The global Subsea Pump Market is projected to reach $3,253.9 Million by 2024, at a CAGR of 7.2% during the forecast period 2020-2024.
Subsea pump systems allow for boosting either hydrocarbon fluids or water - in case of water injection - directly on the seabed. Subsea pumps are based on proven and efficient centrifugal pump technology that utilizes various stages of impellers to provide the required pressure increase.
Major Competitor in the subsea pump market includes One Subsea, Aker Solutions, Flowserve Corporation, FMC Technologies, Sulzer, Baker Hughes Incorporated, General Electric, Weatherford International, ITT Bornemann, Leistritz Group and Haliburton.
Aug 2020- PETRONAS and the Aker Solutions-Subsea joint venture FASTsubsea have signed a contract to develop and test allow-cost, topside-less subsea multiphase pump, Aker Solutions reported. Under the joint industry project (JIP) contract, PETRONAS Research Sdn Bhd will support the development and testing program while FASTsubsea brings the product to market in 2022, Aker Solutions explained. Alexander Fuglesang, FASTsubsea managing director, pointed out the pump enables operators to more rapidly extract additional hydrocarbons from existing offshore wells and installed infrastructure.
Nov 2020-Sulzer’s new ES balanced single mechanical element seal is designed for the AHLSTAR pump ranges A, APP, NPP and WPP. The ES seal has an integrated shaft sleeve that protects the shaft from the process liquid. The design of the ES seal is simple but robust, enabling fast and easy installation and maintenance. The seal is fitted to the standard case cover of the pump. It can be used without flushing, with recirculation flushing or with external flushing.
TechnipFMC Oct 2020- has been awarded a significant Engineering, Procurement, Construction and Installation contract by Equinor for the Breidablikk Pipelay, including option for the Subsea Installation scope located in the area close to the Grane Field, North Sea. The Breidablikk project is a tie-back to the existing Grane platform. TechnipFMC’s scope includes provision of flexible jumpers and rigid pipelines as well as pipeline installation work.
Market Segmentation is categorized On the basis of type is Centrifugal, Helical-axial, Hybrid pump, Twin screw, Co-axial and ESP. On the basis of Application it has been Subsea boosting, Subsea separation, Subsea injection and Gas compression. On the basis of Region it splits into Asia-Pacific, North America, Europe, Middle East, South America and Africa. Asia-Pacific dominated the market across the world, in 2019, with majority of the demand coming from China and India. It is the fastest-growing region in the market studied, followed by North America.
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