The Asia Pacific SURF market was valued at US$ 6.22 billion in 2020, according to the SURF Market Report, by Product Type (Subsea Umbilicals, Flowlines, and Risers), by Water Depth (Shallow Water, Deep Water, and Ultra-deep Water), and by Country (India, China, Malaysia, Indonesia, Vietnam, Thailand, Australia, and Rest of Asia Pacific), published by Coherent Market Insights.
The Asia Pacific SURF market is expected to surpass US$ 19.47 billion by 2028 and exhibit a CAGR of 12.5% during the forecast period (2021-2028). Increasing oil demand in Asia Pacific has been augmenting the SURF market growth. In the Asia Pacific region, oil demand is dominant in China and Australia. According to the Department of the Environment and Energy, Australia, oil was the largest primary energy source in Australia, accounting for 37% in 2015–16, followed by coal (32%), natural gas (25%), and renewables (6%). Offshore oil extraction activity has also been constantly increasing in Asia Pacific. New platforms are continuously installed in different parts of the world to operate in deepwater. According to the Government of India, the country imported 109.09 billion tons of crude oil from 10 Middle East nations in the 2015-16 fiscal year, which was 59% of the total oil imports. Due to the growth of the petrochemical industries in the region, the demand for crude oil has increased significantly.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/asia-pacific-surf-market-5007
Browse 50 market data tables* and 45 figures* on ‘SURF Market’ – Asia Pacific Forecast to 2028.
Key Trends and Analysis of the SURF Market:
- Among countries, Malaysia accounted for a significant market share in 2020. According to the U.S. Energy Information Administration, in 2017, Malaysia was the second-largest producer of petroleum and other liquids in Southeast Asia, following Indonesia and nearly all of Malaysia's oil is obtained from offshore fields. Furthermore, according to the World Energy Council, most of the oil extracted from offshore fields are from the following basins: Malay, Sarawak, and Sabah; and oil production had a general downward trend due to the maturation of oil fields. However, deepwater exploration and enhanced oil recovery are utilized to some extent to sustain the production levels.
Key Takeaways of the Market:
- Among application, the shallow water sub-segment accounted for 62.9% of the revenue share in 2020. Increasing offshore activities have resulted in the rising demand for shallow water in the Asia Pacific region, thereby driving the market growth. For instance, in 2018, McDermott International, Inc., a global provider of engineering and construction solutions, announced that it had successfully completed the contract of phase II of the Greater Western Flank Phase 2 SURF project offshore Australia. In January 2016, the contract was awarded by Woodside Energy Ltd., a pioneer of the LNG industry in Australia.
Figure 1. Asia Pacific SURF Market Revenue Share (%), By Application, 2020
Key players
- Major players operating in the Asia Pacific SURF market include Aker Solutions ASA, TechnipFMC plc, Prysmian Group, Vallourec S.A., JDR Cable Systems (Holdings) Ltd., Oceaneering International, Inc., Subsea 7 S.A., Nexans Norway AS, Saipem S.p.A., McDermott International, Inc., DeepOcean Group Holding BV, Ocean Installer AS, Actuant Corporation, and Airborne Oil & Gas B.V.
- Key players operating in the Asia Pacific SURF market are focusing on various strategies such as supplying umbilicals to strengthen their market presence. For instance, in April 2018, Nexans, a global company in the cable and optical fiber industry, supplied umbilicals and accessories for BP’s Mad Dog 2 project in the Gulf of Mexico. For this project, Nexans Norway supplied static and dynamic umbilicals and accessories for deep-water oil and gas production development in the U.S.
Asia Pacific SURF Market - Impact of Coronavirus (COVID-19) Pandemic
- The demand for oil in APAC witnessed a huge decline in 2020 due to the COVID-19 pandemic. It is expected that the demand for oil in APAC will surge by 2022-end. However, the expectations and prospects depend on the new variant of the COVID-19, named Omicron virus, and also lockdowns and restrictions. In recent years, the demand for subsea control systems and related wellhead control equipment has been growing. However, increasing oil and gas exploration activities and the sales of subsea control systems in APAC have been affected to a great scale due to the COVID-19 outbreak.
