According to the industry analysis report titled ‘Global SURF (Subsea Umbilical, Riser and Flowline) Market (2021 Edition) - Analysis By Product Type, Water Depth, Application, By Region, By Country: Market Insights and Forecast with Impact of Covid -19 (2021-2026)’ available with MarketStudyReport, global SURF (Subsea Umbilical, Riser and Flowline) market, which amassed a valuation of USD 7.4 billion in 2020, is anticipated to generate lucrative returns during 2021-2026.

Surging demand for an energy-efficient systems to bring gas and crude oil to the processing plants along with increasing investments in the subsea projects are the key factors driving the growth of the global SURF market.

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The demand for subsea products is boosting gradually due to rising offshore expenditure, active oil prices, mounting production of crude oil and natural gas, increasing exploration activities as well as installation of floating rigs with a surge in energy demand.

Due to the COVID outbreak, the demand for oil dropped in 2020 but soon recovered 2/3 of the lost demand by March 2021. Moreover, the demand for oil is expected to return to the pre-COVID level by the end of 2022 which is heavily dependent on vaccination rollout, elimination of lockdowns and restrictions, and no further waves of COVID, thus augmenting the demand for subsea umbilical, riser and flowline solutions.

Moving on to water depth, worldwide SURF market is divided into shallow water and deep water. Among these, the shallow water segment holds the largest market share in 2020 and is expected to expand enormously over the analysis period, primarily attributed to the growing demand for oil and gas (especially from the refinery industry), escalating capital expenditure on exploration & production activities, and declining operational cost.

Regionally, Asia Pacific holds the majority market share and is projected to grow rapidly during the forecast period, on account of the rising production activities.

TechnipFMC plc, Prysmian S.p.A., Subsea 7 S.A., Dril-Quip, Inc., Ocean Installer AS, Aker Solutions ASA, Schlumberger Limited, HELIX, NOV Inc., and DeepOcean Group Holding B.v. are some of the prominent companies operating in the global SURF market.