Pune, India, Nov. 17, 2021 (GLOBE NEWSWIRE) --
The global subsea umbilicals, risers and flowlines market size will gain remarkable momentum during the forecast timeline, owing to the steady increase in the number of exploration and production activities. Governments across the world are increasing their investments in various digital technologies to improve operational efficiency across sectors. The region-wise trends that will positively impact the market forecast are mentioned below:
- North America:
Deep offshore fields witness an increase in exploration activities:
Based on water depth, the North America subsea umbilicals, risers and flowlines market size from deep offshore fields is projected to grow due to a steady decline in the number of easily available oil reserves. Companies are focusing on increasing their operational efficiency in various deep offshore field projects. SURF products are cost effective, have a robust design, and showcase high reliability in performance. Moreover, the system design is undergoing technological innovations, which will amplify the demand for these devices.
The discovery of new oil reserves and the increasing adoption of automation and digitization will play a key role in the robust use of SURF equipment in the region. For example, Hybrid Autonomous Underwater Vehicles/Remote Operated Vehicles (AUVs/ROVs) are witnessing technological improvements, such as the ability to work without the support of a surface vehicle, thereby boosting the installation of SURF devices.
Access sample pages of the report, “North America Subsea Umbilicals, Risers and Flowlines (SURF) Market Forecasts 2027” in detail along with the table of contents (ToC) @
https://www.graphicalresearch.com/request/1905/sample
Subsea umbilicals may experience strong demand:
Umbilical products are likely to capture a significant share of North America market by 2027. The number of deep and ultra-deep-water drilling, exploration, and production activities is growing in the region. Umbilicals showcase high reliability, are cost efficient, and have the ability to transmit chemical fluids and electric signals. In addition to this, governments are placing strict regulations to ensure safety in offshore operations, which will stimulate the demand for umbilicals.
High adoption of risers:
North America subsea umbilicals, risers and flowlines market share from risers is expected to develop at a commendable rate as the number of exploration and production activities in shallow and deep offshore fields is increasing. Floating Production Systems (FPSOs) are being installed on a large scale and features, including flexibility in installation, reliability, and cost effectiveness will augment the demand for risers.
- Asia Pacific:
Exploration activities in shallow fields increase:
The Asia Pacific subsea umbilicals, risers and flowlines market outlook will be positively impacted by the growing use of SURF equipment across shallow fields. Governments are increasing their capital expenditure in various exploration and production activities and are heavily investing in advanced technologies, such as AI to create a robust system control and data gathering technology.
Companies are entering into strategic partnerships with other firms to expand their product portfolios and explore lucrative opportunities in the oil & gas sector. For example, the Oil and Natural Gas Corporation (ONGC), in April 2021, granted a three-year deal to Shelf Drilling Ltd. for the jack up J.T. Angel Rig near Mumbai High, India to conduct offshore oil & gas E&P activities. The operations are expected to begin from the last quarter of 2021.
Access sample pages of the report, “Asia Pacific Subsea Umbilicals, Risers and Flowlines (SURF) Market Forecasts 2027” in detail along with the table of contents (ToC) @
https://www.graphicalresearch.com/request/1996/sample
End-users increase the adoption of risers and flowlines:
Risers and flowlines may hold a major share of the regional market by 2027. The connection between the topside platforms and vessels to the wellhead pumps on the seafloor are undergoing technological advancements. These innovations will enhance the efficiency of oil extraction processes. The number of deep-sea projects is rising in the region, thereby supplementing the use of risers and flowlines.
China subsea umbilicals, risers and flowlines market share shows steady increase:
China is anticipated to hold a substantial share of the regional market as the demand for vehicle fuel and plastics is growing at a robust rate. The number of mega refineries is growing, which can play a vital role in converting nearly half of the crude oil produced into petrochemicals, thereby bolstering the deployment of SURF equipment in the country.
Europe:
Investments in crude oil reserves grow:
Governments in Norway and Russia are increasing their investments to explore new crude oil blocks. Moreover, the price of gas is steadily rising, thereby positively impacting the trade relations between countries that want to buy gas at a low cost. For example, Gazprom, in 2021, offered to supply natural gas to various European nations due to the increasing cost of gas. The number of gas supply contracts is growing, resulting in the high deployment of SURF devices.
Access sample pages of the report, “Europe Subsea Umbilicals, Risers and Flowlines (SURF) Market Forecasts 2027” in detail along with the table of contents (ToC) @
https://www.graphicalresearch.com/request/2009/sample
Russia, Norway, and the UK hold major share of Europe industry:
Russia, Norway, and the UK are expected to hold a significant share of Europe market by 2027 as unconventional reserves are being developed. The investments in discovering new crude oil reserves are also growing. For example, Russia-based multinational energy corporation, Lukoil acquired nearly 25% stake in BP’s Shallow Water Absheron Peninsula (SWAP) exploration project in Azerbaijan. It will assist the organization in exploring 40 meters south of Absheron Peninsula, located in the Azeri section of the Caspian Sea. The demand for green energy sources will drive the use of SURF products.
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
