Increasing Investment In Offshore Oil And Gas Projects Globally To Drive The Market Growth
Adoption of advanced cloud computing solutions for real-time monitoring of subsea assets is a key trend in the global SURF market. Cloud computing enables remote monitoring of SURF assets parameters such as pressure, temperature and flow rates for predictive maintenance and optimization of subsea oil and gas field operations. Cloud solutions eliminate the need for costly customized hardware at offshore sites and reduce operational costs through centralized cloud-based monitoring of distributed subsea infrastructure.
The global SURF market is segmented based on product type, material type, water depth, and region. By product type, the flowlines segment dominates the market and is expected to witness high growth during the forecast period. Flowlines help in transporting hydrocarbons from subsea wells to offshore platforms or other platforms. They must withstand high pressures and corrosion in harsh environments under water. Increasing deepwater and ultra-deepwater activities are driving the demand for flowlines.
The global SURF market is expected to witness high growth, exhibiting a CAGR of 10.% over the forecast period, due to increasing investments in deepwater and ultra-deepwater E&P activities. The market size for SURF is estimated to reach US$ 43.47 Bn by 2023.
North America presently dominates the SURF market and is expected to maintain its lead during the forecast period. This is attributed to increasing production of oil and gas from deepwater and ultra-deepwater reserves in the Gulf of Mexico. Asia Pacific is projected to witness the highest growth over the forecast period, driven by upcoming installations in South China Sea and Indian Ocean.
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