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Subsea Umbilicals, Risers and Flowlines Market Trends

Report ID: GMI3515
Published Date: Nov 2024
Report Format: PDF

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Subsea Umbilicals, Risers and Flowlines Market Trends

The subsea umbilicals, risers and flowlines industry is set to grow on account of growing focus on deep offshore field development and changing dynamics in offshore oil and gas exploration. Ongoing innovations focusing on enhancing system efficiency and durability through the development of advanced materials coupled with the integration of digital technologies for continuous monitoring and proactive maintenance will boost the industry growth.

Flourishing investments to explore hydrocarbons along with industry players are prioritizing cost-effectiveness by exploring groundbreaking designs and stringent safety and performance standards, influencing the industry outlook. For instance, in October 2024, Baker Hughes landed a significant contract with Petrobras to supply flexible pipe systems for Brazil's pre-salt fields. The deal covers 77 km of pipes for oil production, gas injection, and water injection across several offshore sites, including Búzios and Libra with the deliveries set to begin in mid-2026.

Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

The market size of subsea umbilicals, risers, and flowlines reached USD 5.1 billion in 2024 and is set to grow at over 7.3% CAGR from 2025 to 2034, driven by a heightened focus on exploring and operating in deeper offshore fields.

The shallow segment is anticipated to exceed USD 5.5 billion by 2034, led by ongoing exploration of marginal oil reserves and technological advancements in system design.

The U.S. market is poised to cross USD 1 billion by 2034, supported by growing investments in energy-intensive sectors and continuous exploration activities.

Key players in the industry include Aker Solutions, ArcelorMittal, Baker Hughes, DeRegt Cables, Dril-Quip, Halliburton, JDR Cable Systems, John Wood Group, Oceaneering International, Oil States Industries, Prysmian Group, Saipem, Schlumberger, Subsea7, TechnipFMC, Tenaris, and Vallourec.