Cloud Computing is fastest growing segment fueling the growth of SURF (Subsea Umbilicals, Risers, and Flowlines) Market

 

SURF Market

The global SURF (Subsea Umbilicals, Risers, and Flowlines) Market is estimated to be valued at US$ 43.47 Bn or Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

SURF products comprise umbilicals, flowlines, and risers used in subsea oil and gas operations for production, injection and transportation of hydrocarbons from the subsea wellheads to the surface facilities. SURF products provide efficient flow of hydrocarbons with advanced monitoring capabilities to enable remote operations.

 

Market key trends:

Adoption of advanced cloud computing solutions for real-time monitoring of subsea assets is a key trend in the global SURF market. Cloud computing enables remote monitoring of SURF assets parameters such as pressure, temperature and flow rates for predictive maintenance and optimization of subsea oil and gas field operations. Cloud solutions eliminate the need for costly customized hardware at offshore sites and reduce operational costs through centralized cloud-based monitoring of distributed subsea infrastructure.

Segment Analysis

The global SURF market is segmented based on product type, material type, water depth, and region. By product type, the flowlines segment dominates the market and is expected to witness high growth during the forecast period. Flowlines help in transporting hydrocarbons from subsea wells to offshore platforms or other platforms. They must withstand high pressures and corrosion in harsh environments under water. Increasing deepwater and ultra-deepwater activities are driving the demand for flowlines.

 

Key Takeaways

The global SURF market is expected to witness high growth, exhibiting a CAGR of 10.% over the forecast period, due to increasing investments in deepwater and ultra-deepwater E&P activities. The market size for SURF is estimated to reach US$ 43.47 Bn by 2023.

 

Regional analysis: North America presently dominates the SURF market and is expected to maintain its lead during the forecast period. This is attributed to increasing production of oil and gas from deepwater and ultra-deepwater reserves in the Gulf of Mexico. Asia Pacific is projected to witness the highest growth over the forecast period, driven by upcoming installations in South China Sea and Indian Ocean.

 

Key players: Key players operating in the SURF market are Prysmian Group, Aker Solutions, TechnipFMC plc, SUBSEA 7, Saipem S.p.A., McDermott International, Ltd., DeepOcean Group Holding BV, Schlumberger, Halliburton, NOV Inc., Vallourec, Oceaneering International, and Siemens. Prysmian Group is a leader in the supply of SURF solutions and has an extensive product portfolio serving global deepwater markets. TechnipFMC also has a large market share through its integrated subsea solutions.

 

Read more

https://www.dailyprbulletin.com/surf-market-size-share-growth-outlook-2023/

Comments

Post a Comment

Popular posts from this blog

Uninterruptible Power Supply Market Poised for Significant Growth Accelerated by Adoption of Renewable Energy Sources

Image
  Uninterruptible Power Supply Market  An uninterruptible power supply (UPS) is a power supply system designed to provide emergency power to a load when the input power source fails. UPS systems provide transient voltage protection from power surges and spikes and consistent power even under brownout conditions. They are most commonly used in data centers, telecommunication systems, medical equipment, industrial processes that require continuous operation, and other critical applications where power disruptions cannot be tolerated. The global uninterruptible power supply market is estimated to be valued at US$ 9.95 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: The uninterruptible power supply market is expected to witness significant growth over the forecast period. This is mainly attributed to the rising focus on improving power re...
Read more

Yacht Charter Market is Estimated to Witness High Growth Owing to Opportunity of Increasing Recreational Boating

Image
  Yacht Charter Market Yacht charter is the business of renting or leasing yachts and sailing boats for pleasure and touring. Yachts are primarily used for entertainment of guests, luxury experience, and recreational enjoyment. Large yachts come equipped with various amenities such as ocean-view staterooms, gourmet galley kitchens, lavish lounges and sundecks. Some of the popular uses include dinners, parties, family trips, weekend getaways, and corporate events. The global yacht charter market is estimated to be valued at US$ 68809.83 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: The global yacht charter market is witnessing high growth owing to the rising popularity of luxury yachts among high-net-worth individuals as a preferred leisure activity. Yacht charters allow individuals to experience the luxury lifestyle without the steep cos...
Read more

The Global Switchgear Market Growth Accelerated By Increased Demand For Switchgear From Renewable Energy Sector

Image
Switchgear Market   Switchgear equipment are devices consisting of circuit breakers, fuses or any other associated equipment used for operating, isolating, protecting and managing electricity distribution in an electrical power system. These equipment are used in transmission and distribution systems to control the flow of power and limit electrical currents. They protect circuits and equipment in the system by limiting electrical currents to safe levels in the event of a short circuit or any sudden overloading. The growing demand for ensured power supply across manufacturing industries and commercial spaces has been driving increased adoption of switchgear.   The global switchgear market is estimated to be valued at US$ 127.13 Mn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.   Market Dynamics: One of the key drivers for the growth of the switchgear...
Read more