The Global SURF (Subsea Umbilicals, Risers, and Flowlines) Market is driven by increasing offshore oil and gas activities

 
SURF (Subsea Umbilicals, Risers, and Flowlines) Market

SURF (Subsea Umbilicals, Risers, and Flowlines) are used to transport hydrocarbons from subsea wells to offshore platforms or onshore facilities in deepwater oil and gas fields. They serve a crucial function by transferring hydrocarbons, chemicals, electricity and optical signals while also allowing for installation of drilling equipment and removing produced fluids from subsea wells. SURF products provide the necessary infrastructure for transportation of oil and gas from deepwater reservoirs located hundreds of feet below the ocean surface. The continuous surge in deepwater and ultra-deepwater exploration and production activities owing to increasing energy demand has fueled the demand for SURF systems over the years.


The global SURF (Subsea Umbilicals, Risers, and Flowlines) Market is estimated to be valued at US$ 43.47 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the SURF market has been the increasing installation of static and dynamic umbilicals to facilitate subsea production. Umbilicals play a critical role in transporting chemicals, power and communication signals between subsea assets and platforms or shore. With technological advancements, dynamic umbilicals have emerged as they allow greater flexibility of installation and removal of subsea trees and manifolds. Another important trend is the development of more durable and reinforced materials to withstand harsh offshore environments and higher pressures and temperatures at deeper waters. Advance composite polymers and high-strength alloys are being widely adopted to manufacture SURF products suitable for extreme deepwater operations.


Porter's Analysis
Threat of new entrants: The SURF market requires high capital investments which act as a barrier for new companies to enter this market. Bargaining power of buyers: There are a large number of buyers in SURF market with oil and gas companies being the major buyers. This gives them higher bargaining power. Bargaining power of suppliers: A few major companies operate in the SURF supply chain globally. This gives them strong bargaining power against buyers. Threat of new substitutes: Alternatives like rigid pipes pose minimal threat currently due to operational challenges in deep waters. Competitive rivalry: Intense competition exists among existing players to gain higher market share.

Key Takeaways
The Global SURF (Subsea Umbilicals, Risers, And Flowlines) Market Demand is expected to witness high growth. The global SURF (Subsea Umbilicals, Risers, and Flowlines) Market is estimated to be valued at US$ 43.47 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.

Regional analysis focused on Latin America, Middle East, and Asia Pacific regions are expected to grow the fastest during the forecast period due to increasing offshore explorations.

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. Subsea Umbilicals, Risers, and Flowlines (SURF) are critical components for offshore oil and gas and renewable energy operations. They comprise long electro-hydraulic steel tubes and power cables that transfer produced hydrocarbons from the seabed to the surface production facilities. The global SURF market is driven by rising offshore exploration activities mainly in deepwater and ultra-deepwater reserves.

Major players focus on foreign direct investments and mergers & acquisitions to expand in high growth regions. For example, in 2022, Aker Solutions acquired the remaining 49% stake in the Subsea 7 manufacturer to strengthen its portfolio of SURF products and services. Additionally, new product launches and technological advancements to deploy SURF infrastructure in extreme operating conditions further support the market growth. However, volatility in crude oil prices and shifting focus towards renewable energy pose challenges.

Get more insights on this topic: https://www.insightprobing.com/surf-subsea-umbilicals-risers-and-flowlines-market-growth/

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