Risers Market Size – By Regional Outlook, Growth Potential, Industry Analysis Report, Competitive Market Share & Forecast, 2024 – 2032

Risers Market Size

Risers Market will see noticeable growth between 2024 and 2032, due to the increasing exploration and production activities in the oil & gas industry, rising demand for deep-sea drilling, and advancements in offshore drilling technologies.
 

In October 2023, the research conducted by Jiangsu University addressed crucial technical challenges in the extraction and transportation of deep-sea oil and gas, offering robust support for the safe and efficient exploitation of offshore resources. Additionally, the need for efficient and reliable riser systems, coupled with the expansion of production projects, contributes to the market expansion.
 

Risers Market Trends

There is a notable shift towards the development of lightweight and durable materials, enhancing their performance in demanding offshore environments. The integration of digitalization and real-time monitoring solutions is escalating, providing operators with enhanced control and efficiency in managing these systems.
 

In September 2023, as the oil & gas industry strived to cut costs, improve efficacy, and reinforce its role in the energy conversion, the use of digital twins became more evident in the race to digitize and decarbonize the sector. Rising environmental concerns have also spurred the adoption of eco-friendly materials and practices in riser construction. The increased demand for flexibility, and adaptability to various seabed conditions further propels the market growth.
 

Risers Market Analysis

Based on type, riser sleeves segment is anticipated to record notable growth up to 2032, owing to the increasing complexity of offshore drilling operations that has intensified the demand for reliable riser systems. There is a growing emphasis on extending the lifespan of risers and minimizing maintenance costs, favoring the usage of riser sleeves.
 

Steel catenary rising systems (SCRs) segment is slated to hold sizeable share of the risers market through 2032, driven by the increasing deepwater and ultra-deepwater exploration activities. In January 2024, as per an Indian manufacturer of SP Energy, the KG-DWN-98/2 field was ONGC's first deepwater development, and this project represented "the largest floating installation in the Indian subcontinent”. The inherent flexibility and robustness of steel catenary risers make them effective in managing dynamic seabed conditions and accommodating the vertical movement of floating platforms. The advancements in design and materials, contribute to higher demand for SCRs, offering enhanced performance and reliability.
 

North America risers industry is set to register significant revenue by 2032, attributed to the increasing exploration activities in the offshore sector, particularly in the Gulf of Mexico. The stringent regulatory framework ensuring safety and environmental standards in the region further accelerates the adoption of innovative and reliable solutions. The need for robust and durable equipment to withstand challenging offshore conditions, further will stimulate the regional industry growth.
 

Risers Market Share

The competitive landscape of the global risers industry consists of companies such as:

• DNV-GL
• Subsea 7
• BHGE
• National Oilwell Varco
• Vallourec
• Claxton Engineering
• Saipem (Eni)
• TechnipFMC
• Aker Solutions

These organizations are executing strategies such as acquisitions, collaborations, and new product launches to attain a competitive advantage over rivals.
 

Risers Industry News

In September 2023, Subsea 7 and SLB's OneSubsea, as part of their Subsea Integration Alliance, signed an MoU to form a framework agreement with BP for integrated subsea developments.

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