The subsea manifolds market is anticipated to grow at a CAGR of 6.08% from US$3.572 billion in 2022 to US$5.401 billion by 2029.

NOIDA, UTTAR PARDESH, INDIA, March 14, 2024 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the subsea manifolds market is projected to grow at a CAGR of 6.08% between 2022 and 2029 to reach US$5.401 billion by 2029.

One of the key growth drivers to propel the subsea manifolds market during the forecasted period is the growing offshore drilling activities around the globe. They are designed to withstand tough and ultra-deep conditions and help in drilling to extract resources in those harsh conditions. Also, with technological advancements and new offshore sea exploration the market growth is predicted to be positive in the future.

Another factor that boosts the sales of subsea manifolds in the market is the advancements in technology as more oil and gas operators are using these technologies for building offshore hydrocarbon reserves. These technologies are made for harsh conditions and can withstand them while drilling and they can be customized depending on the soil properties. These growing drilling activities around the globe and advancing technology are going to contribute to the market growth of subsea manifolds during the forecast period.

Access sample report or view details: https://www.knowledge-sourcing.com/report/subsea-manifolds-market

The subsea manifolds market, by application, is divided into four types- oil production, gas lift injection, gas production, and water injection. They have various applications for instance, oil and gas production is done by drilling using these subsea manifolds under deep-sea harsh conditions, and the extracted oil or natural gas is transported by submarine pipeline under the sea. Therefore, subsea manifolds have various applications to help in the growth of the market in the forecast period.

The Asia Pacific region is expected to witness significant growth in the subsea manifolds market during the forecasted period as this region has plans by governments to expand the existing production capacity of the shale gas in this region coupled with the growing acreages in shale basins. Also, with exploring and innovating technologies for offshore drilling in the region the demand for subsea manifolds is anticipated to rise. For instance, the Chinese government has been encouraging coal bed methane exploitation through subsidies which will drive offshore drilling activities in the region and which in turn will propel the market in the region for subsea manifolds.

The research includes several key players from the subsea manifolds market, such as Schlumberger Limited, Halliburton Company, General Electric company, Worldwide Oilfield Machine Inc., Dril-Quip, Inc., Trendsetter Engineering, Aker Solutions ASA, Technip FMC, Baker Hughes Company.

The market analytics report segments the subsea manifolds market using the following criteria:

• By Application:

o Oil Production
o Gas Lift Injection
o Gas Production
o Water Injection
o Others

• By Geography:

o North America

• United States
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• UK
• Germany
• France
• Italy
• Spain
• Others

o Middle East and Africa (MEA)

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• Japan
• China
• India
• Australia
• South Korea
• Indonesia
• Thailand
• Taiwan
• Others

Companies Mentioned:

• Schlumberger Limited
• Halliburton Company
• General Electric company
• Worldwide Oilfield Machine Inc.
• Dril-Quip, Inc.
• Trendsetter Engineering
• Aker Solutions ASA
• Technip FMC
• Baker Hughes Company

Explore other reports:

• Global Subsea Pump Market: https://www.knowledge-sourcing.com/report/global-subsea-pump-market

• Subsea Systems Market: https://www.knowledge-sourcing.com/report/subsea-systems-market

• Offshore Wind Subsea Cable Market: https://www.knowledge-sourcing.com/report/offshore-wind-subsea-cable-market

Ankit Mishra
Knowledge Sourcing Intelligence LLP
+1 850-250-1698
email us here
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