Subsea Pumps Market Poised for Growth, Report SaysEngineering360 News Desk | December 13, 2016
Research and Markets has published "Global Subsea Pumps Market Outlook to 2020 - Market Analysis by Geography, Type, Application, Competitive Landscape, Key Company Information - Growth Trends and Forecasts."
The report says that subsea pumping is one of the most mature solutions for increasing oil recovery from subsea tiebacks. The major advantages working with subsea pumps include accelerated production, increased recovery and extension of field life, facilitates production from low energy reservoirs, and improves flow assurance.
Ever increasing energy demand, increasing offshore exploration and production activities, and rising investments in the oil and gas industry are driving the market, the report says. On the flip side, environmental issues, reliability of the subsea units and costs associated with intervention operations are restraining the market from growth.
North America is expected to lead the subsea pumps market in the coming decade, as the region's new exploration activity is high and operators are often forced to work in deeper waters which require sophisticated technology and equipment.
On the flipside, maintenance and operational issues, costs associated with operating in subsea environment, and government policies are constraining the market from growth.
With the number of installed and planned subsea pump projects are increasing across the globe, the market is poised to witness growth in the coming decade, the report says.