The global Subsea Manifolds Market is expected to be valued at USD 5.10 billion by 2025.
Subsea structures are found at the heart of any subsea oil or gas field development. They surround the various subsea components needed for optimal performance, ensuring efficient operation both during installation and through a field's life.
Major Players in the market includes AkerSolutions, ASA, FMC Technologies, E Oil & Gas, Baker Hughes Incorporated, Dril-Quip, Subsea 7, ABB, General Electric, Cameron (Schlumberger), Grenland Group, ITT Bornemann, OneSubsea, Siemens, Neptune Oceanographic.
Jun 2020-Petrobras has awarded a $300-million frame agreement to FMC Technologies Inc. for subsea manifolds and control systems. FMC is to manufacture up to eight manifolds and multiplex control systems under the agreement. All equipment engineering and manufacturing is to be in Rio de Janeiro.
Subsea 7 –May 2020 announced the award of a sizeable contract by Independent Oil and Gas (IOG) for the Blythe and Vulcan Satellites field development, located in the UK sector of the southern North Sea. The contract scope includes the project management, engineering, procurement, construction and installation of 35km of flow lines between the Southwark, Blythe and Elgood fields, together with subsea structures, an umbilical and associated subsea tie-ins. Project management and detailed engineering has commenced at Subsea 7’s office in Aberdeen, and offshore activities are scheduled to commence in 2020.
Oct 2020- AkerSolutions to provide subsea production System for Tommeliten Alpha Development In Norway. AkerSolutions won an order from ConocoPhillips to deliver the subsea production system for the Tommeliten Alpha development offshore Norway. The estimated contract value is about NOK 1.2 billion.
The Subsea Manifolds market is expected to grow in the upcoming 2020 to 2025 year. Various factors, which are responsible for the growth of the market, are mentioned accurately. The global Subsea Manifolds market is divided on the basis of domains along with its competitors. Drivers and opportunities are elaborated along with its scope that helps to boosts the performance of the industries
Global Subsea Manifolds market has been segmented on the basis of products, application and regions. Global Subsea Manifold Market Research reports: By Product (Template, Cluster, and pipeline end), Application (Production and Injection (gas, water, chemicals)) and Region (North America, Europe, APAC, Middle East & Africa). The Asia Pacific region is anticipated to witness high growth at a CAGR of 5.6% by 2025. Increasing financial aid tax benefits and government initiatives to exploit hydrocarbon reserves sustainably in South Korea, China, and India, is expected to drive market penetration in this region over the next few years. The global subsea manifold market is anticipated to witness remarkable growth during the forecast period. Europe region is expected to dominate the market with the largest market share in the forecast period.
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