Subsea Compressor Market will Reflect Significant Growth Prospects during 2018-26
Global Subsea Compressor Market: Overview
In an offshore oil and gas sector, production equipment are placed as near as possible to the hydrocarbon reservoir. With technological advancements and vast research and development activities, new resources are being discovered in deeper waters, challenging climatic conditions, and remote places. Hence, the need for new technologies arise that can open new and matured sources of energy. Thus, to overcome this challenge, one the most promising technology is subsea gas compression. A new remote gas field or a depleted gas reservoir, subsea gas compression can enhance the life of the field, thereby increasing the revenue.
Subsea production systems are considered to be an important part of offshore developments. Offshore exploration and production activities are fuelling the demand for subsea equipment globally. Reservoir pressure in producing gas fields is declining over the period of time causing the natural gas output to fall. For exploration and production activities to be economical, gas pressure must be raised to maximize the natural gas production. Subsea process can supply separation and compression capabilities to deliver natural gas to onshore processing facilities to enhance the production of crude oil and natural gas from subsea wells. Subsea compression is a cost-effective method for the gas fields which require pressure boosting. Reliable subsea compression is a key to push subsea production from marginal to deep-water fields. The subsea compression provides large number of benefits as compared to that of installing a new platform including capital expenditure and operating expenditure.
The subsea compression unit must operate continuously with maintenance free operation for years. Subsea compressor is an energy efficient solution in comparison with topside compressors for as they work close to the well. Overall power requirement for subsea compressor vary from few KW to tens of MW. As compressor maintain flow rate of gas above the specified hydraulic limit, large quantities of hydrocarbons can be easily recovered from the reservoir. Subsea compression systems depends on numerous factors such as tieback distance, the type of reservoir, water depth, and type of production systems. One of the driving forces in the subsea compressor market is the reduction in development cost as compared to the traditional method.
Subsea compression addresses the declining natural gas reservoir pressure by offering an attractive combination of both economic and environmental benefits. Subsea compression can be considered as a technology for recovering increased volumes from beginning of the projects and at a later stage of the field life. Such type of system has gained popularity across the globe owing to the large number of deep water projects in remote locations. Mergers, acquisitions and partnership would help subsea equipment suppliers to penetrate global subsea compressor market. Subsea compression systems also eliminates the need for a new submersible platform with heavy weights. Subsea compression will provide far reaching HSE benefits to subsea gas developments.
Increase in number of drilling activities and mature reserves are some of the key drivers of the subsea compressor market. However, large numbers of technical and capital intensive risks associated with exploration and production activities can hinder the growth of the subsea compressor market. Ample opportunities are there for subsea compressor market owing to the discoveries of large numbers of shale gas reserves throughout the world. According to an estimate China accounts for large number of reserves as compared to the U.S.
Global Subsea Compressor Market: Key Players
Some of the key players in the subsea compressor market are Aker Solutions, OneSubsea, Dresser-Rand, SKF Group, Siemens AG, FMC Technologies, Inc., Vallourec S.A., Cameron International Corporation, National Oilwell Varco and GE Oil & Gas among others.
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