ID: MRFR/E&P/2260-HCR | February 2021 | Region: Global | 111 pages
Global Subsea Manifold Market is expected to expand at ~4.85% CAGR during the forecast period.
Manifolds are connecting systems that are elementary units for infrastructure in the deep sea oil production projects. Subsea infrastructures require manifolds for connecting wells to pipelines and risers, onwards to reach floaters, platforms and other facilities. The application of manifolds lies in merging the flow from the multi-well template and transferring the flow to production flowlines and for managing the distribution of injected water, gas, and chemicals. Any field that is under development process to produce oil from the subsea beds provide the market for subsea manifolds. Manifolds are amongst the greatest cost-effective and operation efficient systems of the development of oil fields while diminishing the demand for subsea pipelines and risers. Subsea manifolds are designed to combine, distribute, control and monitor the flow of fluids from the wells. The subsea manifolds are installed in the deep sea beds by either conventional methods, which involve installation by cables and drilling risers or non-conventional methods including the sheave installation method and pendulous installation method.
The subsea manifold market is driven by facts such as the increasing number of offshore oil discoveries, more multi-well templates in the subsea beds and, harsher geography drilling in offshore basins. In 2017, out of ten new oil discoveries, five were done in deep-water environment. The geography of the subsea beds is harsher than of onshore. Thus it requires superior infrastructure. The types of subsea manifolds which include template manifold, cluster manifold and pipeline end manifold are designed to withstand tough and ultra-deep conditions. However, the lower crude oil prices are hampering the market for subsea manifolds.
Global Subsea Manifolds market has been segmented on the basis of products, application and regions. Based on the products, the market is further classified as template manifold, cluster manifold, and pipeline end manifold. Among this classification, cluster manifold segment is expected to dominate the market for subsea manifolds. Cluster manifold are superior than template manifolds as they provide flexibility for segregation of wells, can include chemical injection, unlike the typical manifolds, and allow the re-use of exploration wells. On the basis of application, the market is segmented as production and injection. Among these segments the injection application can additionally be categorized as gas injection, water injection and chemical injection. Geography-wise, the market is segmented into the four regions of North America, AsiaPacific, Europe and Rest of world.
Subsea manifold industry is anticipated to have sharp rise in advancements with respect to technology over the forecast period owing to the continuous developments in the oil industry along with increasing number of projects in the offshore location. Moreover, the market is expected to experience high expansion activities by major players by virtue of focus for offshore field development infrastructure.
The key players of global subsea manifold markets are ABB (Switzerland), Aker Solutions ASA (Norway), Baker Hughes Incorporated (U.S), TechnipFMC Technologies Inc. (U.S.), General Electric (U.S.), and ITT Bornemann GmbH (Germany). One Subsea (U.S.), Subsea 7 S.A. (U.K.), Schlumberger (U.S.), Halliburton (U.S.), Siemens AG (Germany), and Drill Quip (U.S.) are among others.
Global Subsea Manifold Market
The global subsea manifold market is anticipated to witness remarkable growth during the forecast period. Europe region is expected to dominate the market with the largest market share in the forecast period. In April 2018, Norwegian oil major Statoil started the installation of the first topside for the Johan Sverdrup field development offshore Norway. A higher number of projects in the deep locations in North Sea, are likely to enhance the market for subsea manifolds. North America region is likely to follow the market share with discoveries in the Gulf of Mexico. In 2018, W&T Offshore Inc. and GE’s Baker Hughes has signed a strategic partnership for W&T’s exploration and development plan in the Gulf of Mexico. A higher number of projects are also coming from Mediterranean Sea region from Africa, which will drive the market for subsea manifold in the Africa region.
|Market Size||2027: Significant Value|
|CAGR||4.85% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB (Switzerland), Aker Solutions ASA (Norway), Baker Hughes Incorporated (U.S), TechnipFMC Technologies Inc. (U.S.), General Electric (U.S.), and ITT Bornemann GmbH (Germany). One Subsea (U.S.), Subsea 7 S.A. (U.K.), Schlumberger (U.S.), Halliburton (U.S.), Siemens AG (Germany), and Drill Quip (U.S.) are among others.|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global market of subsea manifolds can thrive at 4.85% CAGR in the review period.
The subsea manifolds market can attain lucrative valuation by 2023.
Aker Solutions ASA (Norway), TechnipFMC Technologies Inc. (U.S.), Baker Hughes Incorporated (U.S), and General Electric (U.S.) are some renowned players of the subsea manifolds market.
The rise in offshore oil recoveries can impel the global subsea manifolds market growth.
Increase in number of subsea projects can propel the North America subsea manifolds market growth.