Subsea Boosting Systems Market
Rising Deepwater and Ultra-Deepwater Drilling Activities to Provide Manufacturers of Subsea Boosting Systems with Future Growth Opportunities
Drilling activities have received a substantial boost in emerging economies such as India , China , and Brazil due to the growing demand for oil and gas in these regions . To fulfill high fossil fuel demands , leading private and national companies are discovering new oil and gas reserves . Due to the increase in offshore oil and gas exploration activities , the requirement for subsea oil and gas equipment has also increased . Thus , companies operating in the global subsea boosting systems market are projected to gain benefit from the new crude oil and natural gas discoveries along with the high potential reserves . As a result of this , the oil fields application segment is expected to dominate the global subsea boosting systems market with a share of 67.7 % in 2023 .
The global subsea boosting systems market is thus estimated to rise at a CAGR of 9.7 % from 2015 to 2023 . The systems market was valued at US $ 1.46 bn in 2015 and is projected to touch a valuation of US $ 3.07 bn by 2023 . Asia Pacific is expected to lead the global market for subsea boosting systems with a share of 23.9 % in 2023 .
The review has been based on the findings of a TMR report titled , “ Subsea Boosting Systems Market - Global Industry Analysis , Size , Share , Growth Trends , and Forecast 2015 – 2023 .”
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Key Takeaways : Asia Pacific to lead the subsea boosting systems market until 2023 with 23.9 % of the overall revenue share .
Oil fields subsea boosting equipment application segment to maintain its lead in the global subsea boosting systems market as a result of continuous offshore oil fields discoveries .
Global sales of subsea boosting systems to reach a valuation of US $ 3.07 bn by the end of 2023 . The global subsea boosting systems market has been segmented as follows : Subsea Boosting Systems Market : By Water Depth -Shallow Water -Deep Water Subsea Boosting Systems Market : By Application -Oil -Gas Subsea Boosting Systems Market : By Region
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