Global Subsea Manifolds Market Segmentation, Development Trends, Revenue 2023

Posted by Anvi on March 6th, 2020

Market Overview

A subsea manifold is a system that is devised to surge the process of oil recovery from deep water reservoirs. They expand the life of the existing oil fields and also assist in decreasing the operating cost and capital of the oil production systems. Globally, there is a surge in subsea manifolds market owing to the rising customization of subsea production solutions. These alternatives are based on soil attributes of the oil field extraction area. Oil exploration firms are concentrating on upgrading and growing the oil extraction recovery methods and subsea manifold finds wide application in these procedures.  Offshore deep-water basins are generally rich with hydrocarbon reserves. They need developed technology and the ability to extract oil from these areas. Subsea manifolds are mostly used in these areas to improve the hydrocarbon production level. These manifolds can be installed in the harshest of environmental conditions and can be easily customized based on operational environments and soil.

According to the study conducted by Market Research Future, the Global Subsea Manifolds Market is expected to develop at the CAGR of almost 4.85%.Subsea manifolds create a significant part of subsea production systems as they enable the operators to adjust to varying operating conditions. Subsea manifolds are designed flexibly to meet the needs of offshore operating firms. They facilitate operators to link the future subsea tie-back/ wells in an effective manner and decrease the production loss when the device is not functioning properly. In different offshore basins, production firms can avail dual header manifolds as per their requirements.

Market Segmentation

Worldwide subsea manifolds market has been segmented based on application, regions, and products. Based on products, the market is segmented into cluster manifold, pipeline end manifold, and template manifold. Out of this segmentation, cluster manifold segment is likely to lead the market for subsea manifolds. Cluster manifold is superior than template manifold as they offer flexibility for separation of wells. It can encompass chemical injection, unlike the usual manifolds, and enable the re-use of exploration wells. Based on application, the market is segmented as injection and production. Out of these segments the injection application can be sub segmented as water injection, chemical injection, and gas injection. Region wise, the market is segmented into Asia Pacific, North America, Europe and Rest of the World.

Regional Analysis

The worldwide subsea manifold market is estimated to observe a prominent growth over the forecast period. Europe market is estimated to drive the demand for subsea manifold during the forecast period. Norwegian oil player Statoil started the installation of the first topside, in 2018, for the Johan Sverdrup field development offshore Norway. An increased number of projects in the interior regions of North Sea, are likely to develop the market for subsea manifolds. North America region is expected to follow the market share with discoveries in the Gulf of Mexico. In 2018, GE’s Baker Hughes and W&T Offshore Inc. had entered a strategic partnership for W&T’s development and exploration and plan in the Gulf of Mexico. An increased number of projects are also entering from Mediterranean Sea region, which will propel the demand for subsea manifold in the Africa market.

Key Players

Global subsea manifold market has been dominated by key players such as Aker Solutions ASA (Norway), ABB (Switzerland), TechnipFMC Technologies Inc. (U.S.), Baker Hughes Incorporated (U.S), ITT Bornemann GmbH (Germany), One Subsea (U.S.), General Electric (U.S.), Subsea 7 S.A. (U.K.), Halliburton (U.S.),  Schlumberger (U.S.), Drill Quip (U.S.), and Siemens AG (Germany).

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Anvi

About the Author

Anvi
Joined: October 25th, 2019
Articles Posted: 461

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