PUBLISHER: The Business Research Company | PRODUCT CODE: 1414617
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414617
“Subsea Manifolds Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on subsea manifolds market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for subsea manifolds? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The subsea manifolds market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Subsea manifolds are structures designed to connect flow lines and subsea trees, facilitating flow routing in underwater environments. They play a crucial role in optimizing subsea layout configurations and reducing the number of risers attached to the platform. Comprising pipes and valves, subsea manifolds are instrumental in distributing injected water, gas, and chemicals, while also consolidating the flow from multiple subsea wells for transfer into production flow lines.
The primary types of subsea manifolds include template manifold, cluster manifold, and pipeline end manifold (PLEM), each serving various functions such as choke and kill manifolds, squeeze manifolds, frac manifolds, production manifolds, and injection manifolds. A template manifold is strategically positioned to collect produced fluids and distribute injected fluids, catering to different water depths such as shallow water, deep water, and ultra-deepwater. Moreover, these manifolds find applications in various scenarios, including both production and injection processes.
The subsea manifolds market research report is one of a series of new reports from The Business Research Company 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. The 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.
The subsea manifolds market size has grown steadily in recent years. It will grow from $3.86 billion in 2023 to $4.04 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The expansion observed in the historical period can be ascribed to the rise in offshore oil and gas exploration, the escalation of deepwater discoveries, a commitment to cost-efficient production, the upsurge in subsea tieback projects, governmental efforts promoting offshore development, and a heightened demand for energy.
The subsea manifolds market size is expected to see steady growth in the next few years. It will grow to $4.82 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%.
The anticipated expansion in the forecast period is linked to an increased emphasis on enhanced oil recovery (EOR), rising investments in subsea infrastructure, a dedication to environmental sustainability, rapid advancements in floating production systems, and the integration of digitalization and automation. Noteworthy trends expected in the forecast period encompass technological innovations in material design, progress in subsea technologies, the implementation of integrated subsea production systems, digitalization, and remote monitoring, as well as applications in high-pressure, high-temperature (HPHT) scenarios.
The anticipated surge in offshore production is poised to drive the growth of the subsea manifolds market. Offshore production involves the extraction of oil and gas from beneath the seabed, typically in ocean waters. Subsea manifolds play a pivotal role in offshore production 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. For example, as reported by the Energy Information Administration, a US-based government agency, approximately 14.5% of crude oil in the U.S. was produced from wells situated in the Federal Offshore Gulf of Mexico in 2022, with an additional 0.1% from the Federal Offshore Pacific (California). Hence, the increasing trend in offshore production serves as a driving force for the subsea manifolds market.
The escalating demand for oil and gas is expected to fuel the future growth of the subsea manifolds market. Oil and gas encompass all materials derived or extracted in connection with petroleum, natural gas, and other hydrocarbons or minerals with similar properties. Subsea manifolds have been integral in oil and gas fields for transferring oil or gas from wellheads into pipelines. For instance, as of March 2023, based on information from the US Energy Information Administration, the US is projected to experience an increase in crude oil output to 12.4 million b/d in 2023, surpassing the previous record of 11.7 million b/d in 2022. Furthermore, in September 2022, the US recorded an average consumption of 86.6 billion cubic feet of natural gas per day (Bcf/d), marking the highest annual consumption of natural gas in the country compared to the previous year. Therefore, the surge in demand for oil and gas acts as a catalyst for the growth of the subsea manifolds market.
Technological advancements represent a prominent trend gaining traction in the subsea manifolds market. Companies within the subsea manifolds market are embracing innovative and advanced technologies to maintain their competitive standing. For example, in May 2022, Baker Hughes Incorporated, a US-based oil field services company, introduced the MS-2 Annulus Seal, a novel subsea manifold wellhead technology aimed at reducing well construction and installation costs. This innovation contributes to cost savings by minimizing rig trips and operational expenses. The MS-2 Annulus Seal enhances intervention options, reduces well construction and intervention costs, and ensures well integrity even in challenging conditions. Serving as the latest technological enhancement to Baker Hughes' existing wellhead seal, the MS-SN, it instills operator confidence in well integrity and extends well life.
Leading companies in the subsea manifolds market are actively developing groundbreaking products featuring advanced technologies, such as subsea motion stabilizer technology designed to mitigate instability on cables, umbilicals, and flowlines. This technology is crafted to control movement, keeping cables, umbilicals, and flowlines in their designated locations or allowing controlled movement as needed, thereby minimizing the risk of damage or undue stresses. For instance, in September 2021, CRP Subsea, a UK-based provider of subsea capable condition-based monitoring systems, launched subsea motion stabilizer technology. The distinctive design includes self-burying helical fins with varied pitches along the stabilizer's length, anchoring into the seabed to enhance overall resistance. This motion stabilizer is resilient and can withstand substantial seabed abrasion, making it suitable for overboard chutes or S-lay operations. The technology provides a cost-effective solution by reducing the need for anchors, piles, or tether clamps and mitigates risks associated with working above subsea structures.
In November 2022, Advanced Innergy Solutions (AIS), a UK-based subsea manufacturing company, successfully acquired CRP Subsea for an undisclosed amount. This strategic acquisition enhanced AIS's market position and expanded its portfolio to offer customers a broader range of cutting-edge subsea solutions. CRP Subsea, a UK-based manufacturer, specializes in offshore riser, umbilical, pipeline, and cable condition-based monitoring systems.
Major companies operating in the subsea manifolds market report are 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
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
The countries covered in the subsea manifolds market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
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.
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.