Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market is expected to grow at a robust CAGR
Global
Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market is expected
to grow owing to the industry's growing focus towards exploring and operating
in deeper offshore fields throughout the forecast period.
According
to TechSci Research report, “Oil
& Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, the Global
Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market is
expected to register robust growth during the forecast period. The rising demand for oil and gas, along
with the steady growth in deep-sea developments, has fostered the expansion of
the SURF (subsea umbilical, riser, and flowline) market. The increasing demand
for capital-intensive techniques in unconventional sources, as well as the
surge in deep-water explorations to enhance oil productivity, have further
propelled the installation of SURF systems in offshore oil and gas production
projects.
The
oil and gas industry are witnessing a growing trend towards the adoption of
digitalization and remote monitoring technologies. The utilization of SURF
systems, equipped with cutting-edge sensors and data analytics capabilities,
enables real-time insights into the condition and performance of subsea assets.
Companies that provide advanced monitoring and control solutions for SURF
systems have the potential to significantly enhance operational efficiency and
asset management.
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Based
on product, Flowlines
segment is expected to dominate the market during the forecast period. Flowlines
are also utilized for the transmission of power and data cables in renewable
energy projects like offshore wind farms. As the integration of renewable
energy sources with offshore oil and gas operations continues to expand, the
flowlines segment gains momentum. By incorporating remote monitoring and
predictive maintenance capabilities into flowline systems, asset management can
be improved and downtime reduced. Companies offering these technologies are
presented with opportunities for growth. The role of flowlines in transmitting
power and data for renewable energy installations opens up a new market.
Companies specializing in providing flowline solutions for this purpose can
thrive. Flowlines play a significant role in integrating renewable energy
sources into offshore operations. They can transport power cables and data
lines from offshore wind or solar installations to onshore facilities, creating
new opportunities for the flowlines segment as the energy transition gains
momentum. In conclusion, the flowlines segment of the Global Oil & Gas
Subsea Umbilicals, Risers, and Flowlines (SURF) Market is driven by deepwater
exploration, technological advancements, and the integration of renewable
energy.
Based
on type, Shallow Water segment is projected to dominate the market throughout
the forecast period. While shallow water projects may possess smaller reserves
in comparison to deepwater fields, they still play a significant role in oil
and gas production. These fields are relatively easier and cost-effective to
develop and operate. Shallow water fields are often situated in close proximity
to onshore facilities and existing infrastructure, thereby reducing
transportation costs and logistical challenges. The development of shallow
water projects can be comparatively swift, enabling operators to achieve a
faster return on investment. However, it is important to note that shallow
water projects are typically subject to stricter environmental regulations as
they are closer to the coastline. Current trends in this segment include the
utilization of eco-friendly drilling fluids and a strong emphasis on minimizing
the environmental footprint. In shallow water environments, the design and
installation of SURF systems are generally less complex than deepwater systems
due to reduced water depth and simpler subsea infrastructure. In conclusion,
the shallow water segment of the Global Oil & Gas Subsea Umbilicals,
Risers, and Flowlines (SURF) market presents cost-effective and accessible
opportunities for oil and gas development. Noteworthy trends in this segment
include platform-based development, subsea tiebacks, and a steadfast commitment
to minimizing environmental impact. Despite the challenges encountered in shallow
water projects, they remain an integral part of the offshore oil and gas
industry, significantly contributing to global energy production.
Key
market players in the Global Oil & Gas Subsea Umbilicals, Risers and
Flowlines (SURF) Market are:
- ABB
Ltd.
- Aker
Solutions ASA
- Baker
Hughes Co.
- Bureau
Veritas SA
- NOV
Inc.
- Oceaneering
International Inc.
- Parker
Hannifin Corp.
- Saipem
SPA
- Schlumberger
Ltd.
- ArcelorMittal
SA
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“Asia
Pacific is expected to be the dominating region during the forecast period. The
increasing regional focus on renewable energy, including offshore wind and
tidal energy, offers SURF companies the chance to broaden their range of
services and expertise. Governments in the area frequently back offshore
exploration and production activities through favorable policies and
incentives. This support promotes investment in SURF infrastructure.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Oil
& Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Product
(Flowlines, Umbilicals and Risers), By Type (Shallow Water, Deep Water and
Ultra Deep Water), By Region, Competition 2018-2028,” has evaluated the future growth
potential of Global 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 Global Oil & Gas Subsea
Umbilicals, Risers and Flowlines (SURF) Market.
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