Subsea Manifolds Market Analysis
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. According to the study conducted by Market Research Future,
the worldwide market for subsea manifold 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.
Global Subsea Manifolds Market
Segmentation
Worldwide Subsea
Manifolds Market Analysis 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).
Related
Reports:
No comments:
Post a Comment