Subsea Manifolds Market Scenario
Global Subsea Manifolds Market is expected to expand at ~ 4.85% CAGR during the forecast period 2022-2030.
Drivers and Restraints
The function of manifolds is to merg the flow from the multi-well system and move the flow to the flow lines of production and to control the delivery of injected water , gas and chemicals. Any field under development process for producing oil from the subsea beds will provide the subsea manifolds market. Manifolds are among the largest cost-effective and operating efficient oil field development systems while reducing subsea pipeline and riser demand. The subsea collectors are designed to combine, distribute, control and monitor fluid flow from the wells. The subsea manifolds are either installed in deep sea beds by conventional methods involving cable installation and drilling risers, or by non-conventional methods including sheave installation method and pendulous installation method. Facts such as the increasing number of offshore oil detections, more multi-well templates in the subsea beds and severe geography drilling in offshore basins drive the subsea manifold market. Five of ten new oil discoveries were made in deep-water setting in 2017. The subsea beds are physically tougher than onshore. So it needs superior infrastructure. The types of subsea manifolds that include template manifolds, cluster manifolds and end manifolds of pipelines are designed to withstand harsh and ultradeep conditions. Subsea manifold industry is expected to have a sharp rise in technology advances over the forecast period due to ongoing oil industry developments along with an increasing number of offshore location projects. In addition, due to the focus on offshore field development infrastructure, the market is expected to experience high expansion activities by major players. However, the lower crude oil prices are hindering the subsea manifold market.
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Global Subsea Manifolds market has been segmented on the basis of products, application and regions. Based on the products, the market is further segmented as cluster manifold, template manifold, and pipeline end manifold. Among this classification, cluster manifold segment is expected to lead the market for subsea manifolds. Cluster manifolds are superior to template manifolds as they provide flexibility in the segregation of wells, may include chemical injection, unlike the typical manifolds, and may allow the reuse of wells for explorations. The market is bifurcated as production and injection based upon application. The injection application can also be classified among these segments as gas injection, water injection and chemical injection.
The market is segmented in the four regions of North America, AsiaPacific, Europe and the rest of the world, geographically speaking.
During the forecast period the global subsea manifold market is expected to witness remarkable growth. Europe region is expected to dominate the forecast period with the largest market share. In April 2018 Norwegian oil major Statoil began installing the first topside for offshore Norway's Johan Sverdrup field development. A higher number of projects in the North Sea deep locations are likely to boost the subsea manifold market. The region of North America is likely to take market share with discoveries in the Gulf of Mexico. W&T Offshore Inc. and GE's Baker Hughes have signed a strategic partnership for W&T's Gulf of Mexico exploration and development plan in 2018. A greater number of projects are also coming from Africa 's Mediterranean Sea region, which will drive the subsea manifold market in the African region.
The key players of global subsea manifold markets are Aker Solutions ASA (Norway), Baker Hughes Incorporated (U.S), ABB (Switzerland), General Electric (U.S.), TechnipFMC Technologies Inc. (U.S.), and ITT Bornemann GmbH (Germany). Siemens AG (Germany),Subsea 7 S.A. (U.K.), Schlumberger (U.S.), One Subsea (U.S.), Halliburton (U.S.), and Drill Quip (U.S.) are among others.