Leading market intelligence firm, Transparency Market Research (TMR), has announced the publication of a report on the global subsea manifolds market. The report provides a comprehensive understanding of the market to all interested parties. The report is titled ‘Subsea Manifolds Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020’ and is available on TMR’s website for sale.Subsea manifolds are a crucial system used in oil and gas production and have come into the spotlight thanks to the increasing utilization of offshore oil and gas reserves. Subsea manifolds are used in multi-well offshore configurations to unite the flow of crude oil from multiple reservoirs into one, more easily manageable stream. This allows oil and gas companies to efficiently drill for more oil and gas and achieve a high price margin.
According to the TMR report, the global subsea manifolds market was worth US$2.5 bn in 2013. Driven by the increasing demand for offshore oil and gas installations, the global subsea manifolds market is expected to exhibit a sturdy 5.6% CAGR from 2014 to 2020. The value of the market by the end of this forecast period is expected to be US$3.7 bn.
According to TMR analysts, the prime driver fueling the global subsea manifolds market is the rising acknowledgement of the depleting onshore reservoirs of oil and gas. This has forced several global oil and gas giants to focus instead on offshore petroleum extraction. Due to the complex nature of offshore drilling, subsea manifolds are virtually a necessity, which has driven the demand from the global subsea manifolds market in the last few decades.
Subsea manifolds can also be customized according to the topography of the area in which they are going to be used. This allows oil and gas companies to have multiple configurations of subsea manifolds for multiple oilfields. The customizability of subsea manifolds is another crucial factor boosting the global subsea manifolds market.
On the other hand, the uncertain prices of crude oil, illustrated perfectly by the drastic drop in oil prices observed in 2014-15, have emerged as the prime obstacle in the path of the global subsea manifolds market. The rising awareness about the adverse effects petroleum usage has on environmental and human and animal health has also increased the demand for alternative fuels. Nevertheless, the universal usage of petroleum products is expected to result in an increasing demand in the coming years, thus propelling the demand for subsea manifolds.
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On the basis of application, the global market for subsea manifolds can be segmented into injection and production manifolds. Injection manifolds are used in various enhanced oil recovery techniques to increase the amount of crude oil extracted from a particular well site, while production is the conventional application of subsea manifolds and consists of creating a flowline for the produced fluids. In recent years, injection subsea manifolds have received generous financial support from major oil and gas players, since they allow extractors to maximize their production from any given well.
Regionally, the Europe market for subsea manifolds emerged as the largest in 2013, on the back of the rising demand for subsea manifolds from E&P operations in the North Sea. The strictly enforced environmental guidelines in the region have also helped increase the use of subsea manifolds. Apart from Europe, the report also details the performance of the subsea manifolds market in Latin America, where offshore exploration is increasing rapidly in Brazil; the Middle East and Africa, a traditional petroleum powerhouse boosted by the discovery of offshore oil reserves off the Western coast of Africa; Asia Pacific; North America.
The report also profiles major players operating in the global subsea manifolds market to shed light on the competitive dynamics of the market. Major players examined in the report include OneSubsea, Aker Solutions ASA, Baker Hughes Inc., FMC Technologies, Inc., GE, and Dril-Quip Inc.
The global subsea manifolds market is segmented as follows:
Subsea Manifolds Market: Application Analysis
- Production Manifolds
- Injection Manifolds
Subsea Manifolds Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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