Subsea Umbilicals Risers and Flowlines Market Size

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.