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Subsea Umbilicals, Risers and Flowlines (SURF) Market Segmentation by Product Type (Subsea Umbilicals, Risers, and Flowlines); and by Depth (Shallow Water, Deep Water, and Ultra Deep Water) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Subsea Umbilicals, Risers and Flowlines Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·    August 2021- Prysmian secured a new contract with Petrobars worth USD 77.33 million to deliver deep-water electro-hydraulic umbilicals and specialized offshore and logistic services.

·    April 2020- DeepOcean announced that its 150m long offshore construction vessel Edda Freya arrived at Nexans Norway’s factory in Halden for loading umbilical for Equinor’s Troll Phase 3 project.

Global Subsea Umbilicals, Risers and Flowlines (SURF) Market Highlights 2022 – 2030

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.

Subsea Umbilicals, Risers and Flowlines (SURF) MarketThe 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.

Oil Demand

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  

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

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.

Global Subsea Umbilicals, Risers and Flowlines (SURF) Market Regional Synopsis

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.

Subsea Umbilicals, Risers and Flowlines (SURF) Market

The global subsea umbilicals, risers and flowlines (SURF) market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global subsea umbilicals, risers and flowlines (SURF) market includes the following segments:

By Product Type

  • Subsea Umbilicals
  • Risers
  • Flowlines

By Depth

  • Shallow Water
  • Deep Water
  • Ultra-Deep Water

Growth Drivers

  • Increasing Demand for Oil and Gas
  • Rising Focus on Deep Sea Developments Across the Globe

Challenges

  • High Cost of Offshore Drilling

Top Featured Companies Dominating the Market

  • DeepOcean Group Holding BV
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Prysmian S.p.A.
  • McDermott International Inc.
  • Actuant Corporation
  • Technip S.A.
  • Saipem S.p.A.
  • Subsea 7 S.A.
  • Ocean Installer AS
  • Aker Solutions ASA
  • Vallourec S.A.

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