Subsea Manifolds Global Market – Overview
The Global Subsea Manifolds Market is growing with the rapid pace; mainly due to the high demand for crude oil. According to a recent study report published by the Market Research Future, The global market of Subsea Manifolds is booming and expected to gain prominence over the forecast period. The Global Subsea Manifolds Market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a striking 4.85% of CAGR during the estimated period (2016 – 2023).
The Subsea Manifolds Market is predominantly driven by the increased customization of subsea production solutions. These options are available based on soil properties of the oil field extraction area. The high demand for crude oil. Recent discoveries of offshore energy reserves in regions have triggered the growth in the Subsea Manifolds market. Subsea Manifolds systems are implemented to maximize oil extraction. The existing supply and demand gap in the oil & gas sector has increased the need for efficient search and extraction of oil.
Oil exploration companies are focusing on developing and improving the oil extraction recovery techniques and Subsea Manifold Market are the predominantly used in these applications. Offshore deep water basins are generally rich with hydrocarbon reserves and requires advance technology and capability to extract oil from these areas. Subsea manifolds are increasingly used in these areas to enhance the hydrocarbon production level. These manifolds can be employed in harshest of environmental conditions and can be heavily customized based on soil and operational environments.
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The key players of global Subsea Manifold Markets are
- ABB (Switzerland),
- Aker Solutions ASA (Norway),
- Baker Hughes Incorporated (U.S),
- FMC Technologies Inc. (U.S.),
- General Electric (U.S.),
- ITT Bornemann GmbH (Germany),
- OneSubsea (U.S.),
- Subsea 7 S.A. (U.K.)
- Technip S.A. (France).
On October 9th 2017, OneSubsea, a Schlumberger company has signed an engineering, procurement, and construction (EPC) contract with Reliance Industries for supply of the subsea production system for the R Cluster (Block KG-D6) Project, offshore the east coast of India. The scope of this project includes subsea manifolds, control system, tie-in system, multi-phase meters, intervention tooling and test equipment for the R Cluster field. Reliance has the option to award the supply of the subsea production system for additional wells for the Satellite fields.
Subsea Manifolds Market – Regional Analysis
The Europe region is expected to dominate the subsea manifolds market because of increasing deep water hydrocarbon basins in the North Sea area. The North Sea region accounts for major share of oil and gas production of Europe. There is a stringent environmental rules for implementing new oil field operations in the North Sea region which is driving the market for subsea manifolds to enhance oil recovery from existing deep water regions. The Middle East region also accounts for a significant share of global subsea manifolds market. This is because of increasing deep water exploration activities in the region.
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In recent years major hydrocarbon discoveries are made in the deep water basins around the world. Subsea manifolds are proving to be the main choice of oil extraction from these areas rather than conventional production technologies. For optimising the oil production operations, subsea manifolds are preferred by oil and gas companies to be operated in harshest environmental conditions and can enable direct flow of hydrocarbons from subsea production systems to production flow line headers. The subsea manifold systems are segmented based on two major categories such as application type: production and injection manifolds and by geographical regions.
A subsea manifold is an equipment that is designed to increase oil recovery from deep water reservoirs. They increase the life of the existing oil fields and also help in reducing the capital and operating cost of the oil production facilities.
List of Tables
Table 1 Global Subsea Manifoldsmarket, By Type
Table 2 Global Subsea Manifoldsmarket, By Production Type
Table 3 Global Subsea Manifoldsmarket, By Injection Type
Table 4 Global Subsea Manifoldsmarket, By Regions
Table 5 North America Subsea Manifolds Market, By Type
List of Figures
Figure 1 Research Production Type
Figure 2 Global Subsea Manifolds Market: By Type (%)
Figure 3 Global Subsea Manifolds Market: By Production Type (%)
Figure 4 Global Subsea Manifolds Market: By Injection Type (%)
Figure 5 Global Subsea Manifolds Market: By Region
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