Selbyville, Delaware, Sept. 16, 2019 (GLOBE NEWSWIRE) --
Norway subsea umbilicals, risers and flowlines market is poised to witness over 6% CAGR from 2019 to 2025. Rising investment to effectively develop the country’s deep & ultradeep hydrocarbon resources will drive the industry growth over the forecast period. In addition, Growing focus to enhance nation energy security by reducing their dependency on foreign oil imports will stimulate the business landscape.
The U.S. SURF market is predicted to witness growth of over 4% up to 2025. Rising investments to enhance the production from ultra-deep oil wells will drive the SURF industry growth. In addition, extensive availability of untapped unconventional and conventional resources will further complement the industry growth. For instance, in 2019, BP Plc announced the crude oil discovery of around 1 billion barrels at the Thunder Horse field, Gulf of Mexico in the U.S.
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Flowlines subsea umbilicals, risers and flowlines market will witness robust growth on account of. ongoing investments to explore the untapped hydrocarbons reserves. Optimized subsea architecture, improved performance, and cost effectiveness are some of the key features positively influencing the product demand over the coming years.
Global Subsea Umbilicals, Risers and Flowlines Market is set to surpass USD 9 Billion by 2025, as reported in the latest study by Global Market Insights, Inc. Abundant availability of conventional and unconventional resources in remote location in conjunction with ongoing investments toward upgradation of exploration and production technologies will drive the SURF market. In addition, increasing deployment of floating production facilities including FPSOs platforms owing to rising fuel consumption will complement the industry outlook in the coming years.
Rapid expansion of deep-water projects along with shifting focus toward offshore exploration activities will drive the SURF market share. For instance, as per the International Energy Agency, annual capital spending toward crude oil & gas production will reach USD 60 billion by 2024 in Brazil. Furthermore, growing number of crude oil and natural gas discoveries at deep sea will positively influence the industry landscape.
Browse key industry insights spread across 450 pages with 1242 market data tables & 23 figures & charts from the report, “Subsea Umbilicals, Risers and Flowlines Market Size By Water Depth (Shallow {By Product [Umbilicals, Risers (SCR, Flexible, Others), Flowlines]}, Deep{By Product [Umbilicals, Risers (SCR, Flexible, Others), Flowlines], Ultra-Deep{By Product [Umbilicals, Risers (SCR, Flexible, Others), Flowlines]}), By Product (Umbilicals, Risers {SCR, Flexible, Others}, Flowlines), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Norway, Netherlands, Russia, China, India, Indonesia, Malaysia, Thailand, Australia, Vietnam, Angola, Nigeria, Egypt, Congo, Qatar, Saudi Arabia, UAE, Brazil, Trinidad & Tobago), Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/subsea-umbilicals-risers-flowlines-market
Technological innovation in designing of system to enhance production rate along with positive outlook toward development of marginal field will stimulate the subsea umbilicals, risers and flowlines market. For instance, Balmoral Offshore Engineering introduced drill riser buoyancy system that helps to improve the operational time and eliminate the requirement for ancillary suppression equipment.
Increasing investments toward exploitation of offshore reserves along with rising concern to effectively utilize the marginal fields will positively influence the deep-water SURF market size. Furthermore, introduction of IOT in drilling technologies along with increasing number of easy to access oilfields will augment the industry landscape.
Notable players in global subsea umbilicals, risers and flowlines market comprise of Schlumberger, TechnipFMC plc, General Electric, Halliburton, National Oilwell Varco, Vallourec, Oceaneering International, Inc, Aker Solutions, Tenaris, Siemens, Saipem, John Wood Group PLC, Prysmian Group, McDermott, amongst others.
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