Global Subsea Manifolds Market is valued USD 3.35 billion in 2016 is anticipated to grow USD 5 billion with the compounded annual growth of 4.45% over the forecast period 2018-2025.
New York 21 Aug 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Subsea Manifolds Market industry is poised to raise USD 5 billion by 2025With advancements in technology, oil and gas operators are progressively utilizing subsea technologies for the development of offshore hydrocarbon reserves. Subsea technologies are designed, considering the harsh operating conditions in Deepwater areas and can be customized depending on the soil properties. In the recent years, majority of the hydrocarbon discoveries made in offshore areas were located in Deepwater. As a result, subsea technologies are turning to be more attractive than conventional topside production technologies. Oil and gas exploration companies operating in offshore producing fields with heavy oils and low reservoir pressures prefer installing subsea technologies for attaining optimized production levels. Subsea manifold systems are key equipment, which are designed to direct the flow from subsea production wells into multiple production flowline headers. Subsea manifolds form an essential part of subsea production systems as they allow operators to adapt to changing operating conditions
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The industry is seeming to be fairly competitive. Some of the leading market players Schlumberger Limited, Baker Hughes Incorporated, Halliburton Company, Weatherford International Inc, Dril-Quip Inc., Aker Solutions ASA, FMC Technologies, Inc., General Electric, Subsea 7 S.A., OneSubsea and so on. The fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- Europe is the most prominent market for the subsea manifolds industry.
- The Middle East & Africa region also accounted for a significant share of the global subsea manifold industry in terms of installations
Bizwit Research & Consulting LLP has considered following segments for the study:
- North America
- Asia Pacific
- Latin America
- Rest of the World