Subsea Pumps Market Latest Trends | Regions | Industry Growth | Helico-Axial | ESP | Centrifugal | Twin-Screw | Hybrid | Counter-Axial

"Subsea Pumps Market" is majorly driven by the offshore exploration activities and the mature oilfields which require additional pressure in order to maintain a proper recovery rate. These activities are expected to have a healthy growth after 2016. The ultra-deep E&P activities are expected to witness huge investments and move to deeper reserves once the oil prices and the breakeven price for oil production return to normal.

The global market is projected to reach $1,773.7 Million by 2020, at a CAGR of 11.3% during the forecast period 2015-2020. Latin America was the single-largest market for subsea pumps in 2014, holding a 31.1% share, and is set to continue its dominance till 2020. High growth rates have been observed because of the ongoing production activities as future investments and promoting oil contango.

The oil price slump in 2014 has slowed the growth of the offshore hardware and equipment market due to non-profitable extraction of crude from the fields. Due to this many stakeholders have pulled their support from the offshore projects, resulting in a decline in offshore productions. Considering this, the report forecasts subsea pumps market till 2020.

The global market size is projected to grow at a CAGR of 11.3% during the forecast period. South America and Africa are expected to have maximum investments in the offshore E&P activities. Brazil, Norway, Angola, Mozambique, and the U.K. are identified as the key countries for this market.

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Scope of the Report:

On the basis of Type

• Centrifugal
• Helico-axial
• Hybrid pump
• Twin screw
• Co-axial
• ESP

On the basis of Application

• Subsea boosting
• Subsea separation
• Subsea injection
• Gas compression

On the basis of Region

• Asia-Pacific
• North America
• Europe
• Middle East
• South America
• Africa

Key players including OneSubsea (U.S.), FMC Technologies (U.S.), Aker Solutions (Norway), General Electric (U.S.), and Baker Hughes (U.S.), have been profiled in this report.