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 projected to witness more than 7.9% CAGR between 2024 and 2032. Increasing exploration and operations in deep water depth offshore fields, coupled with a decline in easily accessible oil reserves and rising demand for petrochemical products will complement the business landscape. Growing demand for reliable systems that can transport crude oil and gas to processing facilities and for linking subsea production to surface infrastructure will accelerate the product deployment.
 

Flourishing investments in subsea projects by various companies and increase in floating rig installations will augment the industry outlook. For instance, in June 2024, Oceaneering International's has clinched a USD 50 million contract with a domestic independent energy firm under its manufactured products segment. The company will provide a 27 km long electro-hydraulic steel tube dynamic umbilical for a Gulf of Mexico project. Production is set to kick off in 2025 at the facility in Panama City, Florida, with the final delivery slated for the second quarter of 2026.
 

Deep Depth Subsea Umbilicals, Risers and Flowlines Market Trends

Deep depth SURF market is set to grow owing to increased focus on cost-effective solutions and innovative designs and ongoing exploration of hydrocarbon reserves across deep water depth in water bodies. Manufacturers are developing more efficient production processes to reduce costs while maintaining safety and performance standards. Growing emphasis on sustainability, with efforts to develop eco-friendly coatings, energy-efficient designs, and integrate renewable energy sources in subsea operations will complement the industry landscape.
 

Deep Depth Subsea Umbilicals, Risers and Flowlines Market Analysis

The flowlines segment is anticipated to reach more than USD 1.2 billion by 2032. Evolving offshore oil and gas exploration along with energy companies focus on deeper offshore fields is complementing the business landscape. Decreasing availability of easily accessible oil reserves, ongoing subsea operations into more challenging environments, shifting focus on prioritizing the development of cost-effective, durable, and dependable solutions for subsea oil and gas production will augment the product deployment. Development of improved flexible and rigid technologies to address challenges posed by uneven seabed conditions and long-distance installations, to support the offshore energy production will favor the subsea flowlines business outlook.
 

U.S. deep depth subsea umbilicals, risers and flowlines market is estimated to cross over USD 600 million by 2032. Increasing explorations of new reserves, along with supportive regulations from governments authorities, are set to accelerate industry growth. Surging investments for the exploration of newly crude oil reserves, with an optimistic outlook for unconventional resource development will complement the business outlook. Moreover, Availability of rich offshore oil and gas reserves, together with active exploration and production endeavors and the presence of established oil and gas firms, are set to significantly influence the business landscape.
 

Deep Depth Subsea Umbilicals, Risers and Flowlines Market Share

Key industry players are restructuring their R&D initiatives and expanding their product portfolio aiming to integrate advanced & sustainable technologies. These initiatives are designed to enhance their market presence and address a more diverse array of customer needs. Major companies in the deep depth subsea umbilicals, risers, and flowlines (SURF) market face intense competition, rapid technological changes, and strict regulatory requirements. Key manufacturers including Baker Hughes, John Wood Group, SLB, TechnipFMC, John Wood group, and Halliburton, aim to develop cost-effective and reliable solutions.
 

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 significant subsea contracts by Petrobras for offshore pre-salt fields in Brazil. The two contracts include design, engineering, manufacturing, and associated services with the equipment to be produced locally in Brazil, supporting pre-salt reserve development. These initiatives demonstrate the company’s strong position in subsea technologies and their successful standardized equipment platform.
   
• In July 2024, Equinor has awarded Ocean Installer a significant EPCI contract for the Troll Phase 3 – Stage 2 project in the Norwegian North Sea. The involves extensive offshore work including drilling, subsea installations, and pipeline construction. Ocean Installer will handle various tasks such as fabricating and installing pipeline structures, spools, and MEG lines. The company will install the subsea production system, umbilicals, and perform trenching & pre-commissioning representing substantial developments in Norway's offshore oil and gas sector.
   

The deep depth subsea umbilicals, risers and flowlines (SURF) 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