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Global SURF market to surpass US$77.8 billion by 2026, owing to rising E&P activity

Published by
Oilfield Technology,


The global SURF (subsea umbilicals, risers and flowlines) market was valued at US$27.30 billion in 2017, according to SURF Market Report, By product type, water depth, and by region, 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.

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.

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-deepwater 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.

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/21012019/global-surf-market-to-surpass-us778-billion-by-2026-owing-to-rising-ep-activity/

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