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.
