by The global SURF (Subsea Umbilicals, Risers, and Flowlines) market is estimated to be valued at US$ 34.1 billion in 2021 and is expected to exhibit a CAGR of 12.9% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The SURF market comprises subsea umbilicals, risers, and flowlines used in offshore oil and gas operations. These components play a crucial role in connecting subsea wells to production facilities on the surface, allowing for the efficient transportation of fluids and control signals. The market offers various products such as umbilicals, flexible risers, and flowlines, which are designed to withstand extreme conditions and provide reliable performance in subsea environments. The need for such products arises from the increasing exploration and production activities in offshore regions, where traditional onshore resources are depleting.
B) Market Key Trends:
One key trend observed in the SURF market is the technological advancements in subsea infrastructure. With the increasing complexity of offshore projects and the need to explore deeper waters, there is a growing demand for innovative solutions that can withstand harsh operating conditions. This has led to the development of advanced materials, improved designs, and enhanced manufacturing processes for subsea umbilicals, risers, and flowlines. For instance, the use of composite materials in umbilicals offers superior durability and flexibility, reducing the risk of fatigue and corrosion. These technological advancements are driving the growth of the SURF market by providing reliable and cost-effective solutions for offshore oil and gas operations.
C) Porter’s Analysis:
– Threat of new entrants: The SURF (Subsea Umbilicals, Risers, and Flowlines) Market has high entry barriers due to the requirement for significant investment in research, development, and manufacturing capabilities. Established companies have a strong foothold in the market, making it difficult for new entrants to gain market share.
– Bargaining power of buyers: Buyers in the SURF market have moderate bargaining power due to the availability of multiple suppliers. However, the customized nature of the products and the long-term contracts with suppliers give some negotiation power to buyers.
– Bargaining power of suppliers: Suppliers in the SURF market have moderate bargaining power due to the specialization and technical expertise required for manufacturing subsea infrastructure components. The limited number of suppliers and the long-term contracts with buyers give some negotiation power to suppliers.
– Threat of new substitutes: There are limited substitutes for subsea umbilicals, risers, and flowlines in offshore oil and gas operations. The high cost and complexity of alternative solutions, such as subsea boosting systems, make them less viable in many applications.
– Competitive rivalry: The SURF market is highly competitive, with several key players dominating the market. These players are continuously investing in research and development to offer innovative solutions and maintain their market position.
D) Key Takeaways:
– Market size: The global SURF market is expected to witness high growth, exhibiting a CAGR of 12.9% over the forecast period, due to increasing offshore exploration and production activities. The demand for subsea umbilicals, risers, and flowlines is driven by the need for reliable and efficient systems for connecting subsea wells to production facilities.
– Regional analysis: The Asia Pacific region is expected to be the fastest-growing and dominating region in the SURF market, owing to the increasing offshore oil and gas exploration activities in countries like China, India, and Australia. The region offers lucrative growth opportunities for key players in the market.
– Key players: Key players operating in the global SURF market include Prysmian Group, Aker Solutions, TechnipFMC plc, SUBSEA 7, Saipem S.p.A., McDermott International, Ltd., DeepOcean Group Holding BV, Schlumberger, Halliburton, NOV Inc., Vallourec, Oceaneering International, and Siemens. These players are focusing on technological advancements and strategic collaborations to strengthen their market position and expand their product offerings.
