Global
Subsea Manifolds Market Overview
According to the study conducted by Market Research
Future, the Global
Subsea Manifolds Market 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.
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. 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.
Offshore deep-water basins are generally rich with
hydrocarbon reserves. They need developed technology and the ability to extract
oil from these areas. Subsea manifolds are mostly used in these areas to
improve the hydrocarbon production level. These manifolds can be installed in
the harshest of environmental conditions and can be easily customized based on
operational environments and soil. Over the recent years, key hydrocarbon
innovations have been made in the deep-water basins across the globe. 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.
Global
Subsea Manifolds 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.
Regional
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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