the oil and gas industry. Furthermore, the sudden shift toward exploration in deep-water reserves due to the decline in the shallow and onshore gas reserves is augmenting the market growth. Moreover, various product innovations, such as the advent of high voltage motors and lightweight subsea pumps to prevent voltage drops and provide improved capabilities, are providing a considerable boost to the market growth. Other factors, including the introduction of large pump hardware with corrosion resistance and extensive research and development (R&D) activities, are creating a positive outlook for the market. Looking forward, IMARC Group expects the global subsea pumps market to reach US$ 2.3 Billion by 2027, exhibiting a growth rate (CAGR) of 6.6% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Aker Solutions, Baker Hughes
- FMC Technologies, Halliburton
- General Electric Company
- Flowserve
- Leistritz Pumps GmbH
- OneSubsea
- Sulzer
- SPX Corporation
- Hayward Tyler Group
- National Oilwell Varco
- Oceaneering International
- Framo AS
- ITT Bornemann GmbH
Market Segmentation:
Breakup by Type:
- Centrifugal
- Helico-Axial
- Hybrid Pump
- Twin Screw
- Co-Axial
- ESP (Electrical Submersible Pump)
Breakup by Application:
- Subsea Boosting
- Subsea Separation
- Subsea Injection
- Subsea Gas Compression
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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