Global SURF (Subsea Umbilicals, Risers and Flowlines) market was valued at US$ 27.30 billion in 2017, according to Global SURF (Subsea Umbilicals, Risers, and Flowlines) Market Report by Product Type (Subsea Umbilicals, Risers and Flowlines), by Depth (Shallow water, Deep water, and Ultra deep water), and by Region (North America, South America, Europe, Middle-East and Africa, and Asia Pacific) published by Coherent Market Insights. The SURF (Subsea Umbilicals, Risers and Flowlines) market is expected to exhibit a CAGR of 13.3% during the forecast period (2018 – 2026) to reach US$ 77.80 billion by 2026.
Major factor propelling growth of the global SURF (Subsea Umbilicals, Risers and Flowlines) market is increasing offshore field development. Technological innovations in terms of products such as subsea umbilicals, risers and flowlines are gaining importance on the basis of their use under a wide range of climatic, and other extreme conditions. These products are expected to withstand high mechanical and chemical stress, coupled with the capacity to work under extreme temperature and pressure. All these factors aid the products in gaining better efficiency in terms of operations.
Moreover, increasing global demand from oil and gas market is expected to boost the SURF market during the forecast period. According to the U.S. Energy Information Administration (EIA), in January 2017, Gulf of Mexico (GOM) crude oil production increased to 1.7 million b/d, which was the highest annual level on record. The oil production in GOM is expected to continue increasing through 2018 and 2019, based on the forecast as per the EIA’s latest short-term energy outlook (STEO).
In 2016, eight projects were launched in the GOM, contributing to the high production levels of oil and gas. Moreover, in March 2018, the Bureau of Ocean Energy Management held a lease sale for over 14,000 Federal Gulf of Mexico blocks, this is expected to have long-term implications that can positively affect the GOM crude oil production, and hence boost the growth of the SURF market during the forecast period.
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