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.
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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.
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).
Browse Complete Subsea Manifold Industry Research Report at: https://www.marketresearchfuture.com/reports/subsea-manifolds-market-3138
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