Subsea Umbilicals Risers and Flowlines Market Share

North American Market Forecast

The North America industry is anticipated to hold largest revenue share of 36% by 2037. 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.

APAC Market Statistics

The Asian Pacific subsea umbilical’s, risers and flowlines (SURF) market 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.

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 2037. 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.