Discovery of Hydrocarbons Offshore Increases Adoption of Subsea Technologies
These technologies have been designed to meet the tough operating conditions in deepwater E&P areas and are customizable depending on the properties of the soil. In the past few years, as a large number of hydrocarbons were uncovered in offshore areas in deep waters, it has propelled the adoption of subsea technologies. The subsea manifolds market is segmented on the basis of application into injection manifolds and production manifolds. Geographically, this market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America.
Injections Manifolds Segment Emerges as Leader in Overall Subsea Manifolds Market
According to a research report published by TMR, the injections manifolds segment is expected to grow at a significant pace due to the rising number of investments by international companies as they work towards improving oil recovery techniques. For instance, OneSubsea, a key player in the global subsea manifolds market, announced its plan to invest £1.8 million to develop Standardised Modular Injection Systems (SMIS) in March 2016. The research and development for this project will be funded by Scottish Enterprise. This is the first ever collaboration with former divisions of Cameron International Corporation and Schlumberger in conjunction with Scottish Enterprise.
Investments in Innovations to Shape Competitive Landscape of Global Market
OneSubsea reported that the company is working on the development, design, prototype, and testing of Standardised Modular Injection System (SMIS). These systems are likely to use topside deployment systems that will run on electricity and a non-collapsible composite tubing. Such investments in innovations are likely to open new market avenues, inducing the oil and gas production giants to create new jobs and changing the competitive landscape for several players. The other important players in the global subsea manifolds market are Aker Solutions ASA, OneSubsea, FMC Technologies, Inc., Dril-Quip Inc., Subsea 7 S.A., Baker Hughes Incorporated, and General Electric.
Stringent Environmental Laws to Keep Europe at Forefront of Global Subsea Manifolds Market
Geographically, Europe is the largest subsea manifolds market. The considerable share of Europe in the global subsea manifolds market is attributable to the mounting pressure of complying with the template structure to maintain subsea instruments intact. Furthermore, the large reserves of gas in the North Sea and the stringent environmental regulatory framework that demands development of offshore reserves are also expected to contribute towards the growth of the subsea manifolds market in Europe.