United States Subsea Pumps Market to Reach US$ 409.1 Million by 2032, Stimulated by the Significant Offshore Exploration and Production

July 27, 2023 | Energy & Mining

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According to the latest report by IMARC Group, titled “United States Subsea Pumps Market Report by Type (Centrifugal, Helico-Axial, Hybrid Pump, Twin Screw, Co-Axial, ESP (Electrical Submersible Pump)), Application (Subsea Boosting, Subsea Separation, Subsea Injection, Subsea Gas Compression), and Region 2024-2032,” the United States subsea pumps market size reached US$ 237.2 Million in 2023. Subsea pumps are specialized devices used in offshore oil and gas production to enhance the flow of fluids from subsea wells to production platforms or floating production systems. They are designed to overcome the high-pressure drop and long distances encountered in subsea environments. These pumps are installed on the seabed, often in deepwater regions, and play a crucial role in increasing production rates and maintaining efficient operations. Subsea pumps are typically electrically driven and can handle a wide range of fluids, including oil, gas, water, and multiphase mixtures. They are capable of boosting fluid pressure, compensating for pressure losses during transportation, and facilitating the movement of hydrocarbons toward the surface. These pumps can also aid in managing reservoirs by optimizing production and improving recovery rates. The installation and operation of subsea pumps require advanced engineering expertise and specialized equipment. They are subjected to challenging environmental conditions, such as high pressures, low temperatures, and corrosive substances. Subsea pumps are often integrated into complex subsea systems that include control systems, power supply mechanisms, and safety features to ensure reliable and efficient performance.

United States Subsea Pumps Market Trends:

The United States has significant offshore oil and gas reserves in the Gulf of Mexico, making it a prominent player in the offshore industry. The exploration and production activities in these offshore regions drive the demand for subsea pumps, as they are crucial for extracting hydrocarbons from subsea wells and maintaining efficient production rates. Additionally, deepwater projects have gained momentum in the United States due to the depletion of onshore and shallow-water reserves. As operators move into deeper waters, the need for subsea pumps becomes crucial. Deepwater fields often encounter high-pressure drops and long tieback distances, requiring subsea pumps to enhance fluid flow and maintain production rates. Other than this, the implementation of enhanced oil recovery techniques, such as water injection and gas injection, has become prevalent in mature offshore fields. Subsea pumps play a vital role in these EOR methods by boosting fluid pressure and improving the sweep efficiency of injected fluids. The drive to maximize hydrocarbon recovery from existing fields has increased the demand for subsea pumps. Besides this, the country has stringent environmental regulations governing offshore oil and gas operations. Subsea pumps contribute to environmental compliance by enabling efficient production, minimizing the risk of spills and leaks, and ensuring safe operations in subsea environments. Moreover, the emphasis on environmental sustainability and safety drives the adoption of subsea pumping systems. In line with this, the region is witnessing infrastructure upgrades and decommissioning activities in its offshore fields, thereby propelling the market. Looking forward, the market value is projected to reach US$ 409.1 Million by 2032, expanding at a CAGR of 6.06% during 2024-2032.

Market Summary:

Based on the type, the market has been segmented into centrifugal, helico-axial, hybrid pump, twin screw, co-axial, and ESP (Electrical Submersible Pump).
On the basis of the application, the market has been divided into subsea boosting, separation, injection, and gas compression.
Region-wise, the market has been segmented into Northeast, Midwest, South, and West.
The competitive landscape of the market has also been examined, along with the detailed profiles of the key players operating in the industry.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Million
Scope of the Report	Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Type Application Region
Types Covered	Centrifugal, Helico-Axial, Hybrid Pump, Twin Screw, Co-Axial, ESP (Electrical Submersible Pump)
Applications Covered	Subsea Boosting, Subsea Separation, Subsea Injection, Subsea Gas Compression
Regions Covered	Northeast, Midwest, South, West
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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United States Subsea Pumps Market to Reach US$ 409.1 Million by 2032, Stimulated by the Significant Offshore Exploration and Production

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