In the oil and gas sector, subsea equipment refers to a set of tools and systems that can be used to access underwater crude deposits. This equipment is used for exploration, development, as well as drilling activities for underwater locations. The earliest known subsea systems were used at Lake Erie in 1943. The first subsea oil well was created by Shell in 1961 in the Gulf of Mexico. A subsea system is a topside-based array of devices and connections that help improve the success rate of an exploration process by ensuring the most economically viable way to transfer the oil and condensate mixture from the oil fields to the desired location.
The global subsea boosting systems market is expanding at a CAGR of 9.70% between 2015 and 2023. This market is expected to be valued at US$3.07 bn before the end of 2023. It was worth US$1.34 bn in 2014. Benefitting the most from this optimistic growth rate are the key players in the global subsea boosting systems market, including Sulzer Ltd., OneSubseaLeistritz Advanced Technologies Corp, ITT Bornemann GmbH, General Electric Company, Framo AS, FMC Technologies, Inc., Flowserve Corporation, Baker Hughes Incorporated, and Aker Solutions.
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Sales of Subsea Boosting Systems on Rise due to High Demand for Fuel
The primary driver for the global subsea boosting systems market is the increasing population in urban locations around the world. Rapid rates of urbanization and industrialization need high amounts of fuel to sustain themselves. As the land-based fossil fuel deposits are quickly getting depleted, oil and gas companies are moving deeper into the sea. Therefore, this increase in initiatives taken by crude oil producers is likely to boost the global subsea boosting systems market in the near future. The global subsea boosting systems market can develop in areas where the water bed is beyond a certain depth.
Other factors that call for the use of a subsea boosting system are the weight/density of the oil, the large distance between the deposit and the host, low pressure in the reservoir, and a larger amount of tiebacks to the host from the field. The major benefits provided by the global subsea boosting systems market include improved safety, higher economic life of the deposit, higher recovery rate as well as production rate, increased extraction speed of wells while using lower energy, and the choices between multiple production strategies. At the same time, these systems can also increase the life of deposits that have already been tapped.
Innovations Improve Growth Scope of Subsea Boosting Systems Market
Consequent to the growing demand for fuel, subsea boosting systems are not only enjoying increased interest from exploration and production companies, but have improved as a result of ongoing research and development as well. Innovations in the global subsea boosting systems market are trying to make it easier for companies to explore deeper in the water bodies of the Earth for fuel. Some of the bigger innovations in use today have led to the production of ultra-deep water hydrocarbons. Other innovations have largely improved the recovery rate of reservoirs that already exist and enabled easier exploration of oil and gas in the Arctic.
All in all, the global subsea boosting systems market is expected to increase at a faster rate in the coming years, owing to the increase in offshore exploration activities.