Market Size of Subsea Pump System Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | South America |
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 Pump System Market Analysis
The market for the global subsea pump system is witnessing significant growth with a CAGR of 6%.
The market was negatively impacted by COVID-19. Presently the market has now reached pre-pandemic levels.
- Major factors that encourage the operators to adopt subsea boosting are the existence of heavy oil, the increased distance from the host, increased water depth, low reservoir pressure, and a greater number of field tiebacks to the host.
- However, a highly volatile crude oil price scenario during 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.
- Furthermore, the major companies are investing in ongoing R&D projects on the advancement of technology to reduce the overall cost of offshore expenditure. Subsea pumps are employed majorly in the offshore mature fields to improve the recovery rate by reducing back pressure on the reservoir, thereby lowering the production expenditure. The ability to the reduction in the cost of a subsea pump system is providing the opportunity to propel the market in the coming future.
- South America is expected to dominate the market, with most of the demand coming from Brazil. The Asia Pacific is the fastest-growing region followed by Europe.
