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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