Subsea Boosting Systems Market to grow at a CAGR of 9.7% during the period 2015 – 2023
Due to a limited number of manufacturers of subsea boosting systems, the degree of competition in the global subsea boosting systems market is expected to substantially increase, reports Transparency Market Research (TMR) in a new study. The leading manufacturers of subsea boosting systems are focusing on pricing strategies to attract consumers and maintain their leading position in the industry. The top three companies, FMC Technologies, OneSubsea, and GE Oil & Gas, together accounted for approximately 78% of the global subsea boosting market in 2014. The increasing need for enhancing oil and gas production has opened up new opportunities for manufacturers of subsea boosting systems due to their extensive use in oil and gas drilling from deep and ultra-deep-water locations. The continuous investments being made in projects to discover new offshore oil and gas drilling opportunities has augmented the demand subsea boosting systems. Increasing Need to Extract Oil and Gas...