Subsea Umbilicals Risers and Flowlines Market Trends

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

• Exorbitant Cost of Offshore Drilling - The high cost associated with the offshore drilling is one of the major factors predicted to slow down the market growth. For instance, it might be difficult to find the offshore oil deposits and set up an oil rig on the water's surface, which makes it more expensive
• Harmful Effects of Offshore on the Environment
• Drop in the Prices of Crude Oil