Home > Energy & Power > Oil and Gas > Upstream > Shallow Depth SURF Market

Shallow Depth SURF Market Trends

Report ID: GMI10016
Published Date: Jun 2024
Report Format: PDF

Download Free Sample

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%.

Authors: Ankit Gupta , Divyendu Sharma

Frequently Asked Questions (FAQ) :

Market size for shallow depth SURF was valued at USD 2.8 billion in 2023 and is projected to observe 6.4% CAGR from 2024 to 2032, owing to the increasing investments in offshore hydrocarbon exploration & production.

Shallow depth SURF market share from the flowline segment is 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.

Middle East & Africa market is projected to cross USD 2.4 billion by 2032, attributed to the increased investment for expansion of offshore projects.

Acteon Group Operations (UK) Limited, Aker Solutions, ArcelorMittal Downstream Solutions, Baker Hughes Company, DeRegt Cables, Dril-Quip, Inc., Halliburton, JDR Cable Systems Ltd, and John Wood Group PLC among others.