Subsea umbilicals, risers, and flowlines (SURF) are equipment used for the transportation of hydrocarbons from the subsea wellheads, manifolds, templates, and the variety of subsea production devices to offshore floating production units and platforms or to onshore terminals. SURF systems provide safe and reliable transportation of hydrocarbons in deep and ultra-deep waters. They are designed to withstand harsh environmental conditions and can operate under high pressures at water depths ranging from 500m to over 3,000m. The global SURF market sees extensive application in the oil and gas industry to boost deepwater and ultra-deepwater exploration and production activities.
The global SURF 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:
Growing exploration and production activities in deepwater and ultra-deepwater projects is expected to drive the growth of the global SURF market over the forecast period. According to Coherent Market Insights analysis, growing deepwater and ultra-deepwater project sanctions such as Bacalhau field development project in Brazil offshore by Equinor and Mero field development project in Brazil offshore by Shell are expected to be major revenue generators for SURF market players. Furthermore, increasing investments in offshore exploration activities by major oil and gas companies to meet the rising global demand for energy is also expected to boost the SURF market growth during the forecast period. For example, in 2022, ExxonMobil decided to invest around $215 million for the exploration of two new blocks in Brazil's pre-salt region, which will further drive the demand for SURF equipment and systems.
Segment Analysis
The global SURF (Subsea Umbilicals, Risers, and Flowlines) market is segmented into umbilicals, flowlines, and risers. The umbilicals segment currently dominates the market and is expected to maintain its dominance over the forecast period. Umbilicals are crucial components that provide power and communication links between subsea wells and offshore platforms. They play a critical role in transferring hydrocarbons from the seafloor to the surface.
PEST Analysis
Political: Subsea projects require significant capital investments and strict government approvals. Favorable government policies promoting offshore oil & gas production are positive for market growth.
Economic: Rising energy demand globally along with higher oil prices provide an impetus for fresh offshore/subsea oil & gas projects, driving the need for SURF systems.
Social: Strict environmental regulations regarding emissions from exploration and production activities can impact market prospects.
Technological: Advancements in material science, inspection techniques and connectivity solutions are enhancing the lifecycle and performance of SURF infrastructure.
Key Takeaways
The Global SURF (Subsea Umbilicals, Risers, And Flowlines) Market Demand is expected to witness high growth over the forecast period to reach a market size of US$ 43.47 Bn in 2024.
The Asia Pacific region dominated the global market in 2018 led by growing offshore activity in countries like China, India, Indonesia, Malaysia and Vietnam. North Sea and Brazil are also expected to see strong investments in subsea projects.
Key players operating in the SURF (Subsea Umbilicals, Risers, and Flowlines) are Amazon.com, Inc., MercadoLibre, Inc., eBay, Inc., Otto Group, Wal-Mart Stores, Inc., Snapdeal.com, Alibaba Group Holding Limited, Tesco PLC, Alibaba Group Holding Limited, Tesco PLC, Rakuten, Inc., and Flipkart Internet Private Limited. SURF systems require significant technological know-how and investments. Established industry players with in-house R&D and execution capabilities have consolidated their positions in the market.
Get more insights on this topic: https://www.ukwebwire.com/surf-subsea-umbilicals-risers-and-flowlines-market-share/
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