 Market.webp)
Subsea Umbilicals, Risers, and Flowlines (SURF) Market size was over USD 10.96 Billion in 2023 and is likely to reach USD 36.09 Billion by 2036, witnessing around 9.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of subsea umbilicals, risers, and flowlines is assessed at USD 11.92 Billion. The growth of the market can be attributed to the growing offshore drilling activities. Further, the growing demand for oil and natural gas across the globe are also expected to add to the market growth. For instance, oil is extracted through the method of offshore drilling from deposits under the world's seas. Furthermore, a number of oil and gas exploration and production firms have been able to increase their portfolio of viable deepwater ventures as a result of significant technology advancements, which is predicted to increase further in the years to come. As of 2021, offshore drilling contributed to the production of over 1% of gas and more than 12% of crude oil in the US.
In addition to these, factors that are believed to fuel the market growth of subsea umbilical’s, risers and flowlines (SURF) include the rising developments in deep sea. For instance, the deep sea is the largest ecosystem on Earth and has an incredibly diverse range of life. The development in the Deep-sea is rising owing to the increased demand for metals. The recovery of minerals and deposits from the ocean floor is predicted to present the potential for market expansion over the projected period.
Growth Drivers
Growing Investments in New Crude Oil Discovery Explorations– On account of the increasing demand of crude oil across the globe, the market is expected to expand more in the upcoming years. By 2023, it is anticipated that over USD 50 billion would be invested in the exploration and production of oil and gas in India.
Rising Demand for Oil and Gas – The demand for oil has increased globally owing to rising industrialization and urbanization, which is anticipated to drive the market growth. In 2023, the global oil consumption will increase by more than 1% to a peak of 100 million barrels per day (bpd).
Surging Demand for Energy – Increasing business activities across the globe, had increase the demand for energy in various sectors. According to the most recent expenditure data, the demand for energy in India is anticipated to increase by over 8% in 2022. It is predicted that this boom would continue over the forecast period.
Increasing Exploration in Oil and Gas – It is expected that growing demand for oil and gas, is anticipated to drive the market growth. Oil and gas exploration includes the procedures and techniques used to identify possible locations for drilling and extracting oil and gas. By 2025, the world's oil consumption is anticipated to increase by 30 million barrels per day.
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
9.6% |
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Base Year Market Size (2023) |
USD 10.96 Billion |
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Forecast Year Market Size (2036) |
USD 36.09 Billion |
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Regional Scope |
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Depth (Shallow Water, Deep Water, Ultra Deep Water)
The global subsea umbilical’s, risers and flowlines (SURF) market is segmented and analyzed for demand and supply by depth into shallow water, deep water, and ultra deep water. Out of the three segments, the deep-water segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing demand for fossil fuels. For instance, the exploration and production sector has been forced to drill in deep seas between 1000 and 5000 feet to meet the demand for oil and gas. Further, increased deepwater oil and gas exploration with midstream oil and gas equipments for the production are anticipated to be driven by growing investments and soaring demand for oil and gas exports mostly in the Middle East region. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years. According to recent estimates, currently more than 60% of all global energy demand is met by the use of fossil fuels.
Product Type (Umbilicals, Risers, Flowlines)
The global subsea umbilical’s, risers and flowlines (SURF) market is also segmented and analyzed for demand and supply by product type into subsea umbilical’s, risers, and flowlines. Amongst these three segments, the flowlines segment is expected to garner a significant share. Fluids are transported by flowlines in the oil and gas sector between a wellhead and a collection station. Raw crude oil, and natural gas is transported using flowlines. These devices are more in demand than other SURFs since they are more affordable, shorter, and don't require a costly long-distance cable connection. As a result, it is projected that this would generate lots of prospects for the segment's growth in the years to come.
Our in-depth analysis of the global market includes the following segments:
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By Product Type |
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By Depth |
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APAC Market Statistics
The Asian Pacific subsea umbilical’s, risers and flowlines (SURF) market, amongst the market in all the other regions, is projected to hold the second largest share of about 24% during the forecast period. The growth of the market can be attributed majorly to the increasing demand of petroleum. Growing population in the region is expected to increase the demand for petroleum products. The demand for petrol, causes a surge in offshore drilling, which in turn has boosted the demand for subsea risers, flowlines, and umbilical’s (SURFs) in the area. Instead of using reserves on land, petroleum is extracted by offshore drilling from deposits under the world's oceans. In addition, offshore oil production entails searching for and removing petroleum from seabed reservoirs. Further, the growing investments in deep and ultra-deep oil explorations, is anticipated to contribute to the market growth in the region. Moreover, in China for the development of offshore oil and gas fields, every step of the manufacturing process including the handling of water, gas, and oil is done on the sea. In addition, increasing energy demand in the region, is also anticipated to boost the market growth during the forecast period. In 2022, the demand for oil in Asia is expected to increase by more than USD 1 million.
North American Market Forecast
The North American subsea umbilicals, risers and flowlines (SURF) market, amongst the market in all the other regions, is projected to hold the second largest share of about 24% during the forecast period. The growth of the market can be attributed majorly to the growing demand oil and gas. For instance, increasing industrialization in the region is boosting the demand for oil and gas. Crude oil and natural gas can be found under the sea floor. They are extracted similarly to other deposits. The drills known as a drilling rig are installed on a structure targeting deposits under the sea. This as a result has increased the demand for SURF materials in the area, particularly in the offshore sector. Further, growing demand of energy, rising attention towards digitalization are also anticipated to contribute to the market growth in the region. The demand for energy in the United States is predicted to increase by over 1% per year for the next 20 years.
Europe Market Forecast
Further, the market in the Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. The growth of the market can be attributed majorly to the increased production from offshore fields. Businesses are operating offshore in deep and ultradeep seas in the area. For instance, Norway is home to eight of the largest offshore oil and gas reserves, and for the past several years, this area has dominated the market for subsea oil & gas risers, flowlines, and umbilical’s throughout Europe. Further, to transport oil or gas from the seabed to a surface processing facility, offshore field development calls for the installation of subsea umbilical’s, risers, and flowlines, which is anticipated to contribute to the market growth in the region. As per data, offshore drilling accounts for more than 70% of current gas and oil output in Europe.
 Market Size.webp)
Vallourec S.A. introduced PURE pipes, to offer advance solution for SURF projects riser configurations. Further, the product sustain a shorter riser suspended length, which reduces the amount of pipe needed for the project, and enhance fatigue performance while preserving nominal thickness throughout the remainder of the pipe and lowering the pipe's total weight.
McDermott International Inc. a provider of technology, engineering and construction solutions, has been granted a contract to supply subsea umbilical’s, risers, and flowlines (SURF), by BHP.
Author Credits: Dhruv Bhatia
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