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Subsea Umbilicals, Risers and Flowlines (SURF) Market Trends

Report ID: GMI3515
Published Date: Jul 2023
Report Format: PDF

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Subsea Umbilicals, Risers and Flowlines Market Trends

The SURF industry is witnessing a significant growth on account of advancements in technology focused at improving the performance and reliability of these systems. This includes the development of new materials, coatings, corrosion protection techniques, and the integration of digital solutions for real-time monitoring & predictive maintenance. For instance, in October 2021, Saipem and TechnipFMC have joined forces to explore joint project opportunities in global subsea umbilicals, risers, and flowlines (SURF) projects. Through this collaboration, they aim to optimize project economics, mitigate risks, and deliver improved outcomes for stakeholders. Both companies can provide operational flexibility and optimize project execution strategies, benefiting the engineering, procurement, construction, and installation (EPCI) and integrated EPCI project models. Moreover, growing emphasis on cost-effective solutions, manufacturers are exploring innovative designs and production processes to reduce the overall cost of SURF systems without compromising safety or performance further complementing the business dynamics.

The cost-effective development of smaller, satellite fields by utilizing existing infrastructure and reducing the need for new installations along with the depletion of easily accessible oil and gas reserves, and paradigm shift towards exploring and producing hydrocarbons from deepwater and ultra-deepwater fields is complementing the industry landscape. Growing adoption of standardized components, modular designs, and improved installation and maintenance techniques will influence the business dynamics. In addition, increasing focus on sustainability and minimizing the environmental impact including the development of environmentally friendly coatings, the adoption of energy-efficient designs, and integration of renewable energy sources for subsea operations will further augment the industry outlook.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

Subsea umbilicals, risers and flowlines (SURF) industry size was over USD 4.8 billion in 2023 and is projected to record over 7% CAGR from 2024 to 2032, due to rising adoption for the efficient and safe production of hydrocarbons in offshore environments.

Demand for umbilical subsea umbilicals, risers and flowlines is set to witness substantial expansion up to 2032 driven by the positive outlook for deepwater and ultra-deepwater drilling activities.

Middle East & Africa SURF market size reached more than USD 2.1 billion in 2022 and is set to witness significant growth through 2032 owing to the increasing investments in the exploitation of new crude oil discoveries.

Schlumberger Limited, TechnipFMC plc, Halliburton, VALLOUREC, Aker Solutions, Oceaneering International, Inc., Tenaris, Saipem, John Wood Group PLC, Prysmian Group, ArcelorMittal, and Downstream Solutions are some of the key umbilicals, risers and flowlines market players.