Market Size of Subsea Pump Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | South America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Subsea Pumps Market Analysis
The subsea pump market is expected to register a CAGR of over 5% during the forecast period.
In 2020, COVID-19 had a detrimental effect on the market. Presently, the market has reached pre-pandemic levels.
- Over the medium term, with the increasing number of onshore fields reaching maturity, exploration and production activity is expected to make a shift toward deeper offshore regions, which is expected to result in an increase in offshore deep-ultra deepwater projects. This, in turn, is expected to drive the market during the forecast period.
- On the other hand, a highly volatile crude oil price scenario in recent years, owing to the supply-demand gap, geopolitics, and several other factors, is expected to hinder the growth of the market studied during the forecast period.
- Nevertheless, the major companies are investing in ongoing R&D projects for the advancement of technology to reduce the overall cost of offshore expenditures. Subsea pumps are employed primarily in mature offshore fields to improve the recovery rate by reducing back-pressure on the reservoir, thereby lowering the production expenditure. The ability to reduce the cost of a subsea pump is providing the opportunity to propel the market in the coming future.
- South America dominated the market across the globe in 2018, with the majority of the demand coming from Brazil. The fastest-growing region is Asia-Pacific, then Europe.
Subsea Pumps Industry Segmentation
Subsea pump systems allow for boosting either hydrocarbon fluids or water in the case of water injection directly on the seabed.
The subsea pump market report is segmented by deployment, application, and geography (North America, Europe, Asia-Pacific, South America, the Middle East, and Africa). By deployment, the market is segmented into shallow water and deep water. By application, the market is segmented into boosting, separation, injection, and other applications. The report also covers the market size and forecasts for the subsea pump market across major regions. For each segment, market sizing and forecasts have been done based on revenue (value in USD billion).
| By Deployment | |
| Shallow water | |
| Deep Water |
| By Application | |
| Boosting | |
| Separation | |
| Injection | |
| Other Applications |
| By Geography | ||||||
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Subsea Pump Market Size Summary
The subsea pump market is poised for growth, driven by the shift in exploration and production activities towards deeper offshore regions as onshore fields reach maturity. This transition is expected to increase the number of offshore deep and ultra-deepwater projects, thereby propelling market expansion. Despite challenges posed by volatile crude oil prices and geopolitical factors, significant investments in research and development by major companies aim to advance technology and reduce offshore expenditure costs. Subsea pumps play a crucial role in enhancing recovery rates in mature offshore fields by minimizing reservoir back-pressure, which in turn lowers production costs. The market is witnessing a geographical shift, with South America leading in demand, particularly from Brazil, while the Asia-Pacific region is emerging as the fastest-growing area.
The oil and gas industry is increasingly focusing on maximizing revenue from existing assets and exploring new techniques to enhance output. As offshore projects become more complex and costly, the industry is investing in deepwater and ultra-deepwater developments to meet rising demand. Regions like the Middle East, North Sea, Brazil, Gulf of Mexico, and Caspian Sea are key players in offshore production. The availability of abundant resources and improved recovery potential in deepwater areas present significant opportunities for market growth. South America, with its competitive payback times and lower breakeven prices, is expected to see substantial growth in the subsea pump market. Recent investments and projects in countries like Argentina and Colombia further underscore the region's potential, driven by increased capital expenditure in upstream activities. The market remains moderately fragmented, with major players like Aker Solutions, Baker Hughes, Halliburton, Schlumberger, and Oceaneering International leading the charge in innovation and efficiency.
Subsea Pump Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast, in USD billion, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies & Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Deployment
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2.1.1 Shallow water
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2.1.2 Deep Water
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2.2 By Application
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2.2.1 Boosting
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2.2.2 Separation
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2.2.3 Injection
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2.2.4 Other Applications
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Asia-Pacific
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2.3.2.1 China
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2.3.2.2 India
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2.3.2.3 Australia
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2.3.2.4 Indonesia
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2.3.3 Europe
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2.3.3.1 United Kingdom
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2.3.3.2 France
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2.3.3.3 Germany
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2.3.3.4 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Colombia
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2.3.4.3 Chile
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2.3.4.4 Argentina
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2.3.5 Middle-East and Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 Saudi Arabia
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2.3.5.3 South Africa
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2.3.5.4 Rest of Middle-East and Africa
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Subsea Pump Market Size FAQs
What is the current Subsea Pump Market size?
The Subsea Pump Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Subsea Pump Market?
Aker Solutions ASA , Halliburton Company , Oceaneering International Inc. , Schlumberger Limited and Baker Hughes Co are the major companies operating in the Subsea Pump Market.
