Oil & Gas SURF Market to Grow at 12% till 2021
Surging energy demand, maturing
onshore fields and increasing offshore hydrocarbon exploration activities to
drive global oil & gas subsea umbilicals, risers and flowlines (SURF)
market through 2021
According to TechSci Research report “Global
Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market, By Component, By
Application, By Region, Competition Forecast and Opportunities, 2011-2021”, the global market for oil & gas SURF is projected to grow
at a CAGR of over 12% during 2016-2021, on account of rising output from
offshore fields. As the era of easy oil is over, companies are going offshore
in deep and ultradeep waters. Offshore field development requires subsea umbilicals,
risers and flowlines to be installed to bring oil or gas from seabed to surface
processing plant. Increase in offshore oil and gas exploration activities is
projected to boost growth in global oil & gas SURF market through 2021.
Browse 9 market data Tables and 68 Figures
spread through 157 Pages and an in-depth TOC on "Global Oil & Gas Subsea Umbilicals,
Risers and Flowlines (SURF) Market"
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Deepwater application dominated global
oil & gas SURF market, on account of new offshore oil and gas discoveries.
Also, implementation of government policies and regulations supporting offshore
exploration are anticipated to trigger growth in global oil & gas SURF
market during the forecast period. In 2015, deepwater oil production from water
depths greater than 125 meters reached 9.93 million barrels per day, registering
an increase of over 25% from nearly 7 million barrels per day in 2005. Europe was
the largest regional market for global oil & gas SURF market, as the region
is home to Norway, a pioneer in developing offshore fields. Rising demand for
oil & gas SURF equipment in the region can be attributed to recovery in crude prices and improvements
in financial situation of upstream players. Middle East & Africa is the second largest market for oil
& gas SURF market across the globe, due
to increased subsea activities in the region in offshore waters. Angola and
Nigeria are hubs for offshore oil and gas exploration with most of the major
oil & gas companies eyeing stake in those acreages.
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“Global demand for oil & gas SURF products is on
the rise, owing to increasing offshore production, and advent of modern technology
and innovations in subsea equipment space. Availability of advanced SURF
equipment is making deep and ultra-deepwater exploration and production activities
technologically viable and financially feasible. As subsea technology matures,
an increased demand for SURF equipment is expected, owing to rising production
from offshore producing fields and exploration of new fields. This is
anticipated to further fuel growth in global oil & gas SURF market through
2021.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Oil & Gas Subsea
Umbilicals, Risers and Flowlines (SURF) Market, By Component, By Application,
By Region, Competition Forecast and Opportunities, 2011-2021” has evaluated global oil & gas SURF market and
provides statistics and information on market structure, industry behaviour and
trends. The report includes market projections and demand forecasting. The
report is intended to provide cutting-edge market intelligence and help
decision makers to take sound investment evaluation. Besides, the report also
identifies and analyzes emerging trends along with essential drivers, challenges,
and opportunities available in global oil & gas SURF market.
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