Subsea Risers Market Size - By Depth (Shallow {SCR, Flexible}, Deep {SCR, Flexible}, Ultra Deep {SCR, Flexible}), By Product (SCR, Flexible), Regional Outlook & Forecast, 2024 - 2032

Subsea Risers Market Size

Subsea Risers Market was valued at USD 726.4 million in 2023 and is anticipated to over 8.4% CAGR between 2024 and 2032. Growing emphasis on exploring and operating in progressively deeper offshore fields, coupled with strategic focus on addressing challenges related to resource extraction from various reserves will augment the industry outlook.
 

Various industry players are focused at enhancing the efficiency of subsea risers through the integration of cutting-edge materials to develop cost-effective & reliable solutions. A shift in focus towards the exploration and extraction of hydrocarbons from deep and ultra deep-water fields is set to complement the industry outlook.
 

Subsea risers are critical components across the Subsea Umbilicals, Risers and Flowlines (SURF) infrastructure deployed across offshore oil and gas production systems to connect the seabed to surface facilities. These vertical pipelines serve as conduits for transporting hydrocarbons from subsea wells to production platforms or floating production systems. They also provide a conduit for various services such as hydraulic control fluids and electrical power. The design and functionality of subsea risers are crucial for ensuring the efficient and safe extraction of oil and gas from beneath the ocean floor. Subsea risers play a pivotal role in providing a crucial link between subsea wells and surface facilities, and their designs evolve continuously to meet the challenges of deepwater exploration & production.
 

COVID- 19 Impact

The subsea risers market has faced considerable disruptions in its supply chains, impacting the accessibility of components and materials due to the unforeseen global COVID-19 pandemic. Several industry participants have encountered multiple challenges in procuring vital components, resulting in disruptions to production and distribution timelines. The economic downturn triggered by the pandemic prompted a reduction in capital expenditures within the oil and gas sector triggered by the diminished energy demand across various industry verticals. However, the ongoing global economic recovery and the stabilization of oil prices has prompted the resurgence offshore projects investments and an increased demand for subsea risers.
 

Subsea Risers Market Trends

The subsea risers industry is anticipated to observe substantial growth owing to the changing dynamics of offshore oil and gas exploration along with an increasing emphasis on producing deeper offshore fields. Growing emphasis on the implementation of cost-effective, sturdy, and reliable solutions for hydrocarbon production, leading to an accelerated deployment of such products. In addition, the evolution of materials and construction methods, incorporating corrosion-resistant alloys and cutting-edge composite materials to withstand challenging seabed conditions, is poised to shape the operational landscape.
 

Subsea Risers Market Analysis

Based on the depth, the deep-water depth segment is projected to register gains at nearly 8.6% up to 2032 propelled by the existence of prolific oil fields and the extraction of natural gas and oil. In addition, the escalating investments in deep and ultra-deep hydrocarbon fields to complement the surging energy demand across various end-user verticals is projected to upscale the product deployment potential. Moreover, the evolving focus on diminishing reliance on imported energy resources, coupled with a substantial increase in investments in deep and ultra-deep offshore oil fields, further influence a positive subsea risers market outlook.
 

Based on the product, the flexible riser industry was estimated to account for 45.2% revenue share in 2023. In addition, the industry is witnessing a transition towards flexible solutions that provide adaptability to seabed irregularities and stability over extended distances. This shift ensures the development of sustainable and dependable solutions for offshore energy production, further complementing the industry landscape.
 

The SCR segment have is set to grow significant growth driven by the existence of oil fields and the extraction of natural gas. The substantial increase in investments in deep and ultra-deep hydrocarbon fields, coupled with a heightened focus on the production of petrochemical products to meet growing demand are key contributors to the favorable industry outlook.
 

The Middle East & Africa subsea risers market is projected to surpass USD 630 million by 2032 observing a significant growth over the forecast period. The industry is propelled by favorable outlook for the development of unconventional resources and escalating investments in the exploration of newly discovered crude oil reserves.
 

Strategic shift towards the digitalization along with automation of drilling operations, focused at fueling crude oil production rates is set to positively influence the business dynamics. The region's wealth of offshore oil and gas reserves, the presence of established oil and gas companies and ongoing exploration and production activities, will significantly contribute to shaping the business landscape. Similarly, the introduction of government policies and regulations, coupled with the growing demand for energy resources, is anticipated to further propel the expansion of the industry.
 

Subsea Risers Market Share

The subsea risers industry is marked by competition among various global and regional players. These firms are actively involved in providing solutions for subsea risers in oil and gas applications. Numerous large-scale competitors such as 2H Offshore Engineering Ltd., Aceton Group, Vallourec, Sapiem SpA, Halliburton, and Aker Solutions, among others, are actively engaged in fierce competition within the industry. They are not only providing an extensive array of flowline solutions but also introducing innovative products to enhance their presence across different geographical regions.
 

Subsea Risers Market Companies

The key market players operating across the industry include:

• 2H Offshore Engineering Ltd.
• Acteon Group Ltd.
• Aker Solutions
• Aquaterra Energy Limited
• Baker Hughes Company
• Dril-Quip, Inc.
• Halliburton
• HOHN GROUP
• Kinetic Pressure Control
• Oil States Industries, Inc.
• SLB
• TechnipFMC plc
• Tenaris
• Vallourec
• Weatherford
   

The ongoing technological advancements along with the accelerating investments in the R&D by key players and introduction of innovative technologies and functionalities in subsea risers will complement the industry landscape. For instance, in May 2022, Oil States Industries launched the Merlin 15K HPHT Riser System, a groundbreaking offshore drilling technology with ISO13628-7 rating for 126°C, sour service, and 15,000 psi. Developed in collaboration with TotalEnergies, it enables drilling in shallow waters from a jackup rig, offering substantial cost savings compared to traditional semi-submersible rigs. The system stands out for its efficiency, safety, and plug-and-play simplicity, representing a game-changing advancement in offshore drilling for increased economic viability and exploration potential. Furthermore, the increasing demand for energy-efficient systems capable of transporting crude oil and gas to processing plants, coupled with rising investments in subsea projects and the growing deployment of floating rigs, will positively contribute to the industry outlook.
 

Subsea Risers Industry News

• In October 2023, Axess Technologies successfully secured a contract for riser replacement with Equinor, a globally recognized energy company. This significant agreement involves the replacement of three versatile risers utilizing Equinor's linear winch on the Visund platform, along with the replacement of a water injection riser on the Snorre A platform. Both platforms are strategically located in the North Sea. The replacement of risers is a critical aspect of maintaining offshore operational safety, environmental protection, regulatory compliance, operational efficiency, and risk management. Planning for this project commenced in the third quarter of 2023 at Axess Technologies' headquarters in Molde, setting the stage for offshore operations scheduled to take place in 2024. To optimize efficiency and minimize environmental impact, the deployment of multi-skilled personnel is planned to reduce the number of mobilizations and subsequently lower greenhouse gas emissions.
   
• In May 2023, Aquaterra Energy, successfully secured a substantial subsea riser contract from the prominent UK energy company, BP. This significant contract pertains to BP's Cypre project located off the coast of Trinidad and Tobago. Aquaterra Energy is committed to delivering a comprehensive managed service that encompasses the entire process. The operational framework will be executed from a jack-up rig, facilitating gas exploration in seven development wells situated at a water depth of approximately 80 meters. This contract has enhanced the company’s market presence across the subsea risers industry across the region.
   

This subsea risers market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Feet” and “USD Million” from 2019 to 2032 for the following segments:

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Market, By Depth

• Shallow
  • SCR
  • Flexible
  • Others 
• Deep
  • SCR
  • Flexible
  • Others
• Ultra-Deep
  • SCR
  • Flexible
  • Others

Market, By Product

• SCR
• Flexible
• Others

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