|05-16-2019 07:11 AM CET - Energy & Environment||
SURF (Subsea Umbilicals, Risers, and Flowlines) Market Growth Revenue By Top Key Players Prysmian Group, Aker Solutions, TechnipFMC plc, SUBSEA 7, Saipem S.p.A., McDermott, DeepOcean Group Holding BV, Ocean Installer, and others.
Press release from: Coherent Market Insights (CMI)
SURF (subsea umbilicals, risers and flowlines) offers connection between subsea production and surface systems. Umbilicals provide a vital link between subsea production system, processing system, and the surface and have no contact with the produced fluids. Flowline transports the unprocessed fluid from the subsea well to the riser, which is then transported from the riser to the surface processing system.
Increasing demand for oil and gas backed by increasing exploration and production activity in deep and ultra-deep water depths have boosted growth for the global SURF (subsea umbilicals, risers and flowlines) market.
Flowlines dominated the global SURF (subsea umbilicals, risers and flowlines) market in 2017, among the product type category with a market share of 49.8%. According to Oilfield Technology, Russia is expected to account for the highest new build capital expenditure (CAPEX) of around US$78.8 billion for 2018-2022 period. Also, according to Open Access Government, Russia-India is the longest planned natural gas pipeline in the country as well as for the European region.
Europe accounted the largest revenue share in the global SURF market in 2017. This is owing to growing oil and gas exploration, production activity, and rising initiatives of major players to build advanced technologies. For instance, in 2017, Ocean Installer was awarded a SURF project at the Al Jurf oil field in the Mediterranean by Mabruk Oil Operations, a joint venture between the National Oil Cooperation (NOC) of Libya and Total E&P.
Asia Pacific accounted a revenue share of 25.7% in 2017, and is expected to be one of the conducive regions for growth of the global SURF market during the forecast period. This is owing to increasing investments by major players coupled with augmenting oil and gas exploration and production activities in this region. For instance, in 2018, India’s Oil and Natural Gas Corp. (ONGC) awarded its largest single subsea contract to a consortium of McDermott International, Inc., Baker Hughes, a GE company (BHGE) and L&T Hydrocarbon Engineering (LTHE), subsidiary of Larsen & Toubro.
Major players operating in the global SURF (subsea umbilicals, risers and flowlines) market include Prysmian Group, Aker Solutions, TechnipFMC plc, SUBSEA 7, Saipem S.p.A., McDermott, DeepOcean Group Holding BV, Ocean Installer, and others.
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