The global SURF (Subsea Umbilicals, Risers, and Flowlines) market plays a vital role in offshore oil & gas extraction activities as umbilicals, risers, and flowlines form the connection between the subsea wellheads and the floating production storage and offloading (FPSO) vessels or fixed production platforms. SURF products help in transporting hydrocarbons, chemicals, hydraulic control fluids, electrical power from the surface to the subsea equipment.
The Global SURF (Subsea Umbilicals, Risers and Flowlines) market is estimated to be valued at US$ 50.08 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the SURF (Subsea Umbilicals, Risers, and Flowlines) market include 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. These players are focusing on strategic partnerships and mergers & acquisitions to expand their geographic presence.
There are numerous opportunities in the global SURF market, especially in deepwater and ultra-deepwater development projects. Major oil companies are investing heavily in subsea tiebacks and field developments to maximize the recovery from mature fields. Growing consumption of oil and gas across developing nations is also promoting investments.
Geographically, North America and Europe hold significant shares in the global SURF market due to presence of major offshore oil & gas assets. However, rising exploration and production activities in African and Asian countries are promoting the adoption of SURF (Subsea Umbilicals, Risers and Flowlines) Market Growth products in these regions. Players are expanding their manufacturing and service facilities to other potential markets.
Market drivers
A major driver for the global SURF market is the rising number of deepwater and ultra-deepwater projects across the globe. According to statistics, more than 50% of undiscovered oil reserves are located at depths greater than 500 meters. Developing such reserves necessitates the deployment of subsea production systems connected through SURF products. As crude oil prices recover gradually, investments in offshore exploration are also increasing at a significant pace.
PEST Analysis
Political: Changes in regulations can impact offshore activities such as deepwater exploration. New policies regarding environmental protection and energy usage can affect the demand for subsea production infrastructure.
Economic: Economic SURF (Subsea Umbilicals, Risers and Flowlines) Market drives the demand for energy. A slowdown in the global economy can negatively influence investments in offshore oil & gas projects and thus procurement of subsea umbilicals, risers and flowlines.
Social: Rising environmental consciousness has pushed authorities to tighten emission norms and push for cleaner sources of energy like renewables. This may impact traditional exploration activities over the long run.
Technological: Advancements in materials, connectors, coatings and leak detection help deliver flowlines and risers that can withstand deeper waters and higher pressures. New digital technologies also enable remote monitoring of subsea infrastructure for performance and reliability.
The Asia Pacific region currently accounts for the largest share of the market in terms of value. Countries like China, India, Indonesia, Thailand and Malaysia have substantial offshore reserves and ongoing projects, generating high demand.
The Middle East and Africa region is projected to grow the fastest during the forecast period due to increasing deepwater and ultra-deepwater activities off the coasts of Gulf countries and West Africa. Countries within this region are investing heavily in offshore oil and gas exploration to meet their rising energy needs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
