The top companies operating in the global subsea boosting systems market are FMC Technologies, Inc., GE Oil & Gas, and OneSubsea, among others. These three players constitute a dominant share of 78% in the market, as per Transparency Market Research. The increasing count of strategic subsea partnerships amongst the top service providers of subsea boosting technology services have enabled these top companies in consolidating the market share amongst them. The threat of substitutes in the market will remain low, while the degree of competition is estimated to shift to medium from high from 2015 to 2023.
The global subsea boosting system market is predicted to grow at a 9.70% CAGR between 2015 and 2023 and is predicted to value US$3.07 bn by 2023 end. In terms of application, the segment of oil field is predicted to lead the market. This is due to the rising investments in shallow water oil drilling and the utilization of helicoaxial pumps having enhanced subsea boosting systems. In addition, owing to the increasing research activities taking place by companies for oil field discovery, this application segment is predicted to hold a share of 67.7% by 2023, in terms of revenue.
Soaring Demand for Energy to Boost Asia Pacific Subsea Boosting Systems Market
On the basis of geography, Asia Pacific leads the subsea boosting systems market because of the increasing population base in this region. In addition, the soaring energy demand in this region will also raise the demand for subsea boosting systems here. Indonesia, China, Malaysia, Australia, and Vietnam are the primary companies extensively involved in subsea activities. The Asia Pacific subsea boosting market is poised to represent a share of 23.9% in the market by 2023, in terms of revenue. Europe trailed Asia Pacific and accounted for the second position in the market. This is due to the rising deep-water drilling activities within Europe. On the other hand, the Middle East is expected to come up as the most swiftly growing region in the market due to increasing proliferation of drilling activities in U.A.E and Saudi Arabia.
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Mature Oil and Gas Reserves to Drive Demand for Subsea Boosting Systems
The global subsea boosting systems market is predicted to rise due to the mature oil and gas reserves and negligible ratio of reserves-to-production in the market, states a TMR analyst. Also, owing to the skyrocketing Demand for petroleum products and fossil fuels globally, the demand for subsea boosting systems is on the rise owing to the fact that these systems improved the developed reservoirs’ production. In addition, a number of technological developments seen in the market for subsea boosting systems will bolster the overall development of this market. Furthermore, huge subsea capital expenditure expended on production hardware will further boost the demand for subsea boosting systems. On the other hand, the inconsistent prices of crude oil may work against the development of the market for subsea boosting systems.
“Nonetheless, the growing number of drilling activities in ultra-deep water and deep water will bring in new opportunities in the development of the market,” says a TMR analyst. In addition, the growing count of offshore oil and gas discoveries will also emerge as a lucrative opportunity in the global subsea boosting systems market.
The 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
