Global Subsea Manifolds Market Size 2024, Forecast To 2033
6 Mar, 2024
The subsea manifolds market has experienced steady growth, increasing from $3.86 billion in 2023 to $4.04 billion in 2024, reflecting a compound annual growth rate (CAGR) of 4.8%. This growth in the historic period is attributed to the growing focus on offshore oil and gas exploration, increasing deepwater discoveries, a focus on cost-efficient production, the rise in subsea tieback projects, government initiatives for offshore development, and the increasing demand for energy. Moving forward, the market is expected to see steady growth, reaching $4.82 billion in 2028, with a slightly lower CAGR of 4.5%. The forecast period will be marked by a growing focus on enhanced oil recovery (EOR), increasing investment in subsea infrastructure, a focus on environmental sustainability, rapid growth in floating production systems, and the integration of digitalization and automation. Major trends in this period include technological innovations in material design, advancements in subsea technologies, integrated subsea production systems, digitalization and remote monitoring, and the application of high-pressure, high-temperature (HPHT) technologies.
Global Subsea Manifolds Market Key Driver
The subsea manifolds market is poised for growth, driven by the expanding trend of offshore production in the extraction of oil and gas from beneath the seabed. Offshore production, particularly in ocean waters, involves extracting crude oil and gas. Subsea manifolds play a vital role in this process by connecting wells to pipelines and risers, managing the distribution of injected water, gas, and chemicals, and optimizing the flow of production fluids within the system. According to the Energy Information Administration in the U.S., about 14.5% of crude oil was produced from wells in the Federal Offshore Gulf of Mexico in 2022, with an additional 0.1% produced in the Federal Offshore Pacific (California). The growing trend of offshore production is a key driver for the subsea manifolds market, with market sizes projected for USD 2023, 2024, and 2028.
Get A Free Sample Of The Global Subsea Manifolds Market ReportGlobal Subsea Manifolds Market Segments
The subsea manifolds market covered in this report is segmented –
1) By Type: Template Manifold, Cluster Manifold, Pipeline End Manifold (PLEM)
2) By Function: Choke And Kill Manifold, Squeeze Manifold, Frac Manifold, Production Manifold, Injection Manifold
3) By Water Depth: Shallow Water, Deep Water, Ultra Deep Water
4) By Application: Production, Injection
By Geography:The regions covered in the subsea manifolds market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Europe was the largest region in the subsea manifolds market in 2023. The regions covered in the subsea manifolds market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Subsea Manifolds Industry Players
Aker Solutions ASA, Baker Hughes Incorporated, Drill-Quip Inc., Halliburton Company, Schlumberger Limited, Subsea 7 SA, Trendsetter Engineering, TechnipFMC Technologies Inc., Asea Brown Boveri Limited, General Electric Company, Weatherford International Inc., McDermott International Ltd., Worldwide Oilfield Machine Inc., ITT Bornemann GmbH, OneSubsea LLC, Petroleo Brasileiro SA, Nexans SA, Siemens AG, FMC Technologies Inc., Saipem S.p.A., Cameron International Corporation, National Oilwell Varco Inc., Oceaneering International Inc., Prysmian Group, Vallourec SA, Emerson Electric Co., Parker Hannifin Corporation, Eaton Corporation, Honeywell International Inc., Rockwell Automation Inc., Mitsubishi Electric Corporation, Schneider Electric SE
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Subsea Manifolds Market Overview
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.
Subsea Manifolds Global Market Report 2023 provides data on the global subsea manifolds market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The subsea manifolds market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.