Global SURF (Subsea Umbilicals, Risers, and Flowlines) Market Growth Accelerated by Increased Deep-water and Ultra-deepwater Exploration and Production Activities

SURF (Subsea Umbilicals, Risers, and Flowlines) Market


The SURF market provides safe and cost-efficient SURF infrastructure for offshore exploration and production activities. Key products include umbilicals for power and control transmission, risers for safe hydraulic management, and flowlines for hydrocarbon transportation. With global energy demand surging and easy-to-extract reserves depleting, the importance of deep-water reserves continues to grow vastly.

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 key trends:

One of the key market trends driving the growth of the SURF market is the increased deep-water and ultra-deepwater exploration and production activities globally. Deep-water drilling requires specialized SURF equipment that can withstand high pressure conditions and operate faultlessly over long periods under water. With improving technologies, exploration of offshore reserves is moving towards deeper waters. This has led to higher demand for technologically advanced SURF equipment. Major oil producers are heavily investing in deep-water projects. For instance, offshore deep-water activities contributed to over 3 million barrels of oil per day globally in 2020. This dependence on deep-water reserves is anticipated to increase substantially, thereby accelerating the demand for SURF infrastructure over the forecast period.

Segment Analysis

The global SURF (Subsea Umbilicals, Risers, and Flowlines) market is fragmented with many segments. The flowlines segment accounted for the largest market share in 2022, with a share of over 35%. Flowlines are pipelines that transport oil and gas from wellheads on the seafloor to platforms. They experience high pressure and corrosive fluids, making them complex to design and install. Thus, flowlines require substantial maintenance and replacement spending to ensure operational efficiency of oil and gas fields, driving the segment's dominance.

Key Takeaways

The global SURF (Subsea Umbilicals, Risers, and Flowlines) market is expected to witness high growth over the forecast period of 2023 to 2030. The rising demand for energy coupled with increasing offshore oil and gas production activities is expected to drive the market. 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.

Regional analysis: North America dominated the market in 2022 and is expected to maintain its leading position till 2030. This can be attributed to ongoing and planned offshore projects in the Gulf of Mexico. Europe and Asia Pacific are projected to witness fastest growth through 2030 owing to rising activities in deepwater and ultra-deepwater reserves of countries like Brazil, Norway, Malaysia and China.

Key players: Key players operating in the SURF (Subsea Umbilicals, Risers, and Flowlines) market include 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, and Rakuten, Inc. These companies have established global presence and focus on new product development and partnerships to strengthen their market position. 

Comments

Post a Comment

Popular posts from this blog

Security Robot Market is Estimated To Witness High Growth Owing To Increasing Demand for Enhanced Surveillance

Image
Security Robot Market The Security Robot Market is estimated to be valued at US$ 11.8 billion in 2022 and is expected to exhibit a CAGR of 12.87% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Security Robot Market encompasses advanced robotic technologies that are specifically designed and developed to enhance security and surveillance operations. These robots are equipped with features such as video surveillance, thermal imaging, facial recognition, and intrusion detection, among others. They are extensively used by security agencies and organizations across various sectors, including residential, commercial, industrial, and government, to enhance safety, reduce human intervention, and streamline security operations. Security robots offer real-time monitoring, remote control, and high accuracy, making them an ideal choice for surveillance in sensitive areas and remote locations. Market Dynamics:
Read more

The Ever-Evolving Landscape of the Scottish Whisky Market during the Forecast Period 2019-2027

Image
  Scottish Whisky Market The Scottish Whisky Market is a captivating landscape that has been evolving and transforming over the years. It is a world of tradition, craftsmanship, and heritage, where every drop of whisky tells a story. The history of Scottish whisky traces back centuries, with the earliest records dating back to the 15th century. Whisky production initially started in monasteries, where monks distilled spirits for medicinal purposes. Over time, whisky production moved from monastic settings to farms and then to commercial distilleries. This transition marked the beginning of an industry that would become synonymous with Scotland. Scottish Whisky Market Was Valued At US$ 4.97 Bn In 2018, And It Is Expected To Reach US$ 7.89 Bn By The End Of 2027, Exhibiting A CAGR Of 5.3% During The Forecast Period (2019 To 2027). One of the defining characteristics of the Scottish Whisky Market is its adherence to traditional production methods. Scotch whisky is made from malted b
Read more

Monochloroacetic Acid (MCAA) Market Is Estimated To Witness High Growth Owing To Increasing Demand for Surfactants and Herbicides

Image
Monochloroacetic Acid (MCAA) Market The Monochloroacetic Acid (MCAA) Market is estimated to be valued at USD 676.52 Million in 2022 and is expected to exhibit a CAGR of 7.03% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Monochloroacetic Acid (MCAA) Market is driven by the increasing demand for surfactants and herbicides in several industries such as agriculture, pharmaceuticals, textiles, and personal care. MCAA is extensively used in the production of surfactants, herbicides, and carboxymethyl cellulose (CMC), which are essential in various applications. These applications include detergents, agrochemicals, pharmaceuticals, dyes, and cosmetics, among others. The versatile properties of MCAA, such as its ability to act as a raw material in the production of herbicides and surfactants, make it highly desirable in the market. Market Dynamics: The Monochloroacetic Acid (MCAA) Market is driven by two k
Read more