SURF (subsea umbilicals, risers and flowlines) market to expand with 11.63% CAGR by 2023

October 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 with Market Study Report LLC, the global SURF market is estimated to grow with a CAGR of 11.63% by the year 2023. 
 

SURF (subsea umbilicals, risers and flowlines) offers a link between subsea production and surface systems. The rising demand for gas and oil, combined with expanding deep-sea developments has aided the growth of  subsea umbilicals, risers and flowlines market.
 

Growing necessity for deploying capital-intensive technologies in unconventional sources, coupled with increasing deep-water explorations to boost oil productivity have further stimulated SURF installations in the offshore oil & gas production projects. Decreasing crude oil prices and draining oil reserves, in consort with worldwide economic slowdown is compelling the governments and market players to explore undiscovered reserve, thereby aiding the SURF market growth.
 

The study analyzes subsea umbilicals, risers and flowlines market for segmental revenue and growth patterns for each segment. It also provides a detailed synopsis of market trends, challenges, and driver impacting the industry growth, alongside the SWOT analysis and regulatory landscape across regions.
 

Based on type, SURF market is segmented as riser, umbilical, and flowline. The umbilical segment is further bifurcated as electrohydraulic & electro-fibre optical hydraulic umbilical with medium voltage core, hydraulic umbilical, electro-hydraulic umbilical, and electrohydraulic & electro-fibre optical. While speaking about the riser type, the market is divided into drilling riser, production riser, work over riser, and others.
 

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Considering the geographical landscape, the global SURF market is bifurcated into six major regions as North America, Africa, Europe, Asia Pacific, Middle East, and South America. As per the report, South America dominated the SURF market with 30% share in 2018, owing to offshore activities in Brazil. Moreover, SURF market in Asia-Pacific and Middle East regions is presumed to register significant growth over the forecast period.  
 

Some of the vendors that operate in SURF market are Aker Solutions, Prysmian Group, Subsea 7, Technip FMC, McDermott International Inc., Saipem, Ocean Installer AS, DeepOcean Group Holding BV, and Actuant Corporation.


Frequently Asked Questions (FAQ) :

Based on type, SURF market is segmented as riser, umbilical, and flowline. The umbilical segment is further bifurcated as electrohydraulic & electro-fibre optical hydraulic umbilical with medium voltage core, hydraulic umbilical, electro-hydraulic umbilical, and electrohydraulic & electro-fibre optical.
Growing necessity for deploying capital-intensive technologies in unconventional sources, coupled with increasing deep-water explorations to boost oil productivity have further stimulated SURF installations in the offshore oil & gas production projects. Decreasing crude oil prices and draining oil reserves, in consort with worldwide economic slowdown is compelling the governments and market players to explore undiscovered reserve, thereby aiding the SURF market growth.
Considering the geographical landscape, the global SURF market is bifurcated into six major regions as North America, Africa, Europe, Asia Pacific, Middle East, and South America. As per the report, South America dominated the SURF market with 30% share in 2018, owing to offshore activities in Brazil. Moreover, SURF market in Asia-Pacific and Middle East regions is presumed to register significant growth over the forecast period.
Some of the vendors that operate in SURF market are Aker Solutions, Prysmian Group, Subsea 7, Technip FMC, McDermott International Inc., Saipem, Ocean Installer AS, DeepOcean Group Holding BV, and Actuant Corporation.