Newark, Aug. 02, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global subsea umbilicals, risers and flowlines (SURF) market will grow from USD 4.6 Billion in 2023 to USD 10.02 Billion by 2033. Anticipated expansion is foreseen in the subsea umbilicals, risers and flowlines sector owing to mounting requirements for fuel-efficient alternatives facilitating fluid conveyance of petroleum and natural gas towards processing establishments. These setups are pivotal in linking undersea production with surface infrastructures, augmenting output ratios and thereby becoming the preferred preference. Moreover, upsurging energy demands coupled with heightened investment activities earmarked toward underwater schemes and amplified floating rig arrangements are anticipated to boost market growth and development in the upcoming years.
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Key Insight of the Subsea Umbilicals, Risers and Flowlines (SURF) Market
Europe region is expected to hold the second largest market share during the forecast period.
During the forecast period, Europe is expected to hold the second largest market share within the global subsea umbilicals, risers and flowlines (SURF) market. The Europe region will significantly expand. UK, and Norway are key regions within the Europe region. The regional market development can be attributed to the increasing exploration and production of oil and gas and prominent companies' efforts to develop advanced technologies. In addition, favourable regulations established in Western Europe and a prevalence of personalized technology solutions will encourage investment opportunities throughout the continent. The growing prospects within Eastern
Europe for natural gas have resulted in further exploration of previously untapped subsea reserves primarily situated off Norway's coast or throughout the UK's territory. These factors are contributing towards the regional market growth and development.
The subsea umbilicals segment is expected to grow at the highest CAGR during the forecast period.
The product type segment includes subsea umbilicals, risers, and flowlines. The subsea umbilicals segment is expected to grow at the highest CAGR during the forecast period. Multiple factors have propelled the demand for subsea umbilicals, including the heightened intricacy of offshore ventures, amplified control and monitoring requisites, plus deepwater and ultra-deepwater exploration expansion. With escalating complexities in exploiting underwater fields, there is a pressing necessity to procure highly capable and dependable advanced umbilicals. Consequently, product innovations and designs like steel tubes or thermoplastic ones with superior performance features are emerging as replacements due to their increased durability capabilities.
The deepwater segment is expected to grow at the highest CAGR during the forecast period.
The water depth segment includes shallow water, deep water, and ultradeep water. The deepwater segment is expected to grow at the highest CAGR during the forecast period. Over the last few decades, there has been a significant increase in deep water projects' market share within the SURF industry caused by the depletion of accessible reserves and the exploration of untapped resources. To cater to harsher environmental conditions and greater depths, floating production units, dynamic positioning systems, and advanced subsea technologies are commonly incorporated into these types of undertakings.
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Recent Developments:
• In June 2021: Nexans declared that it had obtained two contracts for two offshore projects from Equinor, a global energy firm with operations in more than 30 countries. Under the first deal, Nexans, a well-known supplier of cables and optical fibers, will produce and supply 44 km of steel tube umbilicals and accessories for an offshore Brazilian project. The second order is to construct umbilicals for the southern Barents Sea-based Askeladd Vest project.
Market Dynamics
Driver: Rising Deepwater and Ultra-Deepwater Projects
With shallow water reserves rapidly decreasing, oil and gas companies are now forced to venture into deeper waters to access untapped hydrocarbon reservoirs. Furthermore, the progress made in subsea technologies has made these challenging environments more manageable, making deepwater and ultra-deepwater projects increasingly economically feasible. The effect significantly impacts the SURF market as an urgent need emerges for subsea infrastructure designed for such conditions. Therefore, it becomes imperative that deepwater or ultra-deepwater SURF systems are constructed with adequate tolerance levels against extreme pressures and temperatures alongside corrosive underwater elements. This factor is boosting the market growth and development.
Restraint: High Costs Associated
The global subsea umbilicals, risers and flowlines (SURF) market faces a substantial hurdle in cost considerations. Deepwater and ultra-deepwater offshore oil and gas ventures require extensive capital investment and inherent operational expenses. These expenditures primarily originate from procuring specialized subsea equipment, drilling, installation costs, and recurring maintenance needs, which contribute to the overall cost of these projects. This factor is restraining the current market growth and development.
Opportunity: Growing Trend of Digitalization and Remote Monitoring
The extensive adoption of digitalization and remote monitoring technologies is a significant trend in the global subsea umbilicals, Risers, and Flowlines (SURF) market. This has transformed the oil and gas industry by allowing for real-time data acquisition, analysis, and remote control over subsea assets. The importance of this development cannot be overstated when it comes to SURF systems that play integral roles in supporting subsea infrastructure. This factor is anticipated to have a positive impact on the market growth and development.
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Some of the major players operating in the Subsea Umbilicals, Risers and Flowlines (SURF) Market are:
• Schlumberger Ltd.
• Aker Solutions ASA
• Prysmian Spa
• Bureau Veritas SA
• FIRST Exploration and Petroleum Development Co. Ltd.
• Dril Quip Inc.
• McDermott International Ltd.
• Havfram
• Subsea 7 SA
• NOV Inc.
• Oceaneering International Inc.
• Parker Hannifin Corp.
• Nexans SA
• Baker Hughes Co.
• SAIPEM SpA
Key Segments Cover in the Market:
By Product Type:
• Subsea Umbilicals
• Risers
• Flowlines
By Water Depth:
• Shallow Water
• Deep Water
• Ultradeep Water
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
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