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Subsea Umbilicals, Risers And Flowlines (SURF) Market – What Factors will drive the Industry in Upcoming Years? Schlumberger, TechnipFMC plc, General Electric, Halliburton, National Oilwell Varco, Vallourec
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Innovative system designs, created to improve production rates in tandem with favorable attitudes towards marginal field development will bolster subsea umbilicals, risers and flowlines market share over the projected period. For example, Balmoral Offshore Engineering launched a new drill riser buoyancy system, designed to augment operational time and to mitigate dependency on secondary suppression systems.
The SURF market from the flowlines product segment is expected to accumulate commendable proceeds owing to growing investments towards the discovery of yet-untapped hydrocarbon reserves. Major factors like cost-friendliness, enhanced performance levels and optimal subsea architecture may assert a positive influence on industry demand over the forecast spell.
Key players in the worldwide subsea umbilicals, risers and flowlines industry include Tenaris, Aker Solutions, General Electric, Vallourec, McDermott, John Wood Group PLC, Schlumberger, Oceaneering International, TechnipFMC plc, Saipem, National Oilwell Varco, Inc, Prysmian Group and Siemens, among others.
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Proliferating offshore activities and the subsequent rise in deep-water projects
Escalating efforts and financial interest in offshore activities, coupled with the burgeoning concerns pertaining to efficient usage of marginal fields is poised to fuel deep water subsea umbilicals, risers and flowlines market trends. To give an example, the International Energy Agency has reportedly claimned that the annual expenditure for production of crude oil & gas in Brazil is likely to reach $60 billion over 2024.
Moreover, the mounting number of deep-sea crude oil & gas reserves will provide lucrative growth opportunities to industry players. The advent of drilling technologies with IoT integration combined with the rising number of easily accessible oilfields will further reinforce the SURF market landscape.
Favorable financial support for development of ultradeep & deep hydrocarbon resources in Norway
Increasing financial backing towards the advancement of deep and ultradeep hyrdrocarbon reserves in Norway is likely to propel the regional subsea umbilicals, risers and flowlines industry to a significant extent, with commendable growth expected at a rate of over 6% through 2025.
Likewise, the steady shift in focus towards the improvements of the national energy security through minimizing dependency on foreign oil imports will further impel business outlook.
Abundance of untapped conventional & unconventional resources in the U.S
The United States subsea umbilicals, risers and flowlines industry share is projected to depict a sizeable growth rate of over 4% through 2025. Burgeoning investments towards enriching ultra-deep oil well production is anticipated to accelerate industry expansion. Also, abundant access to untapped conventional and unconventional reserves will augment SURF market size over the predicted timeline. to illustrate, the BP Plc in 2019 proclaimed the discovery of over 1 billion crude oil barrels at the Thunder Horse Field, located in the Gulf of Mexico, U.S.
As per authentic sources, global subsea umbilicals, risers and flowlines market share is predicted to surpass $9 billion over 2025.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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