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New York Press Releases
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(NewYork.CityRegions.Com, November 02, 2018 ) At present, the global market for subsea boosting systems is being driven by the burgeoning demand for fossil fuels and petroleum products and their effectiveness in improving production from developed reservoirs. However, the frontrunner among growth drivers is the technological progress in the field of deepwater and remote applications. Uncovering of offshore oil and gas fields in countries such as Angola, Gabon, Tanzania, Nigeria, and Mozambique have also presented an opportunity to companies in the market. One factor countering the growth is the volatile crude oil prices that pose a challenge to companies wanting to maintain consistent production costs.
A report by Transparency Market Research forecasts the global subsea boosting systems market to expand at a healthy CAGR of 9.7% from 2015 to 2023. The market was worth US$1.46 bn in 2015 and is estimated to reach US$3.07 bn by the end of 2023.
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Heavy Investments in Shallow Water Oil Drilling to Propel Sales Dramatically
Depending upon the depth of water, the global market for subsea boosting systems can be segmented into shallow water and deep water. The recent spate of investments in shallow water oil drilling will likely increase the revenue generated in the market dramatically. The usage of helicoaxial pumps with more effective subsea boosting systems is also anticipated to foster growth.
The nations of China, the U.S., North Sea, Brazil, Gulf of Mexico, and Western Africa are key regions in the global oilfields subsea boosting systems market. Exploration of oil fields in water depths and tie-back distances is anticipated to generate the demand for subsea boosting systems in these regions.
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Europe is another key region in the global market for subsea boosting. The rise in deepwater drilling activities in the continent is predicted to foster growth in the market in the foreseeable future. The Middle East will likely outpace all other regions in terms of growth rate owing to ongoing large-scale drilling activities in Saudi Arabia and U.A.E. It is also a mature market for shallow water exploration activities.
Transparency Market Research
Ganesh Rajput
15186181030
ganesh.r@transparencymarketresearch.com
Source: EmailWire.Com
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