Get more insights on SURF (Subsea Umbilicals, Risers and Flowlines) Market
SURF Market Is Driven By Growing Deepwater And Ultra-Deepwater E&P Activities
The SURF (Subsea Umbilicals, Risers, and Flowlines) market comprises submarine pipelines or flowlines for transporting hydrocarbons produced from the seabed to offshore platforms. It also involves flexible pipes known as risers that transport produced hydrocarbons from seafloor wellheads to floating production storage and offloading (FPSO) vessels or platforms. Umbilical lines consist of fiber optic cables for control systems and steel tubes for chemical injection lines to control well pressure. SURF systems are crucial for developing oil and gas reservoirs located far offshore in deepwater and ultra-deepwater areas.
The Global SURF Market is estimated to be valued at US$ 50.08 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the SURF market are Amazon.com, Inc., MercadoLibre, Inc., eBay, Inc., Otto Group, Wal-Mart Stores, Inc., Snapdeal.com, Alibaba Group Holding Limited, Tesco PLC, Alibaba Group Holding Limited, Tesco PLC, Rakuten, Inc., and Flipkart Internet Private Limited. Growing energy demand worldwide is driving deepwater and ultra-deepwater exploration and production activities. Major oil companies are making large investments in deepwater and ultra-deepwater projects. Stringent government regulations regarding reserve replacement and rising energy demand from the industrial sector are expected to boost E&P spending in offshore deepwater and ultra-deepwater reserves.
The SURF (Subsea Umbilicals, Risers and Flowlines) Market Size is witnessing strong growth on account of increasing deepwater and ultra-deepwater exploration projects worldwide. Major players are expanding their footprint in high potential growth regions to leverage opportunities. Oil price stability is encouraging contractors to bid for new contracts. Advancements in technologies for deepwater operations is making exploration and production activities feasible in remote underwater locations.
Market Drivers
The key driver for the SURF market is the growing deepwater and ultra-deepwater exploration & production (E&P) activities. Rising energy demand worldwide and stringent regulatory guidelines regarding reserve replacement have forced upstream companies to explore offshore hydrocarbon reserves located in deepwater and ultra-deepwater areas. Major integrated oil companies and national oil companies are making large capital investments to develop deepwater and ultra-deepwater reserves. This is expected to drive the demand for SURF systems over the forecast period.
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