According to a recent study titled ‘Global Subsea Pumps Market Size study by Application (Subsea Boosting, Subsea Separation, Subsea Injection and Subsea Compression), by Type (Helico-Axial, Electrical Submersible Pump (ESP), Centrifugal, Twin Screw, Hybrid and Counter-Axial) and Regional Forecasts 2020-2027’, available with Market Study Report, global subsea pumps market was valued USD 2.19 billion in 2019 and is projected to register an appreciable growth rate of 4.2% through 2027.
 

As per the findings of the report, global subsea pumps market in primarily driven by rapid growth of oil & gas industries especially in offshore sites. Moreover, growing investments and increasing exploration activities for new offshore reserves is expected to boost the industry growth over the forecast timeline.
 

For the record, global natural gas production was estimated to be nearly 39588 billion cubic meters in 2018, and increased by 3.3% the following year, totaling to around 4088 billion cubic meters, cites the International Energy Agency. Likewise, worldwide crude oil production saw an 11% rise in 2019, accounting for 12.33 million barrel per day as compared to 10.99 million barrel per day in 2018. Hence, ever-increasing energy demand across the globe will continue to sustain the growth of oil & gas sector, which in turn, will accelerate global subsea pumps market expansion.
 

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Notably, subsea pumps are positioned vertically with an oil-filled motor installed at the top and the pump section at the bottom. Owing to their ability to enhance recovery rate by reducing backpressure on reservoirs, these pumps are witnessing an increased deployment in offshore mature field. However, stringent government regulations are negatively affecting supply-demand in global subsea pumps industry.
 

Based on product type, the industry is categorized into electrical submersible pump (ESP), helico-Axial, twin screw, centrifugal, hybrid, and counter-axial. Moving on the application spectrum, the market is fragmented into subsea separation, subsea boosting, subsea compression, and subsea injection.
 

On the regional front, North America is currently the leading contributor to global subsea pumps market remuneration, attributable to the boom in the natural gas production across the major economies of the region.
 

Meanwhile, Asia Pacific subsea pumps market is anticipated to expand at a robust pace during the forecast period owing to strong growth in oil & gas industry and discoveries of new offshore reserves in the region.
 

Key players impacting worldwide subsea pumps industry dynamics are Leistritz Pumps GmbH, Flowserve Corp., ITT Bornemann, SPX Corp., Sulzer Ltd., General Electric Company, Onesubsea (Schlumberger Ltd.), TechnipFMC (merger of FMC Technologies and Technip), Baker Huges Company, and Aker Solutions ASA.