Subsea Manifold Market 2023: To track and analyze joint ventures, strategic alliances, mergers & acquisitions, new product developments
Global Subsea Manifold Market Research Report: Information By Product (Template, Cluster, and pipeline end), Application (Production and Injection (gas, water, chemicals)) and Region (North America, Europe, APAC, Middle East & Africa) – Forecast Till 2023
Pune, India – February 26, 2019 /MarketersMedia/ —
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.
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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.
Subsea Manifold Global Market – Overview
A subsea manifold is an equipment that is designed to increase oil recovery from deep water reservoirs. They increase the life of the existing oil fields and also help in reducing the capital and operating cost of the oil production facilities.
Globally there is an increase in Subsea Manifolds Market because of the increased customization of subsea production solutions. These options are available based on soil properties of the oil field extraction area. Oil exploration companies are focusing on developing and improving the oil extraction recovery techniques and Subsea Manifold Market are the predominantly used in these applications. Offshore deep-water basins are generally rich with hydrocarbon reserves and requires advance technology and capability to extract oil from these areas.
Subsea manifolds are increasingly used in these areas to enhance the hydrocarbon production level. These manifolds can be employed in harshest of environmental conditions and can be heavily customized based on soil and operational environments. In recent years major hydrocarbon discoveries are made in the deep-water basins around the world. Subsea manifolds are proving to be the main choice of oil extraction from these areas rather than conventional production technologies.
For optimising the oil production operations, subsea manifolds are preferred by oil and gas companies to be operated in harshest environmental conditions and can enable direct flow of hydrocarbons from subsea production systems to production flow line headers. As per the study conducted by Market Research Future, the global market for subsea manifold is likely to grow at the CAGR of around 4.85%.
With progressions in technology, oil and gas operators are increasingly exploiting subsea technologies for the development of offshore hydrocarbon reserves. Subsea technologies are designed, considering the harsh operating conditions in deep-water areas and can be customized depending on the soil properties. In the recent years, majority of the hydrocarbon discoveries made in offshore areas were positioned in deep-water. As a result, subsea technologies are turning to be more attractive than orthodox topside production machineries. Oil and gas exploration companies operating in offshore producing fields with heavy oils and low reservoir pressures prefer installing subsea technologies for attaining optimized production levels. Subsea manifold systems are key equipment, which are designed to direct the flow from subsea production wells into multiple production flow line headers.
Subsea manifolds form an essential part of subsea production systems as they allow operators to adapt to changing operating conditions. Subsea manifolds are flexibly designed according to the requirements of offshore operating companies. They enable operators to connect future subsea wells/tie-back in an efficient manner and reduce the production loss when the equipment is not working properly. In several offshore basins, production companies can install dual header manifolds according to their requirements.
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Industry News
In December 2017 – Aker Solutions won orders from Aker BP for the Skogul and Valhall Flank West oil fields offshore Norway. The company will deliver two subsea manifolds, a controls system and umbilicals for Skogul, which will be tied back to the North Sea Alvheim field. It will also provide umbilicals and detailed engineering of the topside for a normally unmanned installation (NUI) for Valhall Flank West, which will be tied back to the Valhall field center.
In September 2017 – Baker Hughes, a GE company (NYSE: BHGE) announced a major subsea contract from Petrobel for phase two of the “supergiant” Zohr Gas Field situated in the Mediterranean Sea, off the Egyptian coast. The project underscores the company’s position as the world’s first and only integrated fullstream provider of cutting-edge subsea technology, products, services and digital solutions.
In April 2017 – Aibel has secured a contract from TechnipFMC to supply a subsea manifold and structure for an integrated foundation for Oda field in the Norwegian North Sea.
In October 2016 – Aker Solutions secured two contracts worth at least NOK 900 million from DEA Norge to deliver the subsea production system, maintenance and services at the Dvalin natural gas development offshore Norway.
Subsea Manifold Global Market – Segmentation
The scope of global Subsea Manifold market is segmented into one major segment which are explained below:
By Application
Production Manifolds
Injection Manifolds
Subsea Manifold Global Market – Competitive Analysis
The global market for Subsea Manifold is one of the most technological advance market. To maintain the market position and to drive the market growth, all the major players continuously strive for technological development in their Subsea Manifold oil recovery systems. Market leaders are rigorously involved in R&D activities, so as to develop feasible product, which fulfils all the client requirement over their exploration and production operations.
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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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