SURF (Subsea Umbilicals, Risers, and Flowlines) Market To Show Significant Development Growth, Regional Landscape and Competitive Strategies by 2031 | Prysmian Group, Aker Solutions, TechnipFMC plc

Market Overview:

SURF products are critical components of subsea production system used in offshore oil & gas fields for transportation of hydrocarbons, power supply and communication. Key products include subsea umbilicals, flowlines and risers used to connect subsea wells to offshore platforms.

Market Dynamics:

The SURF market is expected to witness significant growth owing to rise in offshore exploration projects aiming to meet growing energy demand. According to IEA, offshore oil production is estimated to increase from 7.5 million barrels per day in 2020 to over 12 million barrels per day by 2040. Additionally, increasing investments in offshore wind energy infrastructure is also expected to boost demand for subsea power cables and fiber optic cables. For instance, according to International Energy Agency, global offshore wind energy capacity is expected to grow over 15 times from current 30 GW to over 500 GW by 2040. Rise in megaprojects and installation of long-distance pipelines and cable networks for transportation of oil & gas and renewable electricity will continue to drive the demand for SURF products during the forecast period.

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Top Companies Covered In This Report:

★ Prysmian Group
★ Aker Solutions
★ TechnipFMC plc
★ SUBSEA 7
★ Saipem S.p.A.
★ McDermott International Ltd.
★ DeepOcean Group Holding BV
★ Schlumberger
★ Halliburton
★ NOV Inc.
★ Vallourec
★ Oceaneering International
★ Siemens

Detailed Segmentation:

By Product Type :
✦ Subsea Umbilicals
✦ Risers
✦ Flowlines

By Water Depth:
✦ Shallow Water
✦ Deep Water
✦ Ultradeep Water

Key Region/Countries are Classified as Follows:

⋆ North America (United States, Canada, and Mexico)
⋆ Europe (Germany, France, UK, Russia, Italy)
⋆ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
⋆ South America (Brazil, Argentina, Colombia)
⋆ Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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✦ Deepwater and ultra-deepwater exploration and production driving increased demand for SURF

The demand for oil and gas from deepwater and ultra-deepwater reservoirs has been increasing significantly over the past decade. As oil companies seek to explore reservoirs located farther offshore in deeper waters, the need for subsea infrastructure like umbilicals, risers and flowlines also increases. These subsea infrastructure components are crucial to transport hydrocarbons from the subsea wellheads located thousands of feet under water to the offshore platforms above. The challenging operating conditions and technical requirements of deepwater projects make SURF an important capital expenditure area. As more deepwater discoveries are made commercial and production comes online from existing deepwater fields, the need for maintenance and replacement of aging subsea infrastructure also drives SURF demand.

✦ Renewables energy transition posing challenges to long term SURF demand

The global push for transition to cleaner energy solutions and climate change commitments is expected to pose a challenge to the long term demand prospects of the oil and gas industry and associated supplier sectors. As renewable energies like offshore wind gain more policy support and become more economically viable, they can displace hydrocarbons as the primary energy sources in the coming decades. Successful energy transition can lead to reduced investments in new hydrocarbon exploration projects as well as lower production from existing oil and gas fields in the long run. This may negatively impact the need for subsea infrastructure components which mainly serve the oil and gas industry currently. The SURF sector needs to closely monitor the evolving energy transition landscape and identify growth opportunities from adjacent industries to balance any potential long term demand risks.

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✦ Digitalization and IoT creating new maintenance and optimization opportunities

Advancements in digital technologies and the rise of industrial internet of things (IIoT) are creating opportunities for SURF vendors to offer next-generation maintenance and monitoring solutions. Installing smart sensors and analytic capabilities on subsea infrastructure can help remotely monitor the equipment condition, detect anomalies and predict failures. This enables improved maintenance planning and avoids unplanned shut downs. IoT also provides opportunities for data-driven optimization of operations to maximize efficiency and reduce costs. SURF companies leveraging digital technologies stand to gain more long term maintenance contracts from oil producers looking to optimize subsea asset performance and life through remote monitoring and predictive maintenance.

✦ Shift towards deeper, more complex projects driving technlogical innovation

As oil companies explore reservoirs located farther from shore in deeper and more hostile waters, the complexity of subsea projects is increasing. Challenging environments like high pressures and temperatures require reliable technologies and materials able to withstand these conditions over extended lifetimes. This is driving research and development towards newer product offerings like lighter and higher strength composite pipes, more sophisticated subsea production systems and advanced coatings. The shift towards more complex project types favors SURF vendors with capabilities to deliver customized engineered-to-order solutions incorporating cutting-edge technologies. Those able to lead innovation and deliver field-proven solutions for ultra-deepwater or Arctic projects are well positioned to tap into future demand growth.

Key Questions Answered in the Report:

1. What are the growth opportunities for the new entrants in the global SURF (Subsea Umbilicals, Risers, and Flowlines) industry?
2. Who are the leading players functioning in the global SURF (Subsea Umbilicals, Risers, and Flowlines) marketplace?
3. What are the key strategies participants are likely to adopt to increase their share in the global SURF (Subsea Umbilicals, Risers, and Flowlines) industry?
4. What is the competitive situation in the global SURF (Subsea Umbilicals, Risers, and Flowlines) market?
5. What are the emerging trends that may influence the SURF (Subsea Umbilicals, Risers, and Flowlines) market growth?
6. Which product type segment will exhibit high CAGR in the future?
7. Which application segment will grab a handsome share in the global SURF (Subsea Umbilicals, Risers, and Flowlines) industry?
8. Which region is lucrative for the manufacturers?

Table of Contents:

1. Research Objectives and Assumptions
• Research Objectives
• Assumptions
• Abbreviations

2. Market Purview
• Report Description
- Market Definition and Scope
• Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Application
- Market Snippet, By Regions
- Market Snippet, By End-User
• Stratagem Opportunity Map (SOM)

3. Market Dynamics, Regulations, and Trends Analysis
• Market Dynamics
- Drivers
- Restraints
- Market Opportunities
• Impact Analysis
• Industry Trends
• Regulatory Scenario
• Acquisitions, Partnerships & Agreements
• Brand Analysis
• Pricing Analysis
• Epidemiology
• Porter's Analysis
• Value Chain Analysis
• Supply Chain Analysis
• Distribution Landscape

4. SURF (Subsea Umbilicals, Risers, and Flowlines) Market - Impact of Coronavirus (Covid-19) Pandemic
• COVID-19 Epidemiology
• Overall Impact on this Sector
• Impact of COVID-19 on Supply and Demand

5. SURF (Subsea Umbilicals, Risers, and Flowlines) Market, By Product Type, 2024-2031 (US$ Million)
• Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2024 - 2031
- Segment Trends

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