North America Subsea Umbilicals, Risers and Flowlines (SURF) Market Analysis

North America Subsea Umbilicals, Risers and Flowlines Market Analysis

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Deep depth segment is anticipated to grow over USD 700 million by 2032. The deep-water SURF market is poised for significant growth, driven by active oil fields, robust natural gas and oil production, and escalating investments in deep and ultra-deep hydrocarbon fields. Furthermore, flourishing investments in deep offshore oil fields, coupled with strategic initiatives to reduce reliance on imported energy, will positively influence the deep-water SURF industry outlook.
 

The shallow depth segment is anticipated to grow owing to rising capital expenditures in exploration and production activities coupled with ongoing technological advancements in system design aimed at enhancing operational efficiency. Surging demand for oil and gas from sectors like refineries and petrochemicals along with an upsurge in discoveries and the exploration of marginal oil reserves will positively influence the industry shallow depth SURF landscape.
 

The subsea umbilicals, risers and flowlines market from flowlines segment is anticipated to witness over 7.5% CAGR through 2032. Growing preference for both rigid and flexible flowline solutions, coupled with the increasing automation and digitalization of drilling operations will complement the business landscape. Growing demand for energy resources, driven by ongoing research and development initiatives aimed at introducing advanced technologies and functionalities will shape the flowlines industry dynamics.
 

The U.S. subsea umbilicals, risers and flowlines market is set to grow over USD 920 million by 2032. Rising investments in tapping into new crude oil discoveries, growing emphasis on energy conservation, and favorable outlook toward oil & gas sector across the nation will significantly influence the industry landscape.
 

Moreover, shifting focus on digitalization and automation in drilling operations to boost crude oil production, the introduction of supportive government policies and regulations, and ongoing exploration & production activities will complement the industry outlook. For instance, in March 2024, as per the EIA, for the past six years, the United States has led global crude oil production, averaging 12.9 million barrels per day in 2023.