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.
Injection Manifold market is expected to dominate the subsea manifolds market from 2017-2023
The market has been analyzed based on the application type: production manifolds and injection manifolds and by regions. On the basis of the applications type, the injection manifolds type is expected to dominate the market for subsea manifolds. This segment has witnessed increasing investment over the years because of oil and gas companies are focusing on enhancing their oil recovery process. Furthermore, production manifolds are used when produced fluids are needed to be transported into flow lines.
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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.) and 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.
Market Research Analysis
Europe region is expected to dominate the market
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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Table Of Contents
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Subsea Manifolds Market, By Application Type
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