Global SURF (Subsea Umbilicals, Risers and Flowlines) market, is estimated to be valued at US$ 34.1 Billion in 2021, according to Global SURF (Subsea Umbilicals, Risers, and Flowlines) Market Report by Product Type (Subsea Umbilicals, Risers and Flowlines), by Depth (Shallow water, Deep water, and Ultra deep water), and by Region (North America, South America, Europe, Middle East and Africa, and Asia Pacific), published by Coherent Market Insights.
Global SURF (Subsea Umbilicals, Risers and Flowlines) market was valued at US$ 34.1 Billion in 2021. SURF (Subsea Umbilicals, Risers and Flowlines) market is expected to register a CAGR of 12.9% over the forecast period (2022–2030). The Europe region is expected to dominate market over the forecast period and is projected to be the largest and fastest-growing region.
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Browse 50 market data tables* and 40 figures* on "Global SURF (Subsea Umbilicals, Risers and Flowlines) Market” - Forecast to 2030.
Key Trends and Analysis of the Global SURF (Subsea Umbilicals, Risers and Flowlines) Market:
- Among product type, flowlines segment constitutes a market share of 49.8% and is expected to witness the fastest growth in the global SURF (Subsea Umbilicals, Risers and Flowlines) market during the forecast period. This is due to the availability of different types of flowlines that suit all the extreme weather conditions. Few such flowlines include single tubular, bundled lines, coiled tubing, riser, hybrid riser, jumper, and pipe-in-pin. Among the water depth segment, deep water segment is expected to gain the highest market share during the forecast period, owing to the exhaustion of some shallow offshore resources. The production in case of deep and ultra-deep water is expected to surpass the shallow water segment. The majority of deep water production is found out in Brazil, the U.S., Norway, and other such countries.
Key Takeaways of the Global SURF (Subsea Umbilicals, Risers and Flowlines) Market:
- Europe was the dominant region in the global SURF (Subsea Umbilicals, Risers and Flowlines) market in 2021, with a market share of 24.7% owing to strong presence of the Norwegian Continental Shelf’s deep and ultra-deep water based oil production. As per the International Trade Administration, in 2018, Norway was ranked as the world´s third largest exporter of natural gas, and the 11th largest exporter of oil. In June 2018, the Norwegian Ministry of Petroleum and Energy awarded 12 new licenses in 47 blocks on the NCS (Norwegian Continental Shelf). Nine of the licenses are located in the Barents Sea, while three are located in the Norwegian Sea. This is expected to boost the European SURF market during the forecast period.
- Asia Pacific is projected to be the largest and fastest growing market for SURF (Subsea Umbilicals, Risers and Flowlines) over the forecast period. Large populations in India and China coupled with increasing internet penetration rates has led to e-commerce and SURF (Subsea Umbilicals, Risers and Flowlines) market growth. According to Chinese government sources, the e-commerce market growth in the country was 32% in 2021. Moreover, high growth in the economies of Indonesia and India is also expected to contribute in market growth over the forecast period.
- Asia Pacific accounted a revenue share of 15.20% in 2021, and is expected to be one of the conducive regions for growth of the global SURF market during the forecast period. This is owing to increasing investments by major players coupled with augmenting oil and gas exploration and production activities in this region. For instance, in 2018, India’s Oil and Natural Gas Corp. (ONGC) awarded its largest single subsea contract to a consortium of McDermott International, Inc., Baker Hughes, a GE company (BHGE) and L&T Hydrocarbon Engineering (LTHE), subsidiary of Larsen & Toubro. These companies would provide ONGC with subsea equipment and services for its largest deepwater project. In addition to this, ONGC contract calls for installing subsea umbilicals, risers and flowlines (SURF) at water depths ranging from 984 feet (300 meters) to 10,500 feet (3,200 meters).
- North America provides the SURF (Subsea Umbilicals, Risers and Flowlines) market with ample growth opportunities. Surging investments toward exploitation of new crude oil discoveries coupled with positive outlook toward development of unconventional reserves is expected to fuel the industry growth. Furthermore, rising focus toward digitalization and automation of the drilling operations to enhance crude oil production rate will further augment the business landscape.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities are key strategies adopted by players in the global SURF (Subsea Umbilicals, Risers and Flowlines) market
