New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Subsea Manifolds Global Market Report 2023" - https://www.reportlinker.com/p06466593/?utm_source=GNW
, ABB Limited, General Electric Company, Weatherford International Inc., McDermott International Ltd., Worldwide Oilfield Machine Inc., ITT Bornemann GmbH, and One Subsea.
The global subsea manifolds market is expected to grow from $3.67 billion in 2022 to $3.86 billion in 2023 at a compound annual growth rate (CAGR) of 5.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The subsea manifolds market is expected to reach $4.58 billion in 2027 at a CAGR of 4.4%.
The subsea manifolds market consists of sales of tie-in structures, riser bases, and gas export systems, over trawlable and fishing-friendly designs.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Subsea manifolds refer to subsea flow router that connects flow lines and subsea trees and performs flow routing.It is utilized to streamline the subsea layout configuration and minimize the number of risers that are attached to the platform.
These are made up of pipes and valves and are used to distribute injected water, gas, and chemicals as well as to combine the flow from many subsea wells for transfer into production flow lines.
Europe was the largest region in the subsea manifolds market in 2022. The regions covered in the subsea manifolds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of subsea manifolds are the template manifold, cluster manifold, and pipeline end manifold (PLEM), which have various functions including choke and kill manifolds, squeeze manifolds, frac manifolds, production manifolds, and injection manifolds.A template manifold is a template that supports a manifold that is strategically placed to collect produced fluids and distribute injected fluids.
These are used for various types of water depths, such as shallow water, deep water, and ultra-deep water, and are used for several applications, such as production and injection.
The rising demand for oil and gas is expected to propel the growth of the subsea manifolds market going forward.Oil and gas refer to all materials generated or extracted in connection with petroleum, natural gas, and other hydrocarbons or minerals that are similar to them or any of them.
Subsea manifolds have been used in the oil and gas fields to transfer oil or gas from wellheads into a pipeline. For instance, in March 2023, according to the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, there is an increase in U.S. crude oil output to 12.4 million b/d in 2023 from the record-high of 11.7 million b/d in 2022. Furthermore, in September 2022, the US consumed an average of 86.6 billion cubic feet of natural gas per day (Bcf/d) 2022, the highest annual consumption of natural gas in the U.S. as compared to the previous year. Therefore, the rising demand for oil and gas is driving the growth of the subsea manifolds market.
Technological advancements are the key trends gaining popularity in the subsea manifolds market.Companies operating in the subsea manifolds market are adopting innovative and advanced technologies to sustain their position in the market.
For instance, in May 2022, Baker Hughes Incorporated, a US-based oil field services company, launched the MS-2 Annulus Seal, a new subsea manifold wellhead technology, to help lower well construction and installation costs by reducing rig trips and saving substantially on operational rig costs.MS-2 Annulus Seal extends intervention choices, lowers the cost of well construction and intervention, and assures well integrity under difficult circumstances.
The MS-2 Annulus Seal, the most recent technological improvement to Baker Hughes’ existing wellhead seal, the MS-SN, increases operator confidence in well integrity and prolongs well life.
In November 2022, Advanced Innergy Solutions (AIS), a UK-based subsea manufacturing company, acquired CRP Subsea for an undisclosed amount.This acquisition improved AIS’ standing in the market and gave its customers access to a wider variety of cutting-edge subsea solutions.
CRP Subsea is a UK-based manufacturer that offers offshore riser, umbilical, pipeline, and cable condition-based monitoring systems.
The countries covered in the subsea manifolds market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The subsea manifolds market research report is one of a series of new reports that provides subsea manifolds market statistics, including subsea manifolds industry global market size, regional shares, competitors with a subsea manifolds market share, detailed subsea manifolds market segments, market trends and opportunities, and any further data you may need to thrive in the subsea manifolds industry. This subsea manifolds market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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