by The global Subsea Umbilicals, Risers, and Flowlines (SURF) 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:
Subsea umbilicals, risers, and flowlines (SURF) are critical components of subsea infrastructure used in offshore oil and gas drilling projects to transport produced hydrocarbons from the seabed to offshore platforms or onshore facilities. SURF provides electrical, hydraulic and chemical control of subsea components from the surface.
Market key trends:
One of the key trends in the SURF market is the growing adoption of deepwater and ultra-deepwater discoveries. Deepwater and ultra-deepwater fields are located at water depths ranging from 1,000 to over 3,000 meters. Deepwater reservoirs offer significant opportunities for oil and gas production. However, operating in deep waters poses several technical challenges. SURF infrastructure must withstand higher pressures and temperatures at greater depths. Consequently, oil and gas companies are developing advanced materials and technologies to enable effective development of deepwater reserves. This is expected to drive the demand for more sophisticated SURF systems designed for deepwater operations over the forecast period.
Market key trends:
The key trend in the SURF market is growing adoption of remotely operated vehicles (ROVs) and autonomous underwater vehicles (AUVs) for inspection, monitoring, and repair activities. These vehicles help prevent downtime by detecting issues early. They reduce the need for extensive human diving operations that are risky and costlier. With growing deepwater and ultra-deepwater projects, the demand for ROVs and AUVs is increasing in the SURF market.
SWOT Analysis
Strength: Extensive experience of top players in executing complex SURF projects. Presence of integrated and customized solutions helps gain more projects.
Weakness: Cyclical nature of oil & gas industry leads to volatility in demand and pricing pressures. High initial investment and long-term commitment required.
Opportunity: Growing deepwater and ultra-deepwater exploration and production activities drive the need for SURF systems. Technological advancements in materials and robotics expand application scope.
Threats: Shift toward renewable energy reduces dependence on oil & gas. Intense competition among existing players and new entrants.
Key Takeaways
The global SURF market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing deepwater and ultra-deepwater exploration & production activities.
Regionally, North America dominated the global SURF market in 2023 with around 35% share. However, the Asia Pacific region is anticipated to witness the highest growth during the forecast period owing to rising deep and ultra-deep water activities in countries such as China and India.
Key players operating in the SURF 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
