According to the research 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 was worth USD 7.4 billion in 2020 and is anticipated to garner lucrative returns by the year 2026.
 

The global subsea umbilical, risers, and flowlines (SURF) market growth is attributed to rising demand for energy efficient systems that can transport crude oil and gas to processing plants, as well as increased investments in subsea projects.
 

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Also, surge in offshore expenditure, volatile oil prices, and deep-water exploration & production of crude oil & natural gas are driving demand for subsea components. Furthermore, the expanding installation of floating rigs, as well as rising energy demand, would enhance the business outlook in the coming years.
 

As per the report citing, the COVID-19 outbreak plummeted the oil & gas development activities as well as the sale of subsea control systems in the past year, however with rollout of vaccination programs and improve economic conditions, the industry will regain vigor.
 

In terms of product type, the global subsea umbilical, risers, and flowlines (SURF) industry is divided into umbilical, flowline, and riser. With respect to application spectrum, the marketplace is branched into natural gas industry, and oil industry.
 

On the basis of water depth, the industry is split into deep water, and shallow water. Among these, shallow water segment held a substantial market share in the recent past and is anticipated to grow significantly through 2026, owing to ongoing investments toward E&P activities, in consort with reduced operational costs.
 

Considering the regional landscape, Asia Pacific market is reckoned to contribute notably towards the overall valuation during the forecast period, owing to rising production activities in the region.
 

The key players in worldwide subsea, umbilical, risers, and flowlines (SURF) marketplace are DeepOcean Group Holding B.V., Ocean Installer AS (Havfram AS), NOV Inc., Dril-Quip Inc., Helix Energy Solution, Subsea 7 S.A., Schlumberger Limited, Prysmian S.p.A., Aker Solutions ASA, and TechnipFMC plc.