Deep Depth Subsea Umbilicals, Risers and Flowlines (SURF) Market
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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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Deep Depth Subsea Umbilicals, Risers and Flowlines Market size in 2023: | USD 1.5 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 7.9 |
| 2023 Value Projection: | USD 2.9 Billion |
| Historical Data for: | 2021 to 2023 |
| No of Pages: | 90 |
| Tables, Charts & Figures: | 32 |
| Segments Covered: | Product and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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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.
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.
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.
Key industry players operating across industry include:
Market, By Product
The above information has been provided for the following region and countries:
The flowlines segment is anticipated to reach over USD 1.2 billion by 2032, supported by evolving offshore oil and gas exploration and a focus on deeper offshore fields.
The U.S. market for deep depth subsea umbilicals, risers, and flowlines is estimated to exceed USD 600 million by 2032, driven by new reserve explorations and supportive government regulations.
Key industry players 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, and VALLOUREC.
The global market for deep depth subsea umbilicals, risers, and flowlines was reached USD 1.5 billion in 2023 and is projected to grow at a 7.9% CAGR from 2024 to 2032, driven by increasing exploration activities in deep-water offshore fields.