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Deep Depth Subsea Umbilicals, Risers and Flowlines (SURF) Market Size

Report ID: GMI12109
Published Date: Nov 2024
Report Format: PDF

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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.

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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 Report Attributes
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 2024 to 2032 CAGR:	7.9%
2032 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:	Increasing energy demand Accelerating investments across exploration of deep oil reserves Shifting focus toward development of marginal fields
Pitfalls & Challenges:	High drilling associated cost

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Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

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.

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.