Subsea Compression System Market - Global Industry Analysis, Size, Share, Trends, Growth and Forecast 2015 – 2023

2024-10-31 11:05:59 News & Society

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Offshore is expected to be the most important source of new oil and gas production in upcoming years. Declining reserves in existing wells accompanied by rising energy demand are lending drive to subsea exploration. Subsea production systems are considered to be an important part of offshore developments. Subsea exploration is fuelling the demand for subsea equipments globally. Reservoir pressure in producing gas fields is declining over time causing gas output to decline gradually. For production to be economical, gas pressure must be raised to maximize production.

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Subsea can supply separation and compression capabilities to deliver natural gas to onshore processing facilities to enhance the production of oil and gas from subsea wells. Subsea compression is cost effective for the gas fields requiring pressure boosting. Reliable subsea compression is a key to push subsea production from marginal and deepwater fields. The subsea compression system will provide benefits compared with installing a new platform including capital expenditure and operating expenditure. The subsea compression unit must be continuous and maintenance free operations for few initial years. Subsea compression is an energy efficient solution for oil and gas industry as they work close to the well.. As compression maintain flow rate of gas above hydraulic limit, more hydrocarbons can be recovered from the reservoir. The added value of subsea compression system depends on several factors such as tieback distance type of reservoir, production system and water depth.

Subsea compression system market can be segmented on the basis of geography into North and South America, Europe, Asia Pacific and Rest of the world. West Africa is estimated to have the largest deepwater and ultra deepwater reserves followed by South America, Western Europe and North America. The expenditure of each market segment varies based on the activity and maturity levels. Western Europe with mature reserve constitutes a large share of the subsea compression system market as compared to South America, which is a few matured subsea regions. The market in West Africa is dominated by Angola and Nigeria. In South America, Brazil with high installation investments and subsea infrastructure acquires a major share of the subsea compression system market. In North America, Mexico and the U.S. constitutes of the major share of the total subsea compression system market.

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One of the driving forces in the subsea compression system market is the reduction in development cost as compared to the traditional method. Compression on the seabed provides better efficiency than a conventional topside facility. The subsea compression system market is expected to grow in the coming year because subsea compression is vital part of subsea production system. Subsea compression system addresses declining gas reservoir pressure offering an attractive combination of economic and environmental benefits. Subsea compression can be considered as a technology for recovering increased volumes from beginning of the projects and at a later stage of the field life. Subsea compression will become widespread as projects move into deeper water, further from shore. Subsea compression system will also eliminate the need for a new submersible platform with heavy weights. It will also provide far reaching HSE benefits to subsea gas developments. The added value of subsea compression system depends on several factors such as tieback distance type of reservoir, production system and water depth.

Some of the global players in the subsea compression systems market are One Subsea, Aker Solutions and FMC Technologies. Mergers, acquisitions and partnership will help subsea equipment suppliers to penetrate global subsea compression system market.

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