Risers Market Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3500
Growing demand for the subsea equipment and rising exploration & production activities across the deep & ultradeep water fields will propel the growth across risers market. Deployment of the equipment in the field reduces the risk and increases productivity of the facility. The configuration of the system includes study of geometry & behaviour, structural rigidity, means of supports, material and cost involved in the installation.
Increasing investments across the industry on account of recovering oil prices will propel the demand across risers market. Increasing O&G consumption primarily China and India will present a favourable business scenario. In addition, declining production from existing offshore and onshore fields with stimulate the adoption of the product.
Growing cost concerns among the industry players owing to high operational cost involved in implementing unconventional methods will foster the risers market. Rising demand for oil & gas along with significant technological development will propel the industry growth. The companies adopting various strategy such as joint ventures, merger & acquisition and development of innovative solution to increase the durability and strength of the riser system. For instance, in 2019, Airborne Oil & Gas and Simeros Technologies have collaborated to deliver the first qualified thermoplastic composite pipe risers.
Stringent government norms and regulation for the subsea production facilities coupled with complexities with deep and ultra-deep drilling will stimulate the growth across risers market. Increasing demand for technologically advanced equipment in order to optimize cost and operations will augment the industry landscape. For instance, these systems are installed at the production facilities to the reduce the cost involved with the tensioning equipment. Based on their applicability, operationality, and flexibility the systems are segregated in a diverse range portfolio including steel rigid risers, flexible rising system, top tensioned rising system (TTRs), and steel catenary rising systems (SCRs).
Risers market size is set to grow on account of growing deployment of FPSO across shallow waters. Key benefits including flexible deployment along with ability to initiate the production at a faster rate will encourage the product adoption. However, high maintenance and installation cost along with limited application across higher depth will impact the business growth.
Risers market is anticipated to grow on the account of rise in the exploration & production activities across the emerging nations. Asia pacific and Africa will give a substantial contribution toward the business growth on the account of several ongoing and upcoming projects in the deep and ultra-deep waters.
Major players functioning across the risers system industry includes Aker Solutions, Technip FMC, DNV-GL, National Oil Varco, Claxton Engineering, Vallourec, Subsea 7, BHGE., Saipem, Subsea 7.
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