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Subsea Flowlines Market Trends

Report ID: GMI7907
Published Date: Nov 2024
Report Format: PDF

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Subsea Flowlines Market Trends

Subsea flowlines industry is set to witness significant growth owing to the changing dynamics of offshore oil and gas exploration, increased focus on deeper offshore fields and declining easy accessibility of oil reserves. Increasing exploration across challenging environments, growing emphasis on developing and deploying cost-effective, and reliable solutions for subsea oil and gas production will accelerate the product deployment.

For instance, in October 2024, TechnipFMC won a significant contract from BP for the Kaskida project in the Gulf of Mexico. The deal, worth between USD 250 million and USD 500 million, covers integrated EPCI services. TechnipFMC will design and produce subsea systems and install related components including subsea risers, umbilicals, and flowlines.

Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

The global market for subsea flowlines was reached USD 2.4 billion in 2024 and is estimated to grow at a 6.8% CAGR from 2025 to 2034, driven by increasing deep and ultra-deep water hydrocarbon exploration.

The shallow subsea flowlines segment is projected to exceed USD 2.5 billion by 2034, due to heightened investments in exploration and production and rising demand from refineries and petrochemicals.

The U.S. subsea flowlines market is anticipated to reach USD 495 million by 2034, led by increased investments in newly discovered crude oil reserves and a positive outlook for unconventional resource development.

Key industry players include Aker Solutions, Allseas, ArcelorMittal, Baker Hughes, Cabot, Dynamic Sealing Technologies, Hohn Group, John Wood Group, Oceaneering, Saipem, Strohm, Subsea7, Syensqo, TechnipFMC, Tenaris, and Vallourec.