SURF (Subsea Umbilicals, Risers and Flowlines) Market Predicted to Witness Sustainable Evolution in Years to Come | Aker Solutions, Technip, FMC Technologies, Prysmian Group, Vallourec, Nexans, JDR, Oceaneering International, Subsea 7, Saipem

Introduction of SURF (Subsea Umbilicals, Risers and Flowlines) Market

Subsea Umbilicals, Risers, and Flowlines are the main components of a submarine communication system. These components make up all of the communications equipment that is used to keep a submarine in a constant state of communication with the surface, and it makes it possible for the submarine to communicate through the atmosphere at greater distances than conventional communications methods. These are much more reliable than cable systems, as they can operate in a wide range of conditions, and they provide greater versatility and reliability for both the submarine and its crew.

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Market Drivers

Increasing use of subsea umbilicals, risers, and flowlines in the oil &gas industry for creating communication between multiple centers of operation within the field of exploration and production is propelling the market growth. Moreover, the advantage such as high mechanical and chemical stresses of Subsea Umbilicals, Risers, and Flowlines is again creating a huge demand for this product over the forecast period. Increasing investment in the oil &gas sector for improving infrastructure of the oil &gas industry is further augmenting the market growth of Subsea Umbilicals, Risers, and Flowlines over the forecast period. For instance, in February 2020, Indian Oil Corporation (IOC) plans to invest Rs 500 crore (US$ 71.54 million) at Chitradurga in Karnataka.

Key Developments:

-- In September 2019, Baker Hughes, a GE company and Ocean Installer AS announced that Vår Energi AS has awarded BHGE and Norwegian subsea contractor Ocean Installer a subsea contract for the engineering, procurement, construction, and installation (EPCI) of subsea systems and associated services for the Balder X project on the Norwegian Continental Shelf (NCS).

-- In June 2020, WFS Technologies has entered into a partnership with Subsea Energy Solutions to harness their combined global expertise and market-leading range of live condition monitored cable protection systems for the offshore energy industry.

Global SURF (Subsea Umbilicals, Risers and Flowlines) Market Size:

The global SURF (Subsea Umbilicals, Risers and Flowlines) market reached a value of nearly US$ XX in 2021, having increased at a compound annual growth rate (CAGR) of XX % since 2027. The market is expected to register growth from US$ XX million in 2021 to US$ XX million in 2027 at a growth rate of XX%.

The chemical industry is regaining momentum after surviving with falling demand, supply disruptions, and shrinking revenue due to the global COVID-19 pandemic.

COVID-19 Impact:

The SURF (Subsea Umbilicals, Risers and Flowlines) industry continues to respond to the COVID-19 pandemic. The industry is working hard on producing chemicals that have high demand from the pharmaceutical industry. This industry is already experiencing more demand as consumers are seeking “over-the-counter” (OTC) medications and sanitizing products due to outbreaks of infection. The need for developing new treatments and vaccines against the virus has significantly raised the demand for various chemicals.

Product Type Insights

The SURF (Subsea Umbilicals, Risers and Flowlines) segment dominated the market in 2020 with a revenue share of over XX%. The segment is expected to witness significant growth over the forecast period.

By Product Type, the market is primarily segmented into:

• Umbilicals
• Risers and Flowlines

End-use Insights

The SURF (Subsea Umbilicals, Risers and Flowlines) segment dominated the market in 2020 with a revenue share of over XX%. The segment is projected to witness significant growth over the forecast period.

By Applications/End-use, the market is segmented into:

• Shallow Water
• Deepwater
• Ultra Deepwater

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Geographical Insights

The SURF (Subsea Umbilicals, Risers and Flowlines) market region is estimated to be valued at US$ XX billion in 2020 and is estimated to reach US$ XX billion by 2027, recording a CAGR of XX%.

The Regional Analysis Covers:

• North America (U.S. and Canada)
• Latin America (Mexico and others)
• Europe (Germany, U.K., and Italy)
• Asia Pacific (China, India, Japan, and others)
• Middle East and Africa (GCC, Southern Africa, and North Africa)

Key Companies & Market Share Insights

Major players operating in the global SURF (Subsea Umbilicals, Risers and Flowlines) market include;

• Aker Solutions
• Technip
• FMC Technologies
• Prysmian Group
• Vallourec
• Nexans
• JDR
• Oceaneering International
• Subsea 7
• Saipem
• McDermott International
• DeepOcean Group Holding BV
• Ocean Installer AS
• Actuant Corporation

The focus area of the SURF (Subsea Umbilicals, Risers and Flowlines) market report includes Current market scenario and future status of the industry, emerging trends and opportunities in the market, emerging region and segment, key players active in market and analysis of their growth strategies, opportunity, challenges, and Competitive benchmarking with their major contribution in the market.

About SURF (Subsea Umbilicals, Risers and Flowlines) Market Insights:

The SURF (Subsea Umbilicals, Risers and Flowlines) market report includes a comprehensive view of the market which covers attractive analysis, segmentation, regional segmentation, growth rate, recent product launch, merger & acquisition, and opportunities for the forecast period 2021 - 2027

Purpose of the SURF (Subsea Umbilicals, Risers and Flowlines) Market Report:

• To offer a current snapshot of the SURF (Subsea Umbilicals, Risers and Flowlines) market for a better understanding of the factors such as market size, company profile, market trends, distribution channels, trade statistics, and pricing structure
• Present the analytical information with the help of the graphs and pie-charts for better clarity of the data
• Deliver segmentation and regional analysis along with the emerging niche regional market and segment
• Encompass recent developments undertaken in the industry by key participants such as acquisition, merger, collaboration, and new product launch
• Offer all-inclusive information of the market
• To offer a point-to-point analysis for changing competitive dynamics.
• To provide a forward-looking perspective on different growth or restraining factor coupled with a better understanding of the key product segments and their future
• To help keep the marketer informed and ahead of the business by having a complete view of the SURF (Subsea Umbilicals, Risers and Flowlines) market and by making an in-detail analysis of the segments

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