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Shallow Depth SURF Market Size – By Product, Analysis, Share, Growth Forecast, 2024 – 2032
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Shallow Depth SURF Market
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Premium Report Details
Base Year: 2023
Companies covered: 16
Tables & Figures: 28
Countries covered: 19
Pages: 95
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Shallow Depth SURF Market Size
The global shallow depth SURF market size was evaluated at USD 2.8 billion in 2023 and is projected to observe a growth rate of 6.4% from 2024 to 2032. Rapidly growing overall energy consumption, expanding rate of industrialization and urbanization, and rapid economic growth across the emerging as well as developed economies will complement the industry outlook. Moreover, fast-paced growth across different hydrocarbon dependent verticals including transportation, power generation, petrochemicals, and manufacturing, among others will further boost the business dynamics.
Offshore exploration and production (E&P) in the oil and gas sector have evolved significantly over the years, driven by technological advancements, economic factors, regulatory changes, and shifting energy dynamics. In addition, innovations in subsea processing operations including improved recovery rates along with the use of digital technologies, such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT), to optimize operations and enhance safety with reduced cost structure has propelled significant transitions in offshore exploration & production activities, thereby catering to the shallow depth subsea umbilicals, risers and flowlines (SURF) industry growth.
Shallow Depth SURF Market Trends
Shallow Depth Subsea Umbilicals, Risers and Flowlines (SURF) market is set to observe a significant growth as the equipment are essential for offshore hydrocarbon exploration & production and is dynamically driven by technological innovations. Moreover, rising investment in projects at different water depths to easily access reserves coupled with mounting investments in both exploration and maintenance of existing infrastructure will boost the industry landscape.
For instance, in May 2024, the U.S. EIA claimed that average crude oil production from the federal reserves of the U.S. Gulf of Mexico increased to over 1.86 million barrels per day (mbpd) in 2023, compared to the previous year of 1.73 mbpd. This indicates an annual increment of approximately 7.7% from the previous year.
Shallow Depth SURF Market Analysis
Based on product, the market is primarily segregated into umbilicals, riser, and flowline. Shallow depth flowline products are set to surpass USD 2.4 billion by 2032 on account of the increasing adoption of advanced systems with the integration of sensors & digital technologies to enable enhanced hydrocarbon recovery. Additionally, the improvement of the subsea flowlines market will be supported by the continuous discovery and assessment of possible flowline hazards together with the real-time monitoring system to help in replacing the damaged parts.
For instance, in September 2023, Oman based Masirah Oil announced to resume operations on the Yumna-3 well after resolving a leak from a flexible flowline. The new equipment is deployed to play a pivotal role in transferring oil to Yumna’s floating, storage, and offloading unit from its mobile offshore production unit.
Middle East & Africa shallow depth SURF market is projected to cross USD 2.4 billion by 2032. Increased funding for the expansion of offshore projects, improved recovery techniques, and the implementation of digitalization and automation are among the important factors driving the regional industry landscape.
Moreover, the new investment models introduced by national oil companies (NOCs) are spending considerable amounts on offshore exploration, development, and production which is enabling the growth of the industry. For instance, in April 2024, the Abu Dhabi National Oil Company (ADNOC) revealed plans to invest approximately USD 13 billion on expansion of oil & gas facilities and on other foreign and local growth opportunities over the next five years.
Shallow Depth SURF Market Share
The shallow depth SURF industry is very competitive owing to the variety of technological developments, digitalization, effective planning & management, and other factors to meet the acute requirements of subsea operations. Baker Hughes, Aker Solutions, TechnipFMC, Schlumberger, and Saipem are among the large transnational corporations that dominate the industry on account of their significant assets, worldwide presence, and wide range of services that allows them to undertake complicated projects. Moreover, the industry players are continuously focusing to innovate, maintain high standards of efficiency & reliability, and adopt sustainable practices to gain market share and shape the industry dynamics.
Shallow Depth SURF Market Companies
Key players operating across the market consists of:
Shallow Depth SURF Industry News
The shallow depth SURF market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 ft” and “USD Million” from 2021 to 2032 for the following segments:
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Market, By Product
The above information has been provided for the following regions and countries: