SURF (Subsea Umbilicals, Risers, and Flowlines) Market Growth, Stakeholder Analysis, Trends and Forecast By 2023-2030

SURF (subsea umbilicals, risers and flowlines) offers connection between subsea production and surface systems.

BURLINGAME, CALIFORNIA, UNITED STATES, December 7, 2023 /EINPresswire.com/ -- The SURF (Subsea Umbilicals, Risers, and Flowlines) Market is estimated for 2023-2030 for the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

SURF (subsea umbilicals, risers and flowlines) products are used for oil and gas production from deep and ultra-deepwater reserves. They are built to transfer well fluids, chemicals, power and communications between subsea wells and the host processing facility, supporting offshore exploration and production operations.

Market Dynamics:

The increasing deepwater exploration and production activities are driving the growth of the market. According to the International Association of Oil & Gas Producers (IOGP) report, about 30 percent of global oil and gas reserves are located in ultra-deepwater (between 1,500-3,000 meters). Exploration and production of oil and gas from such deep and ultra-deepwater reserves require SURF products to establish connectivity between the subsea infrastructure and surface facilities.

Additionally, aging infrastructure is prompting producers to replace or refurbish the existing SURF systems, thereby contributing to the market growth. However, volatile crude oil prices remain a challenging factor.

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Top Key Players are 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 Application:

★ By Water Depth:
★ Shallow Water
★ Deep Water
★ Ultradeep Water

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Growing Demand from Offshore Oil and Gas Exploration and Production Activities

The SURF market is experiencing growth due to the increasing number of offshore oil and gas exploration and production activities around the world. Many oil producing countries are investing heavily in offshore exploration projects to diversify their energy supplies and ensure energy security. This is leading to a rise in demand for subsea umbilicals, risers, and flowlines that are an integral part of offshore production facilities. Technological advancements have enabled drilling and production activities in deeper waters where large hydrocarbon reserves are located. As oil prices have stabilized at higher levels after the downturn, oil companies have resumed offshore projects that were stalled earlier. Their spending on developing subsea tiebacks, field extensions, and new offshore projects is boosting demand for SURF products and services.

Increasing Investments in Offshore Wind Farms

Along with oil and gas, there is a rise in offshore wind energy installations across Europe and Asia. Several nations have set ambitious targets to increase the share of renewable sources in their energy mix in line with climate change commitments. Offshore wind is considered a viable solution to generate clean electricity at a large scale. Growing investments in offshore wind farms construction are opening up opportunities for SURF vendors. Subsea cable systems and connectors are required to transfer power generated from turbines located several kilometers offshore and integrated them into onshore electricity grids. SURF companies can leverage their expertise in submarine pipeline engineering for manufacturing components used in offshore renewable energy projects.

Fluctuating Oil Prices Pose Financial Challenges for Exploration Projects

One major restraint for the SURF market is the volatility in international crude oil prices, which impact the cash flows and budgets of exploration and production companies. Uncertainty around oil prices makes E&P firms cautious in sanctioning new deepwater and ultra-deepwater projects that require multibillion-dollar investments. During periods of lower oil prices, companies often defer or cancel such capital-intensive offshore projects which decreases demand for subsea production equipment. The recent downturn in 2015-2016 proved challenging for SURF vendors as their clients cut back spending on new installations significantly. The profitability of offshore oil and gas projects depends heavily on crude futures trading at reasonably high levels to generate sufficient returns.

Opportunities in the Asia Pacific Region

The Asia Pacific region, particularly South and Southeast Asia, offers significant opportunities for growth in the coming years. Many Asian nations are ramping up domestic exploration initiatives as they seek to reduce energy import dependence and boost reserves. Growing oil and gas consumption in densely populated countries like China, India, and Indonesia is driving demand for more offshore infrastructure development close to coastlines. Their need to tap reserves located far from shore in deep waters of the South China Sea, East China Sea, and island regions provides a long pipeline of projects. SURF vendors can target these markets and establish local manufacturing and service facilities to gain recurring contracts under development works. Technology centers can also be set up for research catered to the operating conditions prevalent in Asia Pacific offshore fields.

Increased Adoption of New Digital Technologies

One of the key trends impacting the SURF industry is the rising implementation of digital technologies across project lifecycles. The integration of Internet of Things (IoT), artificial intelligence, big data analytics, and other Industry 4.0 solutions are optimizing operations and maintenance of offshore infrastructure. Condition monitoring systems use sensors and cloud computing to continuously analyze the performance of subsea assets, predict failures, and schedule predictive maintenance. Virtual and augmented reality tools help simulate subsea environments for training purposes. Advanced manufacturing technologies like 3D printing are shortening production timelines. Such digital innovations allow SURF companies to reduce costs, improve workflow efficiencies, ensure safety, and offer new revenue streams through performance-based contracts. This technology-driven transformation is reshaping industry standards and positioning organizations for the future.

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The report answers a number of crucial questions, including:

✦ Which companies dominate the global SURF (Subsea Umbilicals, Risers, and Flowlines) market?
✦ What current trends will influence the market over the next few years?
✦ What are the market’s opportunities, obstacles, and driving forces?
✦ What predictions for the future can help with strategic decision-making?
✦ What advantages does market research offer businesses?
✦ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
✦ What is the anticipated growth rate for the SURF (Subsea Umbilicals, Risers, and Flowlines) market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: SURF (Subsea Umbilicals, Risers, and Flowlines) Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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