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The immense technological development in the exploration and production of hydrocarbon made it possible to meet the growing demand for oil and gas. Advancement in drilling technology has led to deepwater exploration and production. Though there are several technical challenges while carrying out operation into deeper water. The latest subsea technologies have been proven to resolve all the technical challenges faced while operating in deepwater.
Subsea manifold has been used in the development of oil and gas fields to simplify the subsea system, minimize the use the subsea pipelines and risers, and optimize the fluid flow of production in the system. Manifolds are installed on the seabed within an array of wells to gather product or inject water or gas into wells. Subsea production system consists of a subsea completed well, Xmas trees, umbilical, risers, jumpers, flowlines, subsea structure, and subsea control system. All this equipment not only helps to enhance the performance of oil field but also reduces the production cost. Therefore, subsea manifolds are necessary to carry out efficient operation in deeper water.
The global subsea market is segmented into type, application, and water depth. Several types of subsea manifolds are used, such as template manifold, cluster manifold, and pipeline end manifold. Cluster manifold is projected to gain a significant amount of subsea manifold market owing to its flexibility over segregation of any wells, ability to include chemical injection and reduced risk of dropped objects.
Key Market Driver -
Key Market Driver – Increasing investment in deepwater exploration and production
Key Market Restraint -
Key Market Restraint – Volatile prices of oil and gas along with expensive technology
The production segment in application is expected to lead the subsea manifold market. It has been used by many E&P companies for well testing, sampling, allocation management, and isolation. In the upcoming years with technological advancement many companies are moving towards deepwater production to get sizeable amount of hydrocarbon.
The global subsea manifold market is driven by incessant investment by major countries in deepwater exploration and production to meet the rising demand for oil and gas. Hydraulic fracturing also playing a vital role in extracting unconventional gas reserves, which expected to leverage the subsea manifold market.
The growth of the subsea manifolds market hindered by fluctuating prices of oil and gas, along with the high cost associated with technology.
Some of the major players operating in the subsea manifolds market are Baker Hughes, a GE Company, TechnipFMC, Subsea 7, Aker Solutions, OneSubsea, Petrobras, McDermott International Inc., Nexans, ABB, Schlumberger, Halliburton, Drill-Quip, and Siemens.
The subsea manifolds market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is strengthening offshore production by massively investing in deepwater production in the Gulf of Mexico. Favorable government rules and regulations and growing investment in offshore exploration and production are expected to accelerate the growth of the subsea manifolds market in North America.
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Subsea Manifolds market is expected to witness rapid growth in Latin America in which Argentina, Chile, Brazil, etc. investing massively in offshore exploration and production. The European subsea manifolds market is driven by advancement in drilling technologies along with growing offshore production in the North Sea. Russia is continuously striving for increasing unconventional gas production which anticipating the growth of hydraulic fracturing. These factors contributing to the growth of the subsea manifolds market in Europe. Subsea Manifolds market in Asia Pacific is projected to grow at steady rate as China is the major country that significantly investing in order increase offshore production.
By Water Depth
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