Visiongain has published a new report entitled the Oil & Gas Subsea Umbilicals, Risers & Flowlines (SURF) 2022-2032. It includes profiles of Oil & Gas Subsea Umbilicals, Risers & Flowlines (SURF) and Forecasts Market Segment by Risers, Steel Catenary Risers (SCR), Flexible Catenary Risers (FCR), Other Risers, , Market Segment by Product, Umbilicals, Risers, Flowlines, Cables, Other products, Market Segment by Services, Flexible Flowline/Riser Installation & Recovery, Power Cable Installation & Recovery, Umbilical Installation & Recovery, Subsea Structure Installation, Jumper And Tie-In Spool Installation, Other Services, , Market Segment by Water Depth, Shallow Water, Deep Water, Ultradeep Water, Other Water Depth, PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global oil & gas subsea umbilicals, risers & flowlines (SURF) market was valued at US$6987 million in 2021 and is projected to grow at a CAGR of 9.0% during the forecast period 2022-2032.
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The Market Will Be Fueled By New Oil Field Discoveries.
New oil fields have been discovered as a result of the rising demand for oil and gas to meet energy demands. This has resulted in an increase in oil and gas extraction activity. Furthermore, the disparity between energy demand and supply has prompted the search for additional oil reserves all over the world. Authorities in countries like the United States, Iran, and Iraq have been focusing on finding new oilfields to produce oil and gas. For example, in 2019, the Iranian government claimed the discovery of new oilfields in the country's southern region with a capacity of more than 50 million barrels of crude oil. In 2019, BP Plc announced the discovery of new oilfields in the Gulf of Mexico's Thunder Horse field with a capacity of one billion barrels of oil. Furthermore, in May 2019, a subsidiary of Rosneft, Bashneft International N.V, discovered a new oilfield in Iraq's Southwest region. Pemex reported the finding of the Quesqui oil resource in South-Eastern Mexico in December 2019, with a potential of about 500 million barrels. The market for deepwater drilling is predicted to grow as a result of these advances in the oil and gas industry.
How has COVID-19 had a significant negative impact on the Oil & Gas Subsea Umbilicals, Risers & Flowlines (SURF) Market?
COVID-19 could not have arrived at a more inconvenient time for the oil and gas industry. As a result of lockdowns and stay-at-home orders, oil consumption plummeted by 10% in March and 30% in April, with the International Energy Agency (IEA) projecting a 6-10% drop in demand in 2020, equating to a 9.3 million barrels per day drop (bpd). Even as limitations are relaxed and countries reopen, a return to 2019 levels is unlikely to happen anytime soon.
While COVID-19 produced record drops in demand, a pricing war between Saudi Arabia and Russia caused crude oil prices to plummet. Beginning in early March, during the height of the pandemic in Asia, OPEC opened its faucets, flooding the world with cheap oil. OPEC boosted output by 2.3 million bpd in April, despite world demand declines of 28 million bpd.
As a result of the combination of lower demand and increasing OPEC output, crude oil prices fell from $64 to $18.47 between January and April (see the figure below). Many businesses are also dealing with excessive amounts of inventory, with storage terminals exceeding capacity, incoming cargoes being delayed, and floating storage and pipelines being used to compensate for onshore inventory restrictions. As a result, prices will be down for some time, making forecasting the rate of recovery difficult.
How this Report Will Benefit you?
Visiongain’s 558+ page report provides 425 tables and 420 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global oil & gas subsea umbilicals, risers & flowlines (SURF) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Oil & Gas Subsea Umbilicals, Risers & Flowlines (SURF). Get the financial analysis of the overall market and different segments including Risers, water depth, services and capture higher market share. We believe that high opportunity remains in this fast-growing oil & gas subsea umbilicals, risers & flowlines (SURF) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the current market drivers?
Umbilical Demand Is Expected To Skyrocket Over The Next Few Years.
The COVID-19 epidemic and its impact on global energy investments are likely to hurt subsea purchases, with demand for umbilicals expected to drop by 32% to 713 km (443 mi) in 2020, down from 1,041 km (647 mi) last year. Despite material cost savings, the consultant predicts that umbilical demand will not match or exceed 2019 levels until beyond 2023. To put these figures in context, before the pandemic, demand for umbilicals was expected to fall somewhat this year compared to 2019, but then rebound and surpass last year's levels starting in 2021. Without taking into consideration the negative impact of a worldwide economic crisis, the consultant forecasts a 5% cost reduction in the umbilicals category from 2020 to 2022.
Increasing Oil And Gas Exploration Investment In Developing Countries
Following the recent finding of numerous oil and gas reserves around the world, a slew of new oil and gas exploration projects have been started in order to meet the world's expanding need for oil and gas. As a result, the demand for leak detection systems has increased, as has the requirement for monitoring oil and gas facilities. Neptune Energy, for example, announced in November 2020 that the Adorf Carboniferous development in northwestern Germany would begin producing gas. The well reached an ultimate depth of 3,500 metres in February 2020. A modern natural gas treatment processing plant has been developed on the site. Such oil and gas exploration and production activities are projected to propel the growth of the oil and gas leak detection market in the coming years.
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Where are the market opportunities?
Developments In The World Of Risers
New technology, procedures, computer modelling, and design may help to enhance approaches for assessing and managing riser condition and life cycle management. Methods to improve the forecast of the riser annulus environment have been the subject of recent research. Risers play a critical role in offshore exploration and production. Operators are creating new technologies, procedures, computer models, and designs to tackle the challenges provided by riser system management, just as they are with other aspects of an offshore project.
Shifting Public Opinion Towards Oil & Gas Infrastructures
Public opinion in the United States is also moving against the fossil fuel business. According to a Yale University and George Mason University study released in January 2019, 69 percent of Americans are "concerned" about climate change, with 29 percent "very concerned." Since the pollsters' previous survey in April 2018, the number of those who are "very concerned" has increased by 8%. Climate change is causing a shift in public opinion as more Americans are personally affected, from historically disastrous fires in California to catastrophic floods in places like Houston, Texas, and the Carolinas.
Competitive Landscape
The major players operating in the oil & gas subsea umbilicals, risers & flowlines (SURF) market are TechnipFMC Plc, Saipem SpA, Subsea 7, Aker Solutions, Siemens AG, Kongsberg Gruppen Asa, Abb Group, General Electric Company, Parker Hannifin, Oceaneering International, Inc., Nexans SA, Prysmian S.p.A., National Oilwell Varco, Inc., Vallourec, Dril-Quip, Inc, Baker Hughes, McDermott International, Inc., Cameron International Corporation, Airborne Oil & Gas B.V, Orient Cable, These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
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With our newly report title, you are less likely to fall behind in knowledge or miss out on opportunities. See how our work could benefit your research, analyses, and decisions. Visiongain's study is for everybody needing commercial analyses for the SURF market and leading companies. You will find data, trends and predictions.
Find more Visiongain research reports on Oil & Gas Industry click on the following links:
- Proppants Market
- Deepwater Drilling Market Report
- Pipeline & Process Services Market Report
- Offshore Oil & Gas Decommissioning Market Report
- Oil & Gas Subsea Umbilicals, Risers & Flowlines (SURF) Market
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