According to the research report titled ‘North America Subsea Umbilicals, Risers and Flowlines Market Forecast 2027 By Product, By Water Depth, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, North America subsea umbilicals, risers and flowlines market is anticipated to amass significant return over 2021-2027.
 

Report findings suggests that increasing oil & gas exploration & production activities, as well as investments in digital technologies are the major growth determinants for North America subsea umbilicals, risers and flowlines (SURF) market.

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For the unversed, the use of umbilicals has grown in recent years to help with the transmission of chemicals, electricity, and telecommunications.

Increasing use of floating platforms, and the presence of mature oil fields in deep and ultra-deep waters bode well for the commercial outlook. Also, deep and ultradeep water installations are expected to be streamlined using cost-effective approaches, thereby fuelling the market trends.

The COVID-19 outbreak had hampered the hydrocarbon E&P and drilling activities in the recent past, thus plummeting the demand for SURF components.

Based on water depth terrain of North America subsea umbilicals, risers and flowlines market, deep offshore fields segment has gained traction in the recent past with a concerted effort to expedite technological advancements in system design, thereby boosting operational efficiency, which in turn will fuel the industry. Furthermore, well-established companies have increased their investment in automation, digitization, and crude oil discovery exploration.

Regionally speaking, the U.S. and Mexico are poised to emerge as lucrative avenues during the forecast duration, owing to surging deep offshore and shallow E&P activities, as well as factors such as cost efficiency, reliability, and the innate ability to transmit electrical signals.

Considering the competitive landscape, Subsea 7 S.A., McDermott International Ltd., Prysmian S.p.A., John Wood Group plc, Saipem S.p.A., Siemens AG, Tenaris S.A., Aker Solutions ASA, Oceaneering International, Inc., Vallourec S.A., National Oilwell Varco, Inc., Halliburton Company, General Electric Company, TechnipFMC plc, and Schlumberger Limited are the major players in North America subsea umbilicals, risers and flowlines market.