The global subsea umbilicals, risers and flowlines (SURF) market is estimated to garner a large revenue and grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. Growing demand for using capital intensive techniques in unconventional sources, and escalating number of deep-water explorations to enhance oil productivity, are expected to be crucial factors driving market growth in the forthcoming years. Furthermore, surge in installation of floating rig coupled with growing demand for energy, are projected to offer ample growth opportunities to the market in the near future.
The growth of the market can also be attributed to the increasing demand for oil and gas, and rising focus on deep sea developments across the globe. As per the data provided by International Energy Agency, the total oil demand rose up to 4,456 million tons by the end of the year 2019, up from 4,428 million tons and 4,408 million tons in 2018 and 2017 respectively.
The market is segmented by product type into subsea umbilicals, risers, and flowlines, out of which, the subsea umbilicals segment is anticipated to hold the largest share in the global subsea umbilicals, risers and flowlines market on account of the high cost-effectiveness, reliability, and ability to transfer chemical fluid and electric signals effectively. In addition, strict government norms for ensuring safety during deep sea underwater operation is also predicted to boost the growth of the market segment in the near future. Moreover, on the basis of depth, the deep-water segment is predicted to acquire the largest share over the forecast period ascribing to the increase in investments in deep and ultra-deep hydrocarbon fields, and rising number of mature oil fields around the world. CLICK TO DOWNLOAD SAMPLE REPORT
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global subsea umbilicals, risers and flowlines (SURF) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing demand for petroleum products as a result of rapid urbanization and industrialization. As per the United Nations Economic and Social Commission for Asia and the Pacific, in 2020, 45.5 percent of the population in the region was living in urban areas. It is calculated that the urbanization rate in the whole region will reach 50 per cent in 2026. Apart from these, surge in investments to explore untapped energy resources is also predicted to drive the region’s market growth in the future. Additionally, the market in North America is assessed to grab the largest share during the forecast period owing to the upsurge in investments in new crude oil discovery explorations and enhanced oil recovery, and growing automation of drilling operations to improve crude oil production rate in the region.
The global subsea umbilicals, risers and flowlines (SURF) market is further classified on the basis of region as follows:
Our in-depth analysis of the global subsea umbilicals, risers and flowlines (SURF) market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing demand for oil and gas and rising focus on deep sea developments across the globe.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
High cost of offshore drilling is estimated to hamper the market growth.
Asia Pacific will provide more market growth opportunities owing to the increasing demand for petroleum products as a result of rapid urbanization and industrialization.
The major players in the market are DeepOcean Group Holding BV, Prysmian S.p.A., McDermott International Inc., Actuant Corporation, Technip S.A., Saipem S.p.A., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, depth, and by region.
The deep-water segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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