According to the latest study 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 Market Study Report LLC, global SURF (Subsea Umbilical, Riser and Flowline) market was worth USD 7.4 billion in 2020 and is anticipated to expand significantly during  2021-2026.
 

Collective preference for energy efficient systems to easily bring gas and crude oil to processing plants, and rising investments towards subsea projects are boosting the progression of global SURF (Subsea Umbilical, Riser and Flowline) market. Further, surging installation of floating rigs, and growing energy demand are adding momentum to industry expansion.
 

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In addition, surge in worldwide offshore expenditure, dynamic oil costs, along with production of crude oil & natural gas through deep-water exploration are further augmenting the industry outlook.
 

On the contrary, the outbreak of COVID-19 pandemic severely affected the oil & gas exploration activities across the globe due to stringent lockdowns and other restrictions. With gradual decrease in the pandemic effect., the industry has started to pick up pace.
 

By product type, worldwide SURF (subsea umbilical, riser, and flowline) marketplace is fragmented into umbilical, flowline, and riser, whereas, bifurcation based on water depth includes deepwater, and shallow water. The shallow water segment held a major market share in 2020, attributable to ongoing expenditures to facilitate E&P activities, decreasing operational costs, and escalating demand for oil and gas from various industries.
 

The application spectrum of worldwide SURF (Subsea Umbilical, Riser and Flowline) market consists of natural gas industry, and oil industry.
 

Regionally speaking, Asia Pacific is a significant contributor to revenue share presently and is poised to record notable gains during 2021-2026, due to rapid surge in production activities in the region.
 

Speaking of competitive hierarchy, Deepocean Group Holding B.V., Dril-Quip, Inc., Subsea 7 S.A., Schlumberger Limited, Prysmian S.p.A., TechnipFMC plc, NOV, Inc., Aker Solutions ASA, Helix OpCo LLC, and Ocean Installer AS are key players in global SURF (Subsea Umbilical, Riser and Flowline) market space.