A subsea pump system is a set of equipment and components designed to pump fluids, such as oil or gas, from beneath the seabed in offshore oil and gas production. It is used in subsea production systems to enhance the flow of hydrocarbons from the reservoir to the surface facilities. The main component of the system, the subsea pump, is installed on the seabed close to the wellhead. It is responsible for increasing the pressure of the fluid and facilitating its flow to the surface. The key factors such as rising exploration across subsea oil & gas exploration sites and increasing deep-water activities, longer tiebacks, and recoverable reserves are anticipated to support the market growth during the forecast period.
Moreover, rising oil and gas production drives the demand for subsea pump systems. due to offshore exploration and production activities, the need for deepwater and ultra-deepwater projects, the adoption of enhanced oil recovery techniques, and technological advancements in the industry. According to the IOGP's new Global Production Report, oil consumption was 30% higher in 2018 than it was in 2000, while natural gas demand rose by 60% during the same period. Also, according to the International Energy Agency's (IEA) publication "Oil 2020- Analysis," global oil production capacity is expected to exceed 5.9 million barrels per day by 2025. Additionally, rising technological advancement in subsea pump systems and new offshore discoveries are anticipated to create lucrative opportunities for the market during the forecast period. However, the stringent government regulatory norms and operational and environmental concerns stifle market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Subsea Pump System Market study include: Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the presence of key market players, growing North American deepwater oil and gas production is a major factor driving the market for subsea pumps to expand significantly. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as increasing dependence on oil and gas imports due to increased energy demand, which is fueled by fast economic growth. Due to this dependency, nations have adopted a multifaceted strategy for ensuring energy security. Increasing domestic oil and gas production through the expansion of offshore production, which is anticipated to contribute to the Asia Pacific subsea pump market's continued growth, is one of the key efforts.
Major market players included in this report are:
- FMC Technologies, Inc.
- OneSubsea
- General Electric Company
- Aker Solutions ASA
- Baker Hughes Incorporated
- Flowserve Corporation
- SPX Corporation
- ITT Bornemann GmbH
- Leistritz AG
- Sulzer Ltd.
Recent Developments in the Market:
- Jan. 2022, the government of Argentina made steps that promote deep-water exploration. The government unfrozen a 3D seismic project that operator Equinor and partners had planned to conduct in the Argentina Basin's blocks CAN-100, CAN-108, and CAN-114 in water depths between 1,500 m and 3,500 m, around 290 km from Mar del Plata.
Global Subsea Pump System Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimation: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Deployment, Application, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Deployment offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Deployment:
By Application:
- Boosting
- Separation
- Injection
- Others
By Region:
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Subsea Pump System Market, by Region, 2020-2030 (USD Billion)
- 1.2.2. Subsea Pump System Market, by Deployment, 2020-2030 (USD Billion)
- 1.2.3. Subsea Pump System Market, by Application, 2020-2030 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Subsea Pump System Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Subsea Pump System Market Dynamics
- 3.1. Subsea Pump System Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. Rising exploration across subsea oil & gas exploration sites
- 3.1.1.2. Increasing deep-water activities, longer tiebacks, and recoverable reserves
- 3.1.2. Market Challenges
- 3.1.2.1. Stringent government regulatory norms
- 3.1.2.2. Operational and environmental concerns
- 3.1.3. Market Opportunities
- 3.1.3.1. Technological advancement in subsea pump systems
- 3.1.3.2. New offshore discoveries
Chapter 4. Global Subsea Pump System Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Subsea Pump System Market, by Deployment
- 5.1. Market Snapshot
- 5.2. Global Subsea Pump System Market by Deployment, Performance - Potential Analysis
- 5.3. Global Subsea Pump System Market Estimates & Forecasts by Deployment 2020-2030 (USD Billion)
- 5.4. Subsea Pump System Market, Sub Segment Analysis
- 5.4.1. Shallow water
- 5.4.2. Deepwater
Chapter 6. Global Subsea Pump System Market, by Application
- 6.1. Market Snapshot
- 6.2. Global Subsea Pump System Market by Application, Performance - Potential Analysis
- 6.3. Global Subsea Pump System Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
- 6.4. Subsea Pump System Market, Sub Segment Analysis
- 6.4.1. Boosting
- 6.4.2. Separation
- 6.4.3. Injection
- 6.4.4. Others
Chapter 7. Global Subsea Pump System Market, Regional Analysis
- 7.1. Top Leading Countries
- 7.2. Top Emerging Countries
- 7.3. Subsea Pump System Market, Regional Market Snapshot
- 7.4. North America Subsea Pump System Market
- 7.4.1. U.S. Subsea Pump System Market
- 7.4.1.1. Deployment breakdown estimates & forecasts, 2020-2030
- 7.4.1.2. Application breakdown estimates & forecasts, 2020-2030
- 7.4.2. Canada Subsea Pump System Market
- 7.5. Europe Subsea Pump System Market Snapshot
- 7.5.1. U.K. Subsea Pump System Market
- 7.5.2. Germany Subsea Pump System Market
- 7.5.3. France Subsea Pump System Market
- 7.5.4. Spain Subsea Pump System Market
- 7.5.5. Italy Subsea Pump System Market
- 7.5.6. Rest of Europe Subsea Pump System Market
- 7.6. Asia-Pacific Subsea Pump System Market Snapshot
- 7.6.1. China Subsea Pump System Market
- 7.6.2. India Subsea Pump System Market
- 7.6.3. Japan Subsea Pump System Market
- 7.6.4. Australia Subsea Pump System Market
- 7.6.5. South Korea Subsea Pump System Market
- 7.6.6. Rest of Asia Pacific Subsea Pump System Market
- 7.7. Latin America Subsea Pump System Market Snapshot
- 7.7.1. Brazil Subsea Pump System Market
- 7.7.2. Mexico Subsea Pump System Market
- 7.8. Middle East & Africa Subsea Pump System Market
- 7.8.1. Saudi Arabia Subsea Pump System Market
- 7.8.2. South Africa Subsea Pump System Market
- 7.8.3. Rest of Middle East & Africa Subsea Pump System Market
Chapter 8. Competitive Intelligence
- 8.1. Key Company SWOT Analysis
- 8.1.1. Company 1
- 8.1.2. Company 2
- 8.1.3. Company 3
- 8.2. Top Market Strategies
- 8.3. Company Profiles
- 8.3.1. FMC Technologies, Inc.
- 8.3.1.1. Key Information
- 8.3.1.2. Overview
- 8.3.1.3. Financial (Subject to Data Availability)
- 8.3.1.4. Product Summary
- 8.3.1.5. Recent Developments
- 8.3.2. OneSubsea
- 8.3.3. General Electric Company
- 8.3.4. Aker Solutions ASA
- 8.3.5. Baker Hughes Incorporated
- 8.3.6. Flowserve Corporation
- 8.3.7. SPX Corporation
- 8.3.8. ITT Bornemann GmbH
- 8.3.9. Leistritz AG
- 8.3.10. Sulzer Ltd.
Chapter 9. Research Process
- 9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
- 9.2. Research Attributes
- 9.3. Research Assumption