SURF (SUBSEA UMBILICALS, RISERS, AND FLOWLINES) MARKET ANALYSIS

SURF (Subsea Umbilicals, Risers, and Flowlines) MarketSize and Trends

Global SURF (Subsea Umbilicals, Risers and Flowlines) market was valued at US$ 34.1 Billion in 2021, in terms of revenue, exhibiting a CAGR of 12.9% during the forecast period (2022 to 2030).

Figure 1. Global SURF (Subsea Umbilicals, Risers and Flowlines) Market Value Share (%), By Region, 2021

Market Trends

Rising oil and gas automation, also known as oilfield automation, in the oil and gas industry is the latest trend in the global SURF (Subsea, Umbilicals, Risers and Flowlines) market. The growing number of oil reserves exploration activities involves digital technologies that can help energy producers better compete in global markets. Advancements, such as multi-well pad drilling, multiple fracture stages, and improved well and pipe design, have already boosted drilling efficiencies significantly. Producers also are using fewer rigs to extract more oil and gas in less time, which keeps costs down.

On the basis of product type, Flowlines dominated the global SURF (subsea umbilicals, risers and flowlines) market in 2021, the category with a market share of 49.8%. According to Oilfield Technology report in October 2018, Russia is expected to account for the highest new build capital expenditure (CAPEX) of around US$78.8 billion for 2018-2022 period. Moreover, according to Open Access Government, Russia-India is the longest planned natural gas pipeline in the country as well as for the European region. It is expected to start its operations in November 2022 with a planned length of 6000 km.