Global Subsea Pumps Market Is projected to reach USD 1,539.1 million by 2020, expanding at a CAGR of 7.1% By 2020

Global Subsea Pump Market: Overview

With the growing need to improve the yield of the existing offshore brownfield and greenfield oil and gas projects, the demand for subsea pumps has been experiencing a significant increase across the world. Analysts expect the trend to continue over the next few years, which is likely to reflect positively on the global market for subsea pumps in the near future.

According to Transparency Market Research (TMR), the worldwide market for subsea pumps, which held an opportunity worth US$0.9 bn in 2013, is likely expand at a CAGR of 7.10% during the period from 2014 to 2020 and reach a value of US$1.5 bn by 2020.

Global Subsea Pump Market: Trends and Opportunities

Currently, the advancements in the subsea technologies are having the most prominent impact on the global market for subsea pumps. The rise in upstream expenditures on the production of oil and gas is expected to influence this market in the near future.

The exploration of newly discovered oilfields and untapped potential oil and gas reserves is also projected to boost this market significantly over the forthcoming years. However, the worldwide subsea pumps market may be hampered by the decreasing prices of crude in the years to come.

Going forward, helicon-axial subsea pumps are likely to remain the most valued product in this market and subsea boosting will emerge as the prime application area for subsea pumps across the world in the next few years.

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Global Subsea Pump Market: Geographical Analysis

Geographically, the global market for subsea pumps has been classified into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. With Brazil being a prominent center for the installation of subsea pumps, Latin America has surfaced as the dominant regional market for subsea pumps across the world. Researchers anticipate the scenario to remain very much the same over the next few years. The swift infrastructural development and the advancement in subsea technologies are the key driving forces behind the growth of the Latin America market for subsea pumps.

The Middle East and Africa is also expected to witness a remarkable rise in the market for subsea pumps over the forthcoming years. The increased deployment of subsea production systems in deepwater offshore hydrocarbon reserves situated on the West Coast of Africa is likely to boost the Middle East and Africa subsea pumps market significantly in the near future. The rising deployment of both, ESP and helico-axial subsea pumps, is also projected to drive this regional market’s growth in the years to come.

Companies mentioned in the research report

The global market for subsea pumps is fragmented and highly competitive in nature. Players operating in this market focus aggressively on product innovation to achieve an edge over their competitors.

Leistritz AG, Sulzer Ltd., SPX Corp., OneSubsea, ITT Bornemann GmbH, General Electric Co., FMC Technologies Inc., Flowserve Corp., Baker Hughes Inc., and Aker Solutions ASA are some of the leading vendors of subsea pumps across the world.

Key Segments of Subsea Pump Market

By Product

• Helico-axial
• Electrical Submersible Pump (ESP)
• Centrifugal
• Others (Twin Screw, Hybrid and Counter-axial)

By Application

• Subsea Boosting
• Subsea Separation
• Subsea Compression
• Subsea Injection

Demand for Subsea Pumps Shifts to High Gear with Increasing Need for Crude Oil, Says TMR

The global subsea pumps market is concentrated in nature, having few players holding the majority of the share. The companies present in this market are competing in terms of both price and technology. The top three players hold a share of around 51.7% in the market. The names of some of the top players operating in the market are FMC Technologies, Inc., Aker Solutions ASA, OneSubsea, and General Electric Company. The manufacturing of subsea pumps is a capital-intensive business having high exit barriers. Owing to these barriers, the companies do not exit the industry even during instances of low profit margins, thus shifting the degree of competition from high to medium in the coming years, Transparency Market Research (TMR) finds in the new study.

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The global subsea pumps market is expected to touch US$1,539.1 mn by 2020. In terms of product, the global subsea pumps market is led by the segment of helico-axial pumps, in terms of revenue. This segment is predicted to hold a share of 35.4% by 2020. This is owing to the fact that helico-axial pumps are primarily the most common types of pumps utilized in subsea oil and gas production boosting operations. These pumps are also utilized in order to maintain the homogeneity of the two-phase mixture. Thus, there is a huge demand for these pumps globally. Electrical submersible pumps followed helico-axial pumps and constitute the second-largest share in the market.

Subsea Boosting to Hold a Dominant Share by 2020

In terms of application, the segment of subsea boosting held a substantial share in the market in the past and is predicted to lead the market in the coming year with a share of 64.0% by 2020. Subsea boosting is majorly employed as an effective way to enhance the output via subsea production activities and also increases the rate of production. In addition, the benefits of subsea boosting such as reduced impact on environment and enhanced recovery of oil will also fuel the demand for this segment.

Geographically, Latin America is predicted to lead the market with a share of 32.6% by 2020. The advancement of pre-salt reserves within Brazil’s deep water basins is amongst the prime factors boosting the market for subsea pumps in Latin America. The Middle East and Africa (MEA) trailed the region of Latin America. This is due to the swift installment of subsea production systems in deep water offshore hydrocarbon reserves within the west coast of Africa.

Increasing Development of Subsea Technologies will Enable Improved Operational Abilities

The global subsea pumps market is driven by the increasing requirement to fuel the production of already present offshore greenfield and brownfield oil and gas projects, states a TMR analyst. In addition, the increasing development in subsea technologies have presented huge economic benefits and efficient operational abilities, hence fuelling the demand for subsea pumps. Furthermore, the soaring demand for crude oil utilized as a key source of transportation fuel and the increasing energy demand globally will positively impact the development of the market.

However, the skyrocketing prices of gas and oil impedes the development of the market for subsea pumps. This is owing to the fact that these soaring crude oil prices may result in the shutting down of numerous oil and gas has projects in offshore areas, thus hampering the growth of the overall market.

“Nevertheless, the newly discovered oil fields and the high potential reserves will create new growth opportunities for the companies operating in this market,” says a TMR analyst.

The subsea pumps market has been segmented as follows:

Products

• Helico-axial
• Electrical Submersible Pump (ESP)
• Centrifugal
• Others (Twin Screw, Hybrid and Counter-axial)

Applications

• Subsea Boosting
• Subsea Separation
• Subsea Compression
• Subsea Injection