SURF (Subsea Umbilicals, Risers, And Flowlines) Market
Interruptions to production are costly in the subsea environment. Increasingly higher-pressure and deeper-water targets generate demanding monitoring requirements. Deepwater installations are endangered to various physical and chemical conditions such as hydrate formation and asphaltene deposition that compromise project economics production.
Market Dynamics
Increasing demand for offshore field vessels is one of the major factors propelling growth of the global SURF (Subsea Umbilicals, Risers and Flowlines) market. Furthermore, rising demand for oil and gas coupled with increasing exploration and production activities in deep and ultra-deep water depths are other drivers promoting growth of this market. Moreover, technological innovations in terms of products such as subsea umbilicals, risers and flowlines is also aiding in growth of the market. These products could withstand high mechanical and chemical stress and have the capacity to work under extreme temperature and pressure.
The rapid advancement in subsea production systems is expected to drive the market growth. The SURF systems consist of various categories or types in each segment (umbilical, risers and flowlines). Umbilicals are now available integrated with risers in order to avoid the need for a riser externally. This offers more compact and convenient equipment which are interconnected and might not require vigilant administration as it was done in the traditional methods.
Growing demand for energy efficient system that can bring the crude oil and gas to the processing plants along with increasing investments toward subsea project will drive the global subsea umbilicals, risers and flowlines market growth. Ability to provide vital link between subsea production and surface facilities and enhance production rate is expected to make its adoption preferable. Furthermore, increasing installation of floating rig along with surging energy demand will further grow the SURF market. For instance, according to Baker huge an oil field service company in 2019, the floating rig count increased from 198 in May 2018 to 2024
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Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section
Detailed Segmentation:
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