Deep Depth Subsea Umbilicals, Risers and Flowlines (SURF) Market Size – By Product, Analysis, Share, Growth Forecast, 2024 - 2032

Deep Depth Subsea Umbilicals, Risers and Flowlines Market Size

The global deep depth subsea umbilicals, risers and flowlines market was valued at USD 1.5 billion in 2023 and is set to witness more than 7.9% CAGR between 2024 and 2032. Continuous offshore exploration across deep water, coupled with a diminishing number of active onshore oilfields, and a growing need for petrochemical products, will influence the industry landscape. Increased crude oil and gas transportation, along with subsea production linking to surface infrastructure systems, will boost the product deployment.
 

Accelerating investments for the development of subsea infrastructure and floating rig installations will further complement the industry outlook. For instance, in June 2024 one of the domestic independent energy companies issued a USD 50 million contract to Oceaneering International as part of its manufactured products segment. The company is going to manufacture a 27-kilometre electro-hydraulic steel tube for deepwater projects located in the Gulf of Mexico. The commencement of production is expected in September 2024, in the plant located in Panama City, Florida, with the final delivery in the early 2026.
 

Deep Depth Subsea Umbilicals, Risers and Flowlines Market Trends

Deep depth SURF market is set to grow owing to the exploration of hydrocarbons in deep waters along with shifting focus on economical solutions, new and innovative technologies. Manufacturers have implemented advanced innovative methods and developing are more innovative production processes to reduce their costs and meet market requirements and increase safety. For instance, in February 2024, CRP Subsea, a division of AIS, awarded a contract to supply DBM modules for deepwater oil field in Brazil's Santos Basin. The DBMs will support flexible production riser, easing top tension on the FPSO vessel. Moreover, growing inclination on energy-efficient designs, eco-friendly anti-corrosion coatings and further integration of renewable energy sources in subsea operations will contribute to the industry growth.
 

Deep Depth Subsea Umbilicals, Risers and Flowlines Market Analysis

The flowlines segment is anticipated to grow over USD 1.2 billion by 2032. Continuous offshore oil and gas explorations, coupled with energy companies' deepwater field expansion, will boost the offshore business landscape. Shifting focus on cost-effective and durable solutions on account of the restricted access to oil reserves along with the transformation of the market towards oil and gas production from subsea regions is complementing the business landscape. Technological improvement in rigid and flexible technologies, to withstand rough seabed conditions and further offshore energy installation will positively influence the business dynamics.
 

The U.S. deepwater subsea umbilicals, risers, and flowlines industry is set to surpass USD 600 million by 2032. Accelerating exploration of new reserves coupled with favorable regulations by the authorities toward development of subsea infrastructures across the sea bodies will further augment the industry landscape. Increasing investment in the discovery and production of new crude oil reserves, with an optimistic outlook for unconventional resource development will complement the business outlook. For instance, according to the U.S. EIA, in 2023, the nation’s crude oil production, inclusive of condensate, averaged 12.9 million barrels per day. Moreover, rich offshore oil and gas reserves, together with active exploration and production efforts and existing oil and gas companies, will positively influence the industry landscape.
 

The U.S. deepwater subsea umbilicals, risers, and flowlines industry is set to surpass USD 600 million by 2032. Accelerating exploration of new reserves coupled with favorable regulations by the authorities toward development of subsea infrastructures across the sea bodies will further augment the industry landscape. Increasing investment in the discovery and production of new crude oil reserves, with an optimistic outlook for unconventional resource development will complement the business outlook. For instance, according to the U.S. EIA, in 2023, the nation’s crude oil production, inclusive of condensate, averaged 12.9 million barrels per day. Moreover, rich offshore oil and gas reserves, together with active exploration and production efforts and existing oil and gas companies, will positively influence the industry landscape.
 

Deep Depth Subsea Umbilicals, Risers and Flowlines Market Share

Companies operating in the deepwater subsea umbilicals, risers, and flowlines market are focusing to strengthen their market presence by making strategic partnerships, collaborations and joint ventures for new projects. Players are aiming for R&D initiatives that are aimed at diversifying the range of customer needs and enhance their product portfolio. The SURF industry is characterized by competitive environment, technological innovations, and players facing stringent regulatory environment. Companies including Baker Hughes, TechnipFMC, Halliburton, John Wood Group, and SLB specialize in positioning their most effective and dependable solutions, which can also be economically priced within market expectations.
 

Deep Depth Subsea Umbilicals, Risers and Flowlines Market Companies

Key industry players operating across industry include:

• Aker Solutions
• ArcelorMittal Downstream Solutions
• Baker Hughes
• Bartell Machinery
• Dril-Quip
• Halliburton
• John Wood Group
• NOV
• Oceaneering International
• Prysmian Group
• Saipem
• SLB
• Subsea7
• TechnipFMC
• Tenaris
• VALLOUREC
   

Deep Depth Subsea Umbilicals, Risers and Flowlines Industry News

• In September 2024, TechnipFMC has been awarded two major subsea contracts by Petrobras pertaining to offshore pre-salt fields in Brazil. These two contracts incorporate local design, engineering, manufacturing, and other services, with the equipment being produced in Brazil to facilitate the development of pre-salt reserves. This set of initiatives reveals the company’s dominant position in subsea technologies and their equipment platform, which has performed optimally in standardizing the company’s equipment.
   
• In July 2024, Equinor has allocated Ocean Installer a remarkable EPCI contract for the Troll Phase 3 – Stage 2 project located in the Norwegian North Sea. The work encompasses extensive activities offshore such as, but not limited to, drilling, subsea installation, and pipeline building. Fabrication and installation of pipeline structures, spools, and MEG lines are among the various tasks Ocean Installer will undertake. The subsea production system, umbilicals, and trenching & pre-commissioning work, which the company will do, is a major advance in Norway's G oil and gas industry.
   

The deep depth subsea umbilicals, risers and flowlines market research report includes in-depth coverage of the industry with estimates & forecast in terms of “‘000 Feet” and “USD Million” from 2021 to 2032 for the following segments:

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Market, By Product

• Umbilicals
• Risers
  • SCR
  • Flexible
  • Others
• Flowlines

The above information has been provided for the following region and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Norway
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Indonesia
  • Malaysia
  • Thailand
  • Australia
• Middle East & Africa
  • Angola
  • Nigeria
  • Egypt
  • Qatar
  • Saudi Arabia
  • UAE
• Latin America
  • Brazil