Facts and Factors Market Research has published a new report titled “Oil & Gas Subsea Umbilical, Risers & Flowlines Market By Type (Umbilical, Flowlines, and Risers) and By Water Depth (Shallow, Deep, and Ultra-Deep): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027.” According to the report, the global oil & gas subsea umbilical, risers & flowlines market was valued approximately USD 8.13 billion in 2018 and is expected to reach a value of around USD 19.53 million by 2027, at a CAGR of around 10.2% between 2019 and 2027.
The instances of offshore oil extraction activities have risen over the last couple of years. Leading oil companies along with their contractors are banking on the economical crude oil prices. Strategically storing oil is driving these companies to partake in offshore oil & gas projects, irrespective of the fluctuating prices of crude oil. The reserves of shallow water wells and onshore fields are in depletion stage. Thus, the companies involved in oil & gas exploration and production are shifting their focus on deeper water prospects. The process of installing new platforms across the world and operate in deeper waters has been consistent. The efficient and safe interconnection from vessel’s/platform‘s topside to pumps and wellheads on the seafloor is required for transferring data, power, and products. Hydraulic fluids among others are also transferred from across platforms in different/same reservoir blocks for guaranteeing reliable oil extraction. SURF equipment or subsea umbilicals, risers, and flowlines vitally link the different stages of activities related to oil and gas extraction. These products are manufactured adhering to set standards, which can withstand high chemical and mechanical stress while operating under extreme pressures and temperatures.
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- Top players in the market with their revenue analysis.
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The growing technological necessity majorly driving the oil & gas subsea umbilical, risers & flowlines market
The primary growth driver of the oil & gas subsea umbilical, risers & flowlines market is the rising necessity for latest technologies. Different types of technologies are utilized in the entire process of oil and gas exploration, right from diligences to the decommissioning phase. Thus, the riser systems are used for this, as it is impractical to go through them all. These systems are a vital part of the exploration paradigm. The subsea development paradigm involved three main technological trajectories—considering continuity, totally disruptive, and an intermediary.
The flowlines segment is projected to dominate the type segment
In 2018, the flowlines segment accounted for around 4.05 billion of the oil & gas subsea umbilical, risers & flowlines market. It is also estimated to grow at a CAGR of 10.2% over the forecast period, owing to the increasing production generated from offshore fields, as these require flowlines for transferring produced gas and oil from seabed to the surface processing facility.
The deepwater segment is likely to register the highest CAGR in the future
The deepwater segment will be the fastest-growing in the future in the oil & gas subsea umbilical, risers & flowlines market. It will register a CAGR of 10.8%, owing to the rising demand for deepwater offshore field vessels for exploration activities. In 2018, this segment accounted for 37.5% share of the global market.
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Europe holds a major share of the global market
In 2018, Europe accounted for USD 2.54 billion of the oil & gas subsea umbilical, risers & flowlines market globally. The region is likely to show significant market growth in the years ahead. This regional growth can be attributed to the rising demand for offshore field vessels and the growing necessity for latest technologies in offshore exploration activities. Russia-India is the longest planned pipeline carrying natural gas in the entire European region.
Key players operating in the oil & gas subsea umbilical, risers & flowlines market are Dril-Quip, Subsea 7, Arcelor Mittal, McDermott, Acteon Group, Aker Solutions, Saipem, Baker Hughes, Oceaneering International, TechnipFMC, EMAS Offshore Limited, Prysmian Group, Schlumberger Limited, and VALLOUREC, among others.
This report segments the oil & gas subsea umbilical, risers & flowlines market into:
Global Oil & Gas Subsea Umbilical, Risers & Flowlines Market: By Type
Global Oil & Gas Subsea Umbilical, Risers & Flowlines Market: By Water Depth
Global Oil & Gas Subsea Umbilical, Risers & Flowlines Market: By Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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