by The global SURF (Subsea Umbilicals, Risers, and Flowlines) market is an integral part of offshore oil and gas exploration and production activities carried out at deepwater and ultra-deepwater fields. SURF products facilitate the connection of subsea equipment such as trees, manifolds, and templates to offshore platforms and risers. Subsea umbilicals, risers, and flowlines are used to control and monitor subsea wells, transmit hydrocarbons from the wellhead to offshore platforms, and channel injection chemicals back to the reservoir. Growth in deepwater and ultra-deepwater exploration and production activities are expected to drive demand for SURF products over the coming years.
The global SURF (Subsea Umbilicals, Risers, and Flowlines) Market is estimated to be valued at US$ 43.47 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The heading mentions that the SURF market is expected to flourish by the increase in deepwater and ultra-deepwater E&P activities. One of the key drivers for the growth of the market is the rising global energy demand. According to the International Energy Agency, primary energy demand is projected to grow by 1% per year between 2020 and 2024 driven by the recovered economic growth post the COVID-19 pandemic. This increase in energy demand will have to be met by oil and gas as renewables and other sources are not yet able to substitute oil and gas completely. This will drive E&P companies to explore oil and gas reserves in deepwater and ultra-deepwater fields which require SURF products for development and production activities, thereby positively impacting the market. Another driver is the technological advancements in engineered SURF solutions that help enhance productivity and reduce operational costs in deepwater projects. Companies are developing hybrid risers, advanced coatings and insulations for flowlines, and optimized umbilicals to withstand higher pressures and temperatures.
Segment Analysis
The global SURF (Subsea Umbilicals, Risers, and Flowlines) market is divided into umbilicals, risers and flowlines. Among these, umbilicals dominates the market with around 50% share owing to increase in deepwater and ultra-deepwater exploration & production activities. Umbilicals provide electrical power, hydraulic fluid, and chemicals from platforms to seabed facilities and are required in every subsea project.
PEST Analysis
Political: Governments across the world are introducing favorable policies and regulations to boost offshore oil & gas production and encourage investments in E&P projects, driving market growth.
Economic: Increasing demand for oil and gas along with rising energy consumption globally is positively impacting market. Economic growth in emerging nations is also augmenting investments in offshore energy sector.
Social: Rising global population and economic growth have increased energy needs of developing nations leading to more offshore oil & gas development projects.
Technological: Advancements in subsea production systems have allowed tapping reserves from ultra-deep waters. 3D visualization, digitalization and use of advanced materials are helping reduce project costs.
Key Takeaways
The global SURF (Subsea Umbilicals, Risers, and Flowlines) market is expected to witness high growth over the forecast period supported by rise in offshore E&P spending driven by increasing energy demand worldwide. Global SURF (Subsea Umbilicals, Risers, And Flowlines) Market Demand is estimated to be valued at US$ 43.47 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
The Asia Pacific region is anticipated to dominate market owing to large offshore projects in countries such as India and China.
Key players operating in the market include Amazon.com, Inc., MercadoLibre, Inc., eBay, Inc. SURF products like umbilicals, risers and flowlines continue connecting subsea wells to host platforms. The market is consolidated in nature with major players capturing significant share. Technological advancement remains key strategy of vendors to strengthen position in this segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
