The 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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
SURF (Subsea Umbilicals, Risers, and Flowlines) are an integral part of offshore oil and gas production operations as they enable subsea oil production through connecting subsea production systems to offshore platforms or FPSO vessels. SURF products help transport hydrocarbons, utilities such as hydraulic control lines and electrical power cables, and other fluids from the seabed to the surface production facilities.
Market Dynamics:
The growing demand for SURF (Subsea Umbilicals, Risers, and Flowlines) market is mainly driven by rising deepwater and ultra-deepwater exploration activities across the globe. Growing production from deepwater fields, especially in the Gulf of Mexico and offshore West Africa is augmenting the market growth. For instance, ultra-deepwater fields represent ~25% of global crude production. Additionally, technological advancements are enabling oil and gas companies to explore reserves in remote, deeper waters, and harsh environments. This is leading companies to increasingly invest in SURF equipment to enable subsea production. Furthermore, aging offshore infrastructure is propelling the replacement demand for SURF products. However, volatile crude oil prices continue to pose challenges to investments in large capital-intensive deepwater projects.
SWOT Analysis
Strength:
- Prysmian Group, TechnipFMC plc, SUBSEA 7 are the leading players in the market with strong technical expertise and global presence.
- Increasing oil & gas activities especially in offshore fields are expected to drive the demand for SURF products.
- Developments in deepwater and ultra-deepwater exploration projects will propel the demand for specialized SURF products.
Weakness:
- Heavy investment requirement for offshore exploration projects increases the entry barriers for new players.
- Volatility in crude oil prices poses uncertainty over investment decisions in offshore projects.
Opportunity:
- Growing deepwater and ultra-deepwater exploration projects in the Asia Pacific and Middle East regions offer significant growth opportunities.
- Technological advancements in SURF products enable efficient operations in harsh environments.
Threats:
- Stringent government regulations regarding offshore extraction may delay certain projects.
- Slowdown in global economic activities can negatively impact offshore capital spending.
Key Takeaways
The global SURF (Subsea Umbilicals, Risers, and Flowlines) market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing deepwater and ultra-deepwater exploration activities. The Asia Pacific region is expected to grow the fastest in the global SURF market owing to significant offshore developments in countries such as India and China. Regional analysis
The Asia Pacific region accounted for around 25% of the global SURF market share in 2023 and is expected to witness the highest CAGR during the forecast period. flourishing deepwater projects in countries such as India and China are driving the demand for SURF products in this region. The Middle East & Africa region currently dominates the global SURF market owing to large offshore reserves and ongoing mega offshore projects across Gulf countries.
Key players operating in the SURF (Subsea Umbilicals, Risers, and Flowlines) market are Prysmian Group, Aker Solutions, TechnipFMC plc, SUBSEA 7, Saipem S.p.A., McDermott International, Ltd., DeepOcean Group Holding BV, Schlumberger, Halliburton, NOV Inc., Vallourec, Oceaneering International, and Siemens.
Read more
https://www.rapidwebwire.com/surf-market-size-share-growth-outlook-2023/
Comments
0 comment