May 12, 2021
According to the research report titled ‘Subsea Umbilicals, Risers and Flowlines (SURF) Market Size By Water Depth, By Product (Umbilicals, Risers {SCR, Flexible, Others}, Flowlines), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report, subsea umbilicals, risers and flowlines market accumulated USD 5 billion in 2018 and is projected to expand at 7% CGAR through 2025.
Inflowing funding towards exploration & production activities for deep & ultra-deep reserves owing to declining levels of existing oil & gas site is propelling the growth of global subsea umbilicals, risers and flowlines (SURF) market. Notably, these products are reliable, cost-effective, and have robust design.
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Additionally, technological development in terms of energy efficient system and their adoption to improve the production capacity of oil reserves is also stimulating the growth of SURF market. Aging oil fields in across shallow waters will further boost the demand for subsea umbilicals, risers and flowlines.
Based on product terrain, the market is classified into risers, umbilicals, and flowlines. The report cites that flowlines segment is poised to grow significantly over 2019-2025, on account of product features like optimized subsea architecture, superior performance index, and cost-effectiveness. Meanwhile, risers segment is slated to generate modest revenue by the year 2025, owing to extensive installation of floating rigs as well as development of deep water technologies.
Speaking of water depth, worldwide subsea umbilicals, risers and flowlines industry is segmented into ultra-deep, deep, and shallow. As per the study, shallow segment is anticipated to hold decent market share by the end of forecast period, pertaining to surging demand for crude oil and natural gas, coupled with higher CAPEX for new exploration & production activities with focus on minimizing operation costs.
Considering regional terrain, North America subsea umbilicals, risers, and flowlines market share is predicted to surpass over USD 1 billion by 2025. Factors such as massive investments towards development of unconventional energy resources, emphasis on improving production of mature oilfields, and inclination for digitalization of drilling operation with IoT technology will stimulate the regional market outlook.
Meanwhile, Europe market is touted to generate significant returns by the year 2025, attributable to focus on amplifying deep & ultra-deep energy resources, improving energy security, and diminishing dependency on gases and crude oil imports.