Energy & Environment Industry Today
Global Subsea Boosting Systems Market to Surpass US$3 bn by 2023, Propelled by Heightened Fuel Demands.
According to the report, the primary driver of the global subsea boosting systems market is the rapidly increasing demand for oil and gas around the world. This demand is escalating in proportion to the growing global population and the increasing rate of urbanization in developing economies. Onshore oil and gas fields are close to being depleted, leaving oil companies to turn toward deep offshore deposits.
The global subsea boosting systems market is benefitting from the higher rate of attention shown to offshore oil exploration and production activities. Research and innovation efforts are leading to subsea boosting systems that are increasingly efficient, reliable, and can function for longer periods of time. Consequently, oil and gas companies are showing a greater interest in the global subsea boosting systems market.
Subsea boosting systems offer several advantages to oil and gas companies, including increased water depth, lower reservoir pressure, heavier oil, increased distance between the boosting system and the host, and a larger amount of host tiebacks.
The report divides the global subsea boosting systems market on the basis of water depth, application, and region.
In terms of water depth, the global subsea boosting systems market is segmented into shallow water and deep water. An estimated share of 57.80% in the global subsea boosting systems market was held by the shallow water segment in 2014.
In terms of applications, the global subsea boosting systems market is segmented into oil and gas. An estimated share of 69.40% in the global subsea boosting systems market was held by the segment of oil fields in 2014.
Browse Industry Research Report with free Analysis: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=5378
The report’s geographical perspective on the global subsea boosting systems market reveals Asia Pacific to have been the largest region in this market in 2014. During this financial year, Asia Pacific held 25.0% of the global subsea boosting systems market. APAC is also proving to be a leader in the exploration and production of oil and gas. Most of this region’s progress is attributed to high activity levels in this sector by China, Australia, and Indonesia. Pending projects by India, South Korea, and the Philippines are also expected to help the Asia Pacific region retain its leading position in the global subsea boosting systems market in the near future.
The second-largest region in the global subsea boosting systems market for 2014 was Europe. The future growth of the global market is also expected to be based on the increase in exploratory activities in South and Central America, especially in Brazil.
The key players in the global subsea boosting systems market are General Electric Company, Aker Solutions, Framo AS, Flowserve Corporation, ITT Bornemann GmbH, Baker Hughes Incorporated, FMC Technologies, Inc., OneSubsea, Leistritz Advanced Technologies Corp, and Sulzer Ltd.
Key segments of the Subsea Boosting Systems Market
Subsea Boosting Systems Market: By Water Depth
- Shallow Water
- Deep Water
Subsea Boosting Systems Market: By Application
- Oil
- Gas
Subsea Boosting Systems Market: By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Norway
- U.K.
- Rest of Europe
- Asia Pacific
- Australia
- China
- Rest of Asia Pacific
- South & Central America
- Brazil
- Venezuela
- Rest of South & Central America
- Africa
- Nigeria
- Angola
- Rest of Africa
- Middle East
- Saudi Arabia
- UAE
- Rest of Middle East
Share on Social Media
Other Industry News
Ready to start publishing
Sign Up today!