10 Feb 2016 12:02:13
Global Subsea Manifolds Market to Soar Thanks to Increasing Consumption in Brazil and West Africa
A recent study on the global subsea manifolds market states that the market will expand at a 5.60% CAGR during the forecast period of 2014-2020. The subsea manifolds market was worth US$2,540.01 million and is estimated to be worth US$3,716.42 million by 2020.
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Increased need for oil recovery out of complex offshore reservoirs will drive the growth of the global subsea manifolds market. Additionally, the ability of subsea manifolds to adapt to shifting operating conditions will further fuel the growth of this industry.
The global subsea manifolds market is segmented according to application into production and injection manifolds. The application of the manifolds depends on the reservoir properties and field conditions. Currently, production manifolds dominate the global market in terms of installations. However, aging reserves in Europe and low reservoir pressures in the subsea regions of Latin America will attract investment in the injection manifolds sector.
The mandatory use of a template structure for subsea instrument protection has increased the number of installations of subsea manifolds in Europe. This policy has made Europe the leading regional subsea manifolds market in terms of installations. Brazil and West Africa are anticipated to be major consumers of subsea manifolds during the forecast period. The North America subsea manifolds market will benefit from the several deepwater projects planned in the Gulf of Mexico.
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The top companies operating in the global subsea manifolds market are Aker Solutions, FMC Technologies Inc., ASA, General Electric, Dril-Quip Inc., OneSubsea and Technip S.A.
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