Subsea Manifolds Market Size 2020 by Technologies, Business Strategy and Segmentation by 2023
Subsea Manifold Market Overview:
A subsea manifold is a system that is devised to surge the process of oil recovery from deep water reservoirs. They expand the life of the existing oil fields and also assist in decreasing the operating cost and capital of the oil production systems. According to the study conducted by Market Research Future, the worldwide Subsea Manifolds Market Size is expected to develop at the CAGR of almost 4.85%.
Subsea manifolds create a significant part of subsea production systems as they enable the operators to adjust to varying operating conditions. Subsea manifolds are designed flexibly to meet the needs of offshore operating firms. They facilitate operators to link the future subsea tie-back/ wells in an effective manner and decrease the production loss when the device is not functioning properly. In different offshore basins, production firms can avail dual header manifolds as per their requirements.
Globally, there is a surge in subsea manifolds market owing to the rising customization of subsea production solutions. These alternatives are based on soil attributes of the oil field extraction area. Oil exploration firms are concentrating on upgrading and growing the oil extraction recovery methods and subsea manifold finds wide application in these procedures. Subsea manifolds are turning to be the key source of oil extraction for these regions rather than the conventional production technologies. For optimizing the oil production activities, subsea manifolds are preferred by oil and gas sectors to be operated in the harshest environmental conditions and can ensure direct flow of hydrocarbons from subsea production systems to production flow line headers.
Subsea Manifold Market Segmentation:
Worldwide subsea manifolds market has been segmented based on application, regions, and products.
Based on products, the market is segmented into cluster manifold, pipeline end manifold, and template manifold. Out of this segmentation, cluster manifold segment is likely to lead the market for subsea manifolds. Cluster manifold is superior than template manifold as they offer flexibility for separation of wells. It can encompass chemical injection, unlike the usual manifolds, and enable the re-use of exploration wells.
Based on application, the market is segmented as injection and production. Out of these segments the injection application can be sub segmented as water injection, chemical injection, and gas injection.
Region wise, the market is segmented into Asia Pacific, North America, Europe and Rest of the World.
Subsea Manifold Regional Industry Analysis:
The worldwide subsea manifold market is estimated to observe a prominent growth over the forecast period. Europe market is estimated to drive the demand for subsea manifold during the forecast period. Norwegian oil player Statoil started the installation of the first topside, in 2018, for the Johan Sverdrup field development offshore Norway. An increased number of projects in the interior regions of North Sea, are likely to develop the market for subsea manifolds. North America region is expected to follow the market share with discoveries in the Gulf of Mexico. In 2018, GE’s Baker Hughes and W&T Offshore Inc. had entered a strategic partnership for W&T’s development and exploration and plan in the Gulf of Mexico. An increased number of projects are also entering from Mediterranean Sea region, which will propel the demand for subsea manifold in the Africa market.
Key Players:
Global subsea manifold market has been dominated by key players such as Aker Solutions ASA (Norway), ABB (Switzerland), TechnipFMC Technologies Inc. (U.S.), Baker Hughes Incorporated (U.S), ITT Bornemann GmbH (Germany), One Subsea (U.S.), General Electric (U.S.), Subsea 7 S.A. (U.K.), Halliburton (U.S.), Schlumberger (U.S.), Drill Quip (U.S.), and Siemens AG (Germany).
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