Insights Into The Subsea Manifolds Market’s Growth Opportunities Through 2023-2032 – Includes Subsea Manifolds Market Trends
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Rising oil and gas demand is likely to promote innovation in subsea manifold manufacturing, propelling the market during the forecast period.
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 global subsea manifolds market size is expected to reach $4.58 billion in 2027 at a CAGR of 4.4%.
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Global Subsea Manifolds Market Segments Include:
- By Type: Template Manifold, Cluster Manifold, Pipeline End Manifold (PLEM)
- By Function: Choke And Kill Manifold, Squeeze Manifold, Frac Manifold, Production Manifold, Injection Manifold
- By Water Depth: Shallow Water, Deep Water, Ultra Deep Water
- By Application: Production, Injection
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Europe is the largest region in the global subsea manifolds market in 2021.
Major Market Players in the subsea manifolds market include Aker Solutions ASA, Baker Hughes Incorporated, Drill-Quip Inc., Halliburton Company, Schlumberger Limited, Subsea 7 SA, Trendsetter Engineering, TechnipFMC Technologies Inc.
The primary trends gaining traction in the subsea manifolds market are technological developments. Companies in the subsea manifolds market are implementing novel and advanced technologies to maintain their market position. Baker Hughes Incorporated, a US-based oil field services firm, for example, unveiled the MS-2 Annulus Seal, a new subsea manifold wellhead technology, in May 2022, to help cut well construction and installation costs by minimising rig visits and saving significantly on operational rig costs. MS-2 Annulus Seal broadens intervention options, reduces well construction and intervention costs, and ensures well integrity under tough conditions. The MS-2 Annulus Seal, the most recent technological advancement to Baker Hughes’ existing wellhead seal, the MS-SN, boosts operator confidence in well integrity while also extending well life.
The Subsea Manifolds Global Market Report 2023 provides a subsea manifolds market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The subsea manifolds market forecast analyzes subsea manifolds market size, subsea manifolds market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Subsea manifolds are subsea flow routers that connect and route flow lines and subsea trees. It is used to simplify the subsea layout design and reduce the number of risers connecting to the platform. These are made up of pipes and valves and are used to distribute injected water, gas and chemicals as well as combine flow from many subsea wells for transfer into production flow lines.
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