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. Globally, there is a surge in Subsea
Manifolds Industry 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.
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).
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed
Research (CFR), and Market Research & Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
No comments:
Post a Comment