>
>

Shallow Depth SURF Market Size – By Product, Analysis, Share, Growth Forecast, 2024 – 2032

Download Free PDF

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.
 

Shallow Depth SURF Market

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

Shallow Depth SURF Market Size, By Product, 2022 - 2032 (USD Billion)

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 Size, 2022 - 2032 (USD Billion)

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:

  • Acteon Group Operations (UK) Limited
  • Aker Solutions
  • ArcelorMittal Downstream Solutions
  • Baker Hughes Company
  • DeRegt Cables
  • Dril-Quip, Inc.
  • Halliburton
  • JDR Cable Systems Ltd
  • John Wood Group PLC
  • Oceaneering International, Inc.
  • Prysmian Group
  • Saipem
  • Schlumberger Limited
  • TechnipFMC plc
  • Tenaris
  • VALLOUREC
     

Shallow Depth SURF Industry News

  • In June 2024, Oceaneering International confirmed to initiate an agreement with an independent energy company to deliver about 27 ft of umbilical with an order value of about USD 50 million. The product will be utilized across a project in the U.S. Gulf of Mexico and the company is set to begin order manufacturing in 2025 with final delivery scheduled in second-quarter 2026.
     
  • In February 2024, Sweden based advanced materials technology company called Alleima presented a new duplex stainless steel grade alloy at the at the Subsea Tieback Forum & Exhibition in Texas, U.S. The launched SAF 3007 tube is specially developed to manufacture subsea umbilicals in harsh environmental conditions and offer strong, safe, and lighter operations as compared to the prevailing alternatives.
     

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:

Market, By Product

  • Umbilicals
  • Riser
    • SCR
    • Flexible
    • Others
  • Flowline

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Norway
    • Netherlands
    • Russia
  • Asia Pacific
    • China
    • India
    • Indonesia
    • Malaysia
    • Thailand
    • Australia
  • Middle East & Africa
    • Angola
    • Nigeria
    • Egypt
    • Qatar
    • Saudi Arabia
    • UAE
  • Latin America
    • Brazil

 

Authors: Ankit Gupta , Divyendu Sharma
Frequently Asked Question(FAQ) :
Mention the key players involved in shallow depth SURF market?
Acteon Group Operations (UK) Limited, Aker Solutions, ArcelorMittal Downstream Solutions, Baker Hughes Company, DeRegt Cables, Dril-Quip, Inc., Halliburton, JDR Cable Systems Ltd, and John Wood Group PLC among others.
How big is the shallow depth SURF industry in is Middle East & Africa?
Why is the demand for Shallow depth SURF flowline growing?
What is the size of shallow depth SURF industry?
Shallow Depth SURF Market Scope
  • Shallow Depth SURF Market Size
  • Shallow Depth SURF Market Trends
  • Shallow Depth SURF Market Analysis
  • Shallow Depth SURF Market Share
Related Reports
    Authors: Ankit Gupta , Divyendu Sharma
    Buy Now
    $4,123 $4,850
    15% off
    $4,840 $6,050
    20% off
    $5,845 $8,350
    30% off
        Buy now
    Premium Report Details

    Base Year: 2023

    Companies covered: 16

    Tables & Figures: 28

    Countries covered: 19

    Pages: 95

    Download Free PDF

    Top