Transparency Market Research reports in a new study that strategic alliances to offer drilling technologies and equipment to potential customers will be the winning strategies adopted by top players operating the global subsea boosting systems market. The leading players in the global subsea boosting systems market, FMC Technologies, Inc., OneSubsea, and GE Oil & Gas held a leading share of 78% in the overall market in 2014.
“Offering reliable and stable subsea technologies through innovation in research and development will underline the trajectory for the companies operating in the overall market in the coming few years,” says the leading author of this research report. For instance, General Electric started an innovation center in Newcastle, U.K., to develop ultradeepwater subsea technologies to gain leadership in the market with cutting-edge technology. Companies are recommended to make innovation their strong suit to differentiate their offerings from competitors’.
Extensive Exploration Activities Propel Adoption of Subsea Boosting Systems
The alarming drop in the natural reserves due to extensive exploration and production activities in the onshore and shallow water oil and gas reservoirs has led a sizeable demand for subsea boosting systems. These systems have been important in increasing the production from resourceful oil and gas reservoirs in several deepwater and ultra-deepwater locations. The growing need to increasing the recovery potential of oil and gas reservoirs is driving the subsea boosting systems market in top gear.
The ongoing technological advancements such as the ones that have enabled ultra-deepwater hydrocarbon production, improved recovery from existing reserves, and oil and gas exploration in Artic region have also boosted the demand for subsea boosting systems. This demand is also being complemented by the discovery of reservoirs with heavy oil, water depth, low pressure in reservoirs, increased distance from the host, and several fields being connected with the host.
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Volatility of Crude Oil Prices Hampers Market Growth
The strong market drivers are being tugged in the opposite direction by restraints such as fluctuating crude oil prices. The decline in crude oil prices is likely to lead to a drop in number of oil and gas projects. Thus, analysts project that he volatility of crude oil prices will hamper the drilling activities for exploration and production, which, in turn, will create a negative impact on the installation of subsea boosting systems.
The report states that the opportunity in the global subsea boosting systems market was worth US$1,467.9 mn in 2015 and is expected to US$3,078.6 mn by 2023. Between the forecast period of 2015 and 2023, the market is expected to rise at a CAGR of 9.7% in terms of revenue. Though shallow water segment held the largest share in 2015, the deep water exploration activities are expected surge to account a share of 45% by the end of 2023. Geographically, Asia Pacific was the leading regional market in and is expected to maintain its stance in the forecast period.
The review of the market is based on the research report published by Transparency Market Research, titled “Subsea Boosting Systems Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023.”
Key Takeaways:
- Innovation and strategic alliances to develop newer technologies to be instrumental to business strategies developed by key players
- Global subsea boosting systems market to reach US$3,078.6 by 2023
- Deepwater exploration activities to account for 45% of the overall market revenue by 2023
The global subsea boosting systems market has been segmented as follows:
Subsea Boosting Systems Market: By Water Depth
- Shallow Water
- Deep Water
Subsea Boosting Systems Market: By Application
- Oil
- Gas
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