Subsea Manifolds Market will grow significantly with 4.85% CAGR by 2030

Pune, India, October 18, 2017/MRFR Press Release/- Market Research Future published a Half Cooked research report on “Global Subsea Manifold Market Research Report - Forecast to 2030” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2030

ABB (Switzerland), Aker Solutions ASA (Norway), Baker Hughes Incorporated (U.S), FMC Technologies Inc. (U.S.), General Electric (U.S.), ITT Bornemann GmbH (Germany), OneSubsea (U.S.), Subsea 7 S.A. (U.K.) and Technip S.A. (France). are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Subsea Manifold Market.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Subsea Manifolds Market Research Report

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.

Geographically, the global Subsea Manifold market has been divided into North America, Europe, Asia Pacific and Rest of the World. Among these regions, Currently, Europe is the most prominent market for the subsea manifolds industry. The North Sea, which is a predominantly shallow water region, accounts for a major share of the oil and natural gas production in Europe. In areas such as the North Sea and the Norwegian Continental Shelf, stringent environmental compliances are in place regarding the development of offshore reserves. In such cases, installation of subsea technologies would significantly reduce the risk involved in the offshore oil and gas production operations. The Middle East & Africa region also accounted for a significant share of the global subsea manifold industry in terms of installations in 2013. Large deployments of subsea production systems for the development of deep-water offshore hydrocarbon reserves in the West Coast of Africa has contributed significantly to the subsea manifolds installations..

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 segments 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. The subsea manifolds are designed and customized as per the requirements of the offshore operating company. With increasing demand for subsea technologies in Latin America, and Africa, major subsea manifold manufacturing companies are starting fabrication centers near these areas. The major manufacturing companies prefer operating fabrication facilities near subsea development areas and procure raw materials from local companies to optimize production time. Investments in research and development activities is also a major factor which assists subsea manifolds manufacturing companies to securing supply contracts from hydrocarbon exploration companies.