The global subsea boosting systems market is expected to surpass US$3 bn by the end of 2023. This market was valued at US$1.3 bn in 2014 and is projected to exhibit a CAGR of 9.70% during the forecast period of 2015 to 2023. These details have been provided in a research report released by Transparency Market Research, titled “Subsea Boosting Systems Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2015 - 2023.” According to the report, the primary driver of the global subsea boosting systems market is the rapidly increasing demand for oil and gas around the world. This demand is escalating in proportion to the growing global population and the increasing rate of urbanization in developing economies. Onshore oil and gas fields are close to being depleted, leaving oil companies to turn toward deep offshore deposits. The global subsea boosting systems market is benefitting from the higher rate of attention shown to offshore oil exploration and production activities. Research and innovation efforts are leading to subsea boosting systems that are increasingly efficient, reliable, and can function for longer periods of time. Consequently, oil and gas companies are showing a greater interest in the global subsea boosting systems market.
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