North America Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market growth to Grow with a robust CAGR through to 2028
Rising demand
for energy-efficient solutions that can transport crude oil and gas to
processing plants is expected to drive the North America Oil & Gas Subsea
Umbilicals, Risers and Flowlines (SURF) Market growth in the forecast period,
2024-2028.
According to
TechSci Research report, “North America Oil & Gas Subsea Umbilicals,
Risers and Flowlines (SURF) Market - By Country, Competition, Forecast and
Opportunities, 2018-2028”, the North America Oil & Gas Subsea
Umbilicals, Risers and Flowlines (SURF) Market is expected to register a robust
during the forecast period, 2024-2028. The rapid progression in subsea production systems is
anticipated to propel the market forward. The SURF systems comprise various
categories or types in each segment (umbilical, risers, and flowlines).
Presently, umbilicals are integrated with risers to eliminate the need for
external risers. This results in more streamlined and convenient equipment that
are interconnected and may not necessitate intensive oversight as was customary
in traditional approaches.
The integration
of renewable energy sources, such as offshore wind farms, with existing oil and
gas infrastructure presents significant opportunities. SURF systems can be
engineered to concurrently transport electricity generated by wind turbines and
hydrocarbons extracted from subsea wells. This convergence of energy sources
facilitates the diversification of energy portfolios and aligns with the
transition towards cleaner energy solutions.
The integration
of digitalization and automation technologies is set to revolutionize the SURF
market. Leveraging advanced sensors, real-time monitoring, and predictive
maintenance can significantly boost operational efficiency, minimize downtime,
and optimize asset management. As the industry embraces the principles of
Industry 4.0, software and hardware providers in the SURF sector can expect an
expanding array of opportunities.
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market data Figures spread through 135 Pages and an in-depth TOC on "North America Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market”
Based on product,
Flowlines segment has emerged as the predominant market leader. Flowlines play
a crucial role in the transportation of oil, gas, and other hydrocarbons from
subsea wells to production facilities onshore or offshore. The growth of
offshore exploration and production activities, particularly in deepwater and
ultra-deepwater reserves, significantly drives the flowlines segment. As energy
companies delve into deeper offshore reserves, the demand for efficient
flowline systems continues to rise. Notably, the use of advanced materials,
including corrosion-resistant alloys and composite materials, has become a
prominent trend in the flowlines segment. These materials enhance the
durability of flowline systems in corrosive subsea environments. Moreover,
hybrid flowline systems, combining both rigid and flexible components, are gaining
popularity as they offer a versatile solution for diverse offshore
applications, combining the flexibility of flexible flowlines with the
structural integrity of rigid pipelines. In addition, the industry's shift
towards more sustainable practices paves the way for the development of
environmentally responsible flowline solutions. Compliance with environmental
regulations and the adoption of leak detection and prevention technologies will
shape the future of flowline design and operation.
Based on type, Shallow
Water segment is expected to grow during the forecast period. While shallow
water reserves may not possess the same extent as deepwater reserves, they
still hold significant hydrocarbon resources. The economic feasibility of these
reserves, combined with lower development costs, presents shallow water
exploration and production as an advantageous choice. The integration of
digitalization and remote monitoring technologies aids operators in the
effective management and maintenance of shallow water assets. Real-time data
analytics and predictive maintenance contribute to operational optimization.
Environmental considerations remain a focal point, necessitating operators to
comply with rigorous regulations when exploring and producing hydrocarbons in
shallow waters. Additionally, the decommissioning and abandonment of aging
infrastructure represent a growing aspect of the shallow water segment.
Major companies
operating in North America Oil & Gas Subsea Umbilicals, Risers and
Flowlines (SURF) Market are:
- TechnipFMC
- Subsea
7
- Aker
Solutions
- National
Oilwell Varco
- Baker
Hughes
- Oceaneering
International
- Saipem
- McDermott
International
- Prysmian
Group
- Forum
Energy Technologies
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“United States
is expected to dominate the market during the forecast period. The growing
emphasis on environmental awareness and regulations is spurring the advancement
of sustainable SURF solutions. Operators are making investments in leak
detection technologies, carbon capture and storage, and offshore wind
integration to align with their sustainability objectives.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“North America Oil & Gas Subsea
Umbilicals, Risers and Flowlines (SURF) Market By Product (Flowlines,
Umbilicals and Risers), By Type (Shallow Water, Deep Water and Ultra Deep
Water), By Country, By Competition Forecast & Opportunities, 2018-2028”,
has evaluated the future growth potential of North America Oil & Gas Subsea
Umbilicals, Risers and Flowlines (SURF) Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in North America Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF)
Market.
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