November 18, 2019
According to the latest study titled ‘Global SURF (Subsea Umbilicals, Risers and Flowlines) Market: 2018 World Market Review and Forecast to 2023’ available at MarketStudyReport.com, the global SURF (subsea umbilicals, risers, and flowlines) market is estimated to grow with a CAGR of 11.63% through the year 2023.
The constant growth of SURF (subsea umbilicals, risers, and flowlines) market is propelled by factors such as ever-growing demand of energy across the globe, surging requirement for gas & oil, along with numeruos deep-sea explorations with an aim to enhance oil productivity. Moreover, adoption of capital-intensive processes for unconventional sources will continue to augment the SURF industry trends.
The study examines the industry for revenue share of each segment and offers information about the growth patterns. It analyses the competitive landscape of SURF market using SWOT analysis and Porter’s Five Force analysis methods. Information about the market dynamics which influence the market growth is also outlined.
Based on type, SURF market is segmented into riser, umbilical, and flowline. While speaking of type of umbilical, the industry is split into electrohydraulic, electrohydraulic and electro-fibre optical hydraulic, hydraulic umbilical, and lastly electro-fibre optical hydraulic umbilical having medium voltage cores. In terms of riser type, the SURF market is bifurcated into work over riser, drilling riser, production riser, and others.
Considering the geographical landscape, the global SURF market is fragmented into regions including North America, Africa, South America, Middle East, Europe, and APAC, with key focus on countries like Mexico, US, Argentina, Brazil, U.K., Angola, Norway, Australia, Nigeria, Saudi Arabia, and China.
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The report cites that South America accounted for 30% share of the global SURF market in 2018, owing to the extensive offshore activities across Brazil. Additionally, APAC and Middle East markets are presumed to witness substantial growth in the upcoming years.
The key players of SURF market are Prysmian group, Aker Solutions, Subsea 7, Technip FMC, McDermott International Inc., Saipem, Ocean Installer AS, Actuant Corporation, and DeepOcean Group Holding BV.
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