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Shallow Depth SURF Market Size
Shallow Depth SURF Market Size was evaluated at USD 2.8 billion in 2023 and is projected to observe a growth rate of 6.4% from 2024 to 2032. Rapidly growing overall energy consumption, expanding rate of industrialization and urbanization, and rapid economic growth across the emerging as well as developed economies will complement the industry outlook. Moreover, fast-paced growth across different hydrocarbon dependent verticals including transportation, power generation, petrochemicals, and manufacturing, among others will further boost the business dynamics.
Offshore exploration and production (E&P) in the oil and gas sector have evolved significantly over the years, driven by technological advancements, economic factors, regulatory changes, and shifting energy dynamics. In addition, innovations in subsea processing operations including improved recovery rates along with the use of digital technologies, such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT), to optimize operations and enhance safety with reduced cost structure has propelled significant transitions in offshore exploration & production activities, thereby catering to the shallow depth subsea umbilicals, risers and flowlines (SURF) industry growth.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 2.8 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 6.4% |
| 2032 Value Projection: | USD 5 Billion |
| Historical Data for: | 2021 to 2023 |
| No. of Pages: | 95 |
| Tables, Charts & Figures: | 28 |
| Segments covered: | Product and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Shallow Depth SURF Market Trends
Shallow Depth Subsea Umbilicals, Risers and Flowlines (SURF) market is set to observe a significant growth as the equipment are essential for offshore hydrocarbon exploration & production and is dynamically driven by technological innovations. Moreover, rising investment in projects at different water depths to easily access reserves coupled with mounting investments in both exploration and maintenance of existing infrastructure will boost the industry landscape. For instance, in May 2024, the U.S. Energy Information Administration (EIA) reported that the average monthly crude oil production from the federal U.S. Gulf of Mexico reserves totaled over 1.86 million barrels per day (mbpd) in 2023 rising from 1.73 mbpd in 2022 experiencing annual increment of about 7.7%.
Shallow Depth SURF Market Analysis
Based on product, the market is primarily segregated into umbilicals, riser, and flowline. Shallow depth flowline products are set to surpass USD 2.4 billion by 2032 on account of the increasing adoption of advanced systems with the integration of sensors & digital technologies to enable enhanced hydrocarbon recovery. Moreover, continuous identification and assessment of potential risks in flowlines with the implementation of real-time monitoring to support the replacement of faulty products will complement the subsea flowlines industry growth.
For instance, in September 2023, Oman based Masirah Oil announced to resume operations on the Yumna-3 well after resolving a leak from a flexible flowline. The new equipment is deployed to play a pivotal role in transferring oil to Yumna’s floating, storage, and offloading unit from its mobile offshore production unit.
Middle East & Africa shallow depth SURF market is projected to cross USD 2.4 billion by 2032. Increased investment for expansion of offshore projects, implementation of enhanced recovery techniques, and adoption of digitalization and automation are among the key parameters propelling the regional industry landscape. In addition, the influx of new investment strategies by the national oil companies (NOCs) are allocating substantial budgets to offshore exploration, development, and production significantly adding to the industry growth trajectory. For instance, in April 2024, the UAE based Abu Dhabi National Oil Company (ADNOC) unveiled its plans to invest about USD 13 billion towards expansion of oil & gas facilities with domestic as well as international growth opportunities over the next five years.
Shallow Depth SURF Market Share
The shallow depth SURF industry is significantly competitive, driven by various technological advancements, digital integration, efficient project management & execution, and other parameters to serve the critical nature of subsea operations. The industry is fairly dominated by large multinational companies including Baker Hughes, Aker Solutions, TechnipFMC, Schlumberger, and Saipem, among others on account of their extensive resources, global reach, and a broad range of capabilities, enabling them to serve complex projects. Moreover, the industry players are continuously focusing to innovate, maintain high standards of efficiency & reliability, and adopt sustainable practices to gain market share and shape the industry dynamics.
Shallow Depth SURF Market Companies
Key players operating across the market consists of:
- Acteon Group Operations (UK) Limited
- Aker Solutions
- ArcelorMittal Downstream Solutions
- Baker Hughes Company
- DeRegt Cables
- Dril-Quip, Inc.
- Halliburton
- JDR Cable Systems Ltd
- John Wood Group PLC
- Oceaneering International, Inc.
- Prysmian Group
- Saipem
- Schlumberger Limited
- TechnipFMC plc
- Tenaris
- VALLOUREC
Shallow Depth SURF Industry News
- In June 2024, Oceaneering International confirmed to initiate an agreement with an independent energy company to deliver about 27 ft of umbilical with an order value of about USD 50 million. The product will be utilized across a project in the U.S. Gulf of Mexico and the company is set to begin order manufacturing in 2025 with final delivery scheduled in second-quarter 2026.
- In February 2024, Sweden based advanced materials technology company called Alleima presented a new duplex stainless steel grade alloy at the at the Subsea Tieback Forum & Exhibition in Texas, U.S. The launched SAF 3007 tube is specially developed to manufacture subsea umbilicals in harsh environmental conditions and offer strong, safe, and lighter operations as compared to the prevailing alternatives.
The shallow depth SURF market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 ft” and “USD Million” from 2021 to 2032 for the following segments:
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Market, By Product
- Umbilicals
- Riser
- SCR
- Flexible
- Others
- Flowline
The above information has been provided for the following regions 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
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