Global SURF (Subsea Umbilicals, Risers and Flowlines) Market to Surpass US$ 77.8 Billion by 2026, Owing to Rising Oil and Gas Exploration and Production Activities

The global SURF (subsea umbilicals, risers and flowlines) market was valued at US$ 27.30 Billion in 2017, according to SURF (Subsea Umbilicals, Risers and Flowlines) Market Report, By Product Type (Subsea Umbilicals, Risers, and Flowlines), Water Depth (Shallow Water, Deepwater, and Ultra-deep Water), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa), published by Coherent Market Insights. The SURF (subsea umbilicals, risers and flowlines) market is projected to reach US$ 77.8 Billion by 2026, exhibiting a CAGR of 13.3% during the forecast period.

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Browse 30 market data tables* and 35 figures* on " SURF (Subsea Umbilicals, Risers and Flowlines) Market” - Global forecast to 2026.

Key Trends and Analysis of the SURF (Subsea Umbilicals, Risers and Flowlines) Market:

  • Increasing demand for oil and gas backed by increasing exploration and production activity in deep and ultra-deep water depths have boosted growth for the global SURF (subsea umbilicals, risers and flowlines) market. For instance, ONGC annual report 2017-18, the company has planned to drill 24 deepwater wells in 2019.
  • However, the decline in crude oil prices over the past few years stands as a restraint in the growth of the global SURF (subsea umbilicals, risers and flowlines) market.

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Key Takeaways of the Market:

  • Europe exhibited to hold the largest revenue share of 24.7% in the global SURF (subsea umbilicals, risers and flowlines) market. This is owing to the rising explorations in deep and ultra-deep water in this region especially in Norway and Denmark. Also, in 2018, Subsea 7 planned to acquire McDermott, which could create a strong entity for subsea umbilicals, risers and flowlines.
  • Africa & Middle East acquired the second largest share, in terms of value, in the global SURF (subsea umbilicals, risers and flowlines) market, owing to rising exploration and production activities and initiatives undertaken by major players to enhance its global presence. For instance, in 2017, Saipem signed a contract with Eni Angola for the development of Vandumbu field. Saipem Offshore E&C division was expected to carry out construction, installation, procurement, engineering, and laying of umbilicals, service lines, and risers.
  • Major players operating in the global SURF (subsea umbilicals, risers and flowlines) market include Prysmian Group, Aker Solutions, TechnipFMC plc, SUBSEA 7, Saipem S.p.A., McDermott, DeepOcean Group Holding BV, Ocean Installer, and others

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.