Oil & Gas Subsea Umbilical, Risers & Flowlines (SURF) market is projected to grow at a CAGR of 7.7% by 2034: Visiongain

/EIN News/ -- Visiongain has published a new report entitled Oil & Gas Subsea Umbilicals, Risers & Flowlines (SURF) Market Report 2024-2034: Forecasts by Application (Exploration Wells, Production Wells), by Component (Umbilicals, Risers, Flowlines), by Flowlines (Production Flowlines, Injection Flowlines, Export Flowlines, Other), by Risers (Steel Catenary Risers (SCR), Top Tensioned Risers (TTR), Steel Lazy Wave Risers, Buoyant Risers, Flexible & Hybrid Risers), by Umbilicals (Hydraulic Umbilicals, Electro Hydraulic Umbilicals, Electro-Optical Umbilicals, Control Umbilicals, Intervention Umbilicals, Production Umbilicals) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.

The global oil & gas subsea umbilical, risers & flowlines (SURF) market was valued at US$9,500.0 million in 2023 and is projected to grow at a CAGR of 7.7% during the forecast period 2024-2034.

Resurgence of Offshore Exploration and Production

The resurgence of offshore exploration and production activities, driven by stabilizing oil prices and technological advancements, is a significant factor influencing the SURF market. Offshore projects, particularly in regions like the North Sea and Brazil's pre-salt fields, require sophisticated subsea infrastructure, including umbilicals, risers, and flowlines, to enable reliable production and transportation of hydrocarbons from the seabed to onshore facilities.

Focus on Cost-Effective Solutions

The oil and gas industry's ongoing focus on cost-effective solutions and operational efficiency is driving innovation in SURF systems. Operators seek cost-effective solutions that reduce installation and maintenance expenses while maintaining high levels of reliability. For example, advancements in flexible pipe technology offer a more cost-efficient and adaptable alternative to traditional rigid pipe systems, providing operators with a competitive edge in the development of subsea projects.

Download Exclusive Sample of Report
https://www.visiongain.com/report/oil-gas-surf-market-2024/#download_sampe_div

How has COVID-19 had a significant negative impact on the Oil & Gas Subsea Umbilical, Risers & Flowlines (SURF) Market?

The global oil & gas subsea umbilical, risers, and flowlines (SURF) market underwent a thorough impact analysis in the wake of the COVID-19 pandemic. The industry, essential for offshore energy operations, experienced significant disruptions as lockdowns and travel restrictions impeded project timelines and logistics. Supply chain challenges and a decrease in oil demand further intensified the impact on the SURF market.

The pandemic led to delays in project executions, affecting the manufacturing and installation of subsea components. Companies faced hurdles in personnel mobilization and site activities, contributing to a slowdown in overall project progress. Additionally, the economic uncertainties prompted a re-evaluation of capital expenditures, influencing investment decisions in the oil and gas sector.

However, amidst the challenges, the industry showcased resilience as companies adapted to remote working, implemented safety protocols, and explored innovative technologies to mitigate disruptions. As the global situation gradually stabilizes, the Oil & Gas SURF market is expected to regain momentum, with a renewed focus on operational efficiency, digitalization, and sustainable practices shaping the industry's post-pandemic landscape

How will this Report Benefit you?

Visiongain’s 431-page report provides 132 tables and 214 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global oil & gas subsea umbilical, risers & flowlines (SURF) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Oil & Gas Subsea Umbilical, Risers & Flowlines (SURF). Get financial analysis of the overall market and different segments including application, component, flowlines, risers, and umbilicals and capture higher market share. We believe that there are strong opportunities in this fast-growing oil & gas subsea umbilical, risers & flowlines (SURF) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Increasing Exploration in Marginal Fields

The exploration and development of marginal fields, often located in challenging environments, require flexible and cost-effective SURF solutions. These fields, though smaller in scale, contribute significantly to overall production. SURF systems enable the economical development of marginal fields by providing the necessary infrastructure for efficient hydrocarbon extraction and transportation. An example is the use of innovative SURF solutions in the North Sea's mature fields, revitalizing production from previously overlooked reserves.

Stringent Environmental and Safety Regulations

Stringent environmental and safety regulations governing offshore oil and gas operations globally act as a driving force for the SURF market. Regulatory requirements necessitate the use of advanced technologies and materials that enhance safety and minimize environmental impact. Compliance with regulations, such as those set by the Bureau of Safety and Environmental Enforcement (BSEE) in the U.S., mandates the adoption of state-of-the-art SURF systems to mitigate risks associated with subsea operations.

Rising Investments in Offshore Projects

Increasing investments in offshore oil and gas projects, driven by economic recovery, favorable oil prices, and strategic energy security considerations, contribute significantly to the growth of the SURF market. Major oil and gas companies are committing substantial capital to offshore developments, creating a demand for comprehensive SURF solutions. For instance, investments in Brazil's pre-salt projects and the Gulf of Mexico's deepwater reserves exemplify the industry's commitment to offshore exploration and production.

Get Detailed ToC
https://www.visiongain.com/report/oil-gas-surf-market-2024/

Where are the Market Opportunities?

Strategic Investments by Major Oil and Gas Companies Opportunities

Major oil and gas companies have a unique opportunity to capitalize on strategic investments in the oil and gas subsea umbilical, risers & flowlines (SURF) market. As these industry giants allocate substantial funds toward innovative technologies and infrastructure, there is a chance for smaller, specialized SURF providers to secure partnerships or collaborations. These investments can facilitate the development of cutting-edge solutions, driving technological advancements and fostering a competitive landscape. For emerging companies, aligning with major players can open doors to broader markets, increased visibility, and the chance to contribute to large-scale projects, thereby accelerating growth and market penetration.

Growing Consolidation in Subsea Infrastructure Industry

The growing consolidation in the subsea infrastructure industry presents a range of opportunities for companies aiming to capitalize on this trend. Firstly, consolidation fosters the creation of larger, more diversified entities with increased financial strength and broader technological capabilities. This allows companies to undertake larger and more complex subsea projects, tapping into the expanding global market for offshore exploration and production. The ability to provide end-to-end subsea solutions becomes a key competitive advantage, attracting major contracts and partnerships.

Moreover, as companies consolidate, there is an opportunity for enhanced research and development efforts. The pooling of resources and expertise from different entities can lead to the development of cutting-edge technologies and innovative solutions in subsea infrastructure. This not only positions the consolidated companies as industry leaders but also allows them to offer more advanced and efficient products and services to their clients.

Competitive Landscape

The major players operating in the oil & gas subsea umbilical, risers & flowlines (SURF) market are Baker Hughes Company, Cameron International Corporation, FMC Technologies Inc., General Electric Company, Haliburton Corporation, JDR Cable Systems Ltd., McDermott International, Ltd, National Oilwell Varco Inc., Oceaneering International, Inc., Saipem S.p.A., Siemens AG, Subsea 7 S.A., TechnipFMC plc, Vallourec S.A., Weatherford International plc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

• 01 Sept 2023, Subsea 7 has been awarded a contract by Equinor for the engineering, procurement, construction, and installation (EPCI) of the SURF system for the Johan Castberg field in Norway. The contract value is approximately NOK 10 billion (USD 990 million).
• 19 Sept 2023, TechnipFMC awarded a contract for subsea umbilical, risers, & flowlines for Equinor's Gavea and Pao de Acucar fields in Brazil.

To access the data contained in this document please email contactus@visiongain.com

Avoid missing out by staying informed – order our report now.

To find more Visiongain research reports on the oil & gas sector, click on the following links:

• Offshore Oil & Gas Decommissioning Market Report 2023-2033
• Oil & Gas Pipeline Leak Detection Market Report 2022-2032
• Oil & Gas Drill Bit Market Report 2021-2031
  
  

Do you have any custom requirements we can help you with? Any need for a specific country, geo region, market segment or specific company information? Contact us today, we can discuss your needs and see how we can help: contactus@visiongain.com

About Visiongain

Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.

Contact

Visiongain Reports Limited
Telephone: +44 (0) 20 7336 6100
Email: contactus@visiongain.com
Web: www.visiongain.com