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 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. A detailed
analysis report of COVID-19
impact on Global Subsea Manifolds Market is provided with the report.
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 of Subsea Manifold Market Report:
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.
No comments:
Post a Comment