Subsea Boosting Systems Market
REPORT DESCRIPTION
Subsea Boosting Systems Market - Global Industry Analysis , Size , Share , Growth Trends , and Forecast 2015 - 2023
Due to a limited number of manufacturers of subsea boosting systems , the degree of competition in the global subsea boosting systems market is expected to substantially increase , reports Transparency Market Research ( TMR ) in a new study . The leading manufacturers of subsea boosting systems are focusing on pricing strategies to attract consumers and maintain their leading position in the industry . The top three companies , FMC Technologies , OneSubsea , and GE Oil & Gas , together accounted for approximately 78 % of the global subsea boosting market in 2014 .
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The increasing need for enhancing oil and gas production has opened up new opportunities for manufacturers of subsea boosting systems due to their extensive use in oil and gas drilling from deep and ultra-deep-water locations . The continuous investments being made in projects to discover new offshore oil and gas drilling opportunities has augmented the demand subsea boosting systems .
Increasing Need to Extract Oil and Gas from Mature Reservoirs to Boost Sales of Subsea Boosting Systems
According to TMR analysts , the rising demand for fossil fuels has led to an increase in shallow water and onshore E & P activities for oil and gas reservoirs . Due to the increasing E & P activities , the reserves of oil and gas have depleted leading to a decrease in the production from mature reservoirs , such as low pressure oil fields . As subsea boosting systems help in the extraction from the low pressure oil fields , their demand in future is expected to increase substantially .
Subsea boosting systems have proven highly beneficial in enhancing the deepwater and ultra-deepwater production from heavy oil and gas reservoirs in West Africa , Brazil , the North Sea , and the Gulf of Mexico . Thus , the need to prolong the economic lifetime of oil and gas reservoirs through increasing production recovery is expected to drive the global sales of subsea boosting systems .
Fluctuating Crude Oil Prices to Negatively Affect Sales of Subsea Boosting Systems
The fluctuating prices of crude oil are likely to hamper drilling activities worldwide , reports TMR in its study . E & P companies are struggling to maintain their production in comparison to the prices of crude oil and natural gas , thus slowing down the extraction processes . Moreover , a decline in crude oil prices has brought about a substantial decrease in offshore drilling activities . With the tumbling prices of crude oil , many companies are likely to abandon numerous oil and gas projects in the North Sea and other offshore areas . Thus , the fluctuating crude oil prices are anticipated to impede the sales of subsea boosting systems due to the decrease in drilling activities .
Transparency Market Research
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