According to the research, the global subsea boosting systems market was valued at US$1.34 billion in 2014 and is projected to reach US$3.07 billion by 2023 at a CAGR of 9.7% from 2015 to 2023.
Growing population and rising urbanization are likely to fuel the demand for energy across the globe. Depleting oil and gas reserves at onshore locations coupled with growing opportunities in deep water oil and gas exploration and production are expected to boost subsea activities in the near future. Depleting oil and gas resources led oil and gas companies to explore offshore oil and gas fields. Innovation in subsea boosting technology provides higher reliability, performance, and endurance which have led to increase in demand for subsea technologies. A subsea boosting system is an arrangement deployed at the topside of the well to ensure the flow of fluid (oil and condensate) from the oilfields at an economical rate.
Some of the key parameters that lead to subsea boosting system installations are increased water depth, increased distance from the host, heavy oil, higher number of field tiebacks to the host, and low reservoir pressure. A subsea boosting system primarily includes multiphase and down-hole boosting, gas compression, and raw subsea water injection. Subsea boosting process helps in safer and faster start-up of low energy wells, increases the economic life of the field, increases production and recovery, and enables a different production strategy. The use of subsea boosting systems can make low pressure oilfields viable by boosting production from such oilfields. These systems also extend the life of existing Brownfield oil and gas reservoirs.
The subsea boosting systems market witnessed a substantial demand in the past few years due to technological advancements that facilitated ultra-deep water hydrocarbon production, oil and gas exploration in the Arctic region, and enhanced the recovery from existing reserves. Manufacture of advanced subsea boosting systems has assisted oil and gas companies to optimize their production.
The subsea boosting systems market has been segmented on the basis of water depth, application, and geography. Based on water depth, the market has been segmented into shallow water and deep water. The shallow water segment held the largest share of 57.8% of the subsea boosting systems market in 2014. In terms of application, the market has been segmented into oil fields and gas fields. The oil fields segment accounted for the largest share of 69.4% of the subsea boosting systems market, by application, in 2014.
Demand for subsea boosting systems is expected to increase rapidly in the near future due to growth in offshore exploration and production activities. The global subsea boosting systems market has been segmented as follows:
Subsea Boosting Systems Market: By Water Depth
- Shallow Water
- Deep Water
Subsea Boosting Systems Market: By Application
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