by The global SURF (Subsea Umbilicals, Risers, and Flowlines) Market plays a crucial role in deepwater and ultra-deepwater oil and gas drilling activities by enabling data transmission, power distribution, and transmission of hydrocarbons between subsea facilities and offshore platforms or onshore terminals. SURFs allow operators to access reserves located far offshore in deeper waters. The market comprises products such as flexible and rigid pipe, dynamic and static umbilicals, and flexible risers that are designed to withstand high pressures and temperatures under water.
The global SURF (Subsea Umbilicals, Risers, and Flowlines) Market is estimated to be valued at US$ 43.47 Bn in 2024 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:
Surging demand for oil and gas production from deepwater and ultra-deepwater reserves around the globe is driving the growth of the SURF market. According to estimates, discoveries in deepwater basins could account for around 33% of global oil production and 21% of global gas by 2030. Key countries such as the US, Brazil and Angola are increasingly tapping into reserves located 1000 meters or deeper as shallow water reserves are declining. This is prompting oil companies to invest heavily in subsea production infrastructure comprising SURFs. For instance, Brazil’s national oil company Petrobras had planned to invest around $80 billion between 2017 to 2021 to boost production from its pre-salt reservoirs located in the Santos basin ultra-deepwater province. Thus, growing volume of deepwater/ultra-deepwater upstream projects around the world is expected to propel the demand for SURF technologies during the forecast period.
SWOT Analysis
Strength: SURF Market provides reliable pipeline infrastructure for offshore oil and gas extraction. Specially designed umbilicals and flowlines ensure safety and efficiency of subsea operations.
Weakness: High initial capital investment required for SURF projects increases risks. Complex installation processes in deep waters pose technical challenges.
Opportunity: Growing deepwater and ultra-deepwater exploration drives demand for advanced SURF technologies. Emerging economies boost spending on offshore oil and gas development.
Threats: Focus on renewables may reduce investments in fossil fuel projects. Disruptions from geopolitical issues or health crises impact offshore activity.
Key Takeaways
The global SURF market is expected to witness high growth over the forecast period supported by increasing offshore exploration in deep and ultra-deepwater areas. Global SURF (Subsea Umbilicals, Risers, And Flowlines) Market Demand is estimated to be valued at US$ 43.47 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030.
Regional analysis comprises: The Asia Pacific region currently accounts for over 35% of the global SURF market share led by rising demand from China, India, Indonesia and other Southeast Asian nations pursuing ambitious offshore drilling programs. Growing energy requirements along with favorable government policies support continued expansion of offshore oil and gas projects in the region.
Key players related content comprises: 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, and Rakuten, Inc. These companies are focusing on providing integrated solutions and developing novel materials to enable installations even in most challenging subsea environments like deep waters and arctic regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
