MarketsandMarkets has released the report “Subsea Pumps Market by Type, by Application & by Geography – Global Trends & Forecast to 2018“
The Subsea Pumps Market is valued at $996.1 million in 2013 and is forecasted to grow at a CAGR of 16% from 2013 to 2018 to reach $2,092.1 million by 2018.
The Subsea Pumps Market is likely to grow reasonably in the coming years. The long-term drivers of the Subsea Pumps Market are well known. The relentless depletion of onshore and shallow-water fields has compelled oil companies to focus on deep-water areas where a combination of floating and subsea systems is used to extract hydrocarbons.
In recent years, this trend has been reinforced by operators who favor technological risks over political risks, with oil companies preferring to leverage their technological capabilities in deeper waters rather than engage in places such as Iran and Venezuela that have an unpredictable business environment for investors.
The report breaks the market into smaller product segments. In order to provide a deeper understanding of the competitive landscape, the report profiles 10 companies in the Subsea Pumps Market.