North America to emerge as a major revenue pocket in subsea umbilicals, risers and flowlines market by 2025
Escalating demand for energy and augmenting deep-sea exploration activities is likely to offer momentum to SURF (subsea umbilical, riser and flowline) market growth over the coming years. Rising deep water exploration to increase oil production has significantly promoted SURF installations. Subsea umbilicals, risers and flowlines industry demand is inflating on account of desirable properties of these systems, such as robust design, higher reliability, and cost effectiveness. In 2018, subsea umbilicals, risers, and flowlines market share surpassed $5 billion.
According to the latest research report published by Global Market Insights Inc., subsea umbilicals, risers, and flowlines (SURF) industry will witness more than 7% CAGR over 2019-2025.
Subsea umbilicals, risers, and flowlines market forecast report predicts that flowlines SURF business will expand owing to massive amounts outlaid towards the exploitation of untapped hydrocarbon resources. Flowlines SURF are economic and provide high performance index with optimized subsea architecture, which are likely to enhance subsea umbilicals, risers and flowlines industry size over the coming years.
Escalating operators’ focus to cut down operational cost along with rising CAPEX towards the latest E&P activities will foster shallow subsea umbilicals, risers and flowlines industry growth. Chemical and petrochemical sectors have extended the usage of natural gas and crude oil, which will uplift shallow SURF market share growth.
Companies operating in the oil & gas sector are trying to improve production capacity by advancing technologies to develop energy efficient systems. Such efforts initiated by companies to upgrade energy efficient systems will influence deep SURF market trends. Demand for deep SURF technology is expanding due to amplifying penetration of mature oil fields across deep water locations.
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Europe has been witnessing huge investments towards the development of the regional deep and ultradeep energy resources. The region is focusing on reducing dependency on foreign oil imports and enhancing energy security. Regional governments have been making efforts to improve existing oilfields in the region, which will upsurge Europe subsea umbilicals, risers and flowlines industry share.
Rapid urbanization and industrialization have augmented the demand for petrochemical products, which will push the growth of China subsea umbilicals, risers and flowlines market size by 2025. The region has been observing promising economic growth. China has been developing many unexploited energy sources by using E&P investments, which will fuel SURF industry growth.
With intensifying focus on the advancement of new conventional energy resources and better production from mature oilfields, North America is slated to emerge as a principal SURF market. Huge investments towards increasing oil production are likely to drive North America subsea umbilicals, risers and flowlines market size growth. Also, IoT implementation in drilling operations to digitalize and expand production will further stimulate SURF industry outlook.
Riser SURF market share is likely to inflate over the coming years due to speedy installation of floating rigs along with development in deep water technologies. Some of the major industry players include National Oilwell Varco, TechnipFMC, McDermott, General Electric, Vallourec, Aker Solutions, Halliburton, Tenaris, Siemens, John Wood Group PLC, Saipem, amongst others. Market participants are striving to reinforce their foothold in global subsea umbilicals, risers and flowlines industry by introducing advanced technologies to increase production and operational efficiency.
Author Name : Anchal Solanki