Subsea Pump System Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The market for the global subsea pump system is witnessing significant growth with CAGR of 6% and majorly depends on the offshore exploration activities and the mature offshore oilfields. Major factors that encourage the operators to adopt subsea boosting are the existence of heavy oil, the increased distance from the host, increased water depth, low reservoir pressure, and a greater number of field tiebacks to the host. However, a highly volatile crude oil price scenario during the recent years, owing to the supply-demand gap, geopolitics, and several other factors, are expected to hinder the growth of the market studied during the forecast period.
Key HighlightsThe subsea pump system market is moderately fragmented due to many companies operating in the industry. The key players in this market include Aker Solutions ASA, Baker Hughes Company, Halliburton Company, Schlumberger Limited, Weatherford International PLC., and Oceaneering International, among others.
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