Global Subsea Manifolds Market is expected to foresee significant growth. North America to lead the growth!
- Vikas Kumar
- June 3, 2023
- ENERGY & POWER, NEWS
- Subsea Manifolds Market, Subsea Manifolds Market Analysis, Subsea Manifolds Market Forecast, Subsea Manifolds Market Growth, Subsea Manifolds Market Size, Subsea Manifolds Market Trends
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Subsea Manifolds are an arrangement of piping and/or valves designed to combine, distribute, control, and often monitor fluid flow. Additionally, subsea manifolds are installed on the seabed within an array of wells to gather production fluids or to inject water or gas into wells. They have been used in oil and gas field development to simplify the subsea system, minimize the use of subsea pipelines and risers, and optimize the flow of production fluids within the system. Furthermore, Manifolds are installed on the sea floor within a series of wells to collect products or introduce water or gas into the wells. The underwater production system consists of a complete underwater borehole, Christmas tree, umbilical, riser, jumper, flowline, underwater structure, and underwater control system. Moreover, all this equipment not only improves oilfield performance but also reduces production costs. Submersible manifolds must therefore operate efficiently in deeper waters.
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The Subsea Manifolds Market is expected to grow at a steady rate of around 5% owing to the increasing investment in deepwater exploration and production coupled with more multi-well templates in the subsea beds. Major companies in the market offer subsea manifolds for oil and gas industrial applications with technologically advanced features. For instance, In July 2019, Neptune Energy and its associate joint partner BP and Japex announced engineering, procurement, construction, and installation (EPCI) contract with TechnipFMC. Under the scope of the contract, TechnipFMC will install the wellheads, Xmas trees, an umbilical, flowlines, a four-slot manifold, a subsea structure, and a subsea control system.
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Based on type, the market is segmented into template manifold, cluster manifold, and pipeline end manifold (PLEM). The cluster manifold category is to witness higher CAGR during the forecast period owing to its superior to template manifolds as it provides flexibility for the segregation of wells, can include chemical injection, unlike the typical manifolds, and allow the re-use of exploration wells. In addition, it provides flexibility to co-mingle or segregate any wells and can accommodate pigging capability. Moreover, it has reduced the risk of dropped objects and SimOps compared to the template manifold.
On the basis of application, the market is categorized into production and injection. Among these, production to hold a significant share in the market in 2021. This is mainly due to many E&P companies for well testing, sampling, allocation management, and isolation. In the upcoming years with technological advancement, many companies are moving towards deep-water production to get a sizeable amount of hydrocarbon. In addition, Subsea manifold applications are to combine flows from multiwell templates, transfer flows to production flow lines, and manage the distribution of injected water, gases, and chemicals.
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For a better understanding of the market adoption of the Subsea Manifolds industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the enhancing offshore production with large investments in deep-water production in the Gulf of Mexico, which is expected to increase the demand for subsea manifolds. In addition, favorable government rules and regulations and increased investment in offshore exploration and production are expected to accelerate the growth of the North American subsea distribution manifold market. The subsea manifold market is expected to grow rapidly in Latin America where Argentina, Chile, Brazil, and others are investing heavily in offshore exploration and production. Furthermore, the decrease in petroleum imports is due to increased offshore horizontal drilling in the region. For instance, According to Energy Information Administration (EIA), the US imported about 8.47 million barrels per day (b/d) of petroleum from 73 countries.
Some of the major players operating in the market include ABB Ltd, Aker Solutions ASA, Baker Hughes, Dril-Quip Inc., Halliburton Company, OneSubsea, Schlumberger Limited, Subsea 7 S.A., TechnipFMC plc, Trendsetter Engineering.
Global Subsea Manifolds Market Segmentation
Market Insight, by Type
Market Insight, by Application
Market Insight, by Region
- North America
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- ABB Ltd
- Aker Solutions ASA
- Baker Hughes
- Dril-Quip Inc.
- Halliburton Company
- Schlumberger Limited
- Subsea 7 S.A.
- TechnipFMC plc
- Trendsetter Engineering