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.

 

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

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