Europe Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market 2018-2028: Regional Analysis And Forecast Details Shared In The Report
Increasing government focus towards the development of marginal fields is expected to drive the Europe Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market growth in the forecast period, 2024-2028.
As per the TechSci Research report titled “Europe Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market – By Country, Competition, Forecast and Opportunities, 2018-2028,” Europe’s SURF market is poised to demonstrate robust growth from 2024 to 2028. Europe strategically invests in domestic energy resources, both conventional and renewable, to mitigate risks linked with energy imports. Offshore oil and gas exploration and production activities in the North Sea, Baltic Sea, and other offshore basins are encompassed within this initiative. The crucial role of SURF systems in connecting offshore resources to onshore processing facilities ensures a reliable and efficient energy supply, driving market demand.
Europe Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market has valued at USD 783.61 million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.62% through 2028. The incorporation of renewable energy sources, like offshore wind farms, into Europe’s energy mix is fueling the need for SURF systems. Subsea umbilicals and cables play a crucial role in connecting offshore wind turbines to onshore grids. As Europe continues to make investments in renewable energy, SURF providers have ample opportunities to contribute to the development of subsea infrastructure for these projects.
A significant opportunity in the European SURF market is the integration of renewable energy sources, particularly offshore wind energy. With the transition to clean and sustainable energy, the demand for subsea infrastructure supporting offshore wind farms is increasing. Tailored solutions meeting the unique requirements of offshore renewable energy projects position SURF systems companies favorably in this evolving landscape.
Browse over XX market data Figures spread through 135 Pages and an in-depth TOC on “Europe Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market”
In terms of product, the Flowlines segment leads the Europe SURF market, constituting a substantial portion. The segment’s size is influenced by the number of active offshore oil and gas fields, new developments, and retrofitting activities. Material selection, critical in Flowlines design, ensures durability and integrity. Flowlines are integral to subsea infrastructure, including subsea trees, manifolds, and control systems, requiring seamless integration for efficient and safe operations.
Another crucial factor driving the Europe Oil & Gas Subsea Umbilicals, Risers, and Flowlines (SURF) market is the aging infrastructure of existing offshore oil and gas facilities. Numerous oil and gas fields in the North Sea and other European offshore regions have been operational for several decades. As time passes, the subsea infrastructure’s integrity and efficiency deteriorate, necessitating maintenance, repairs, or complete retrofitting.
Regarding types, the Shallow Water segment is anticipated to grow during the forecast period, involving offshore operations in relatively shallow water depths, primarily in the North Sea, Baltic Sea, Mediterranean Sea, and Barents Sea. Shallow water projects benefit from cost-effective drilling and less complex subsea infrastructure due to favorable water depths. The segment leverages exploration activities to discover new reserves and production efforts to maximize recovery from existing fields.
Furthermore, there is growing scrutiny of the environmental footprint of offshore operations, including carbon emissions associated with oil and gas production. As Europe strives to transition to cleaner energy sources, operators face pressure to reduce emissions from their offshore activities. This may require the use of carbon capture and storage (CCS) technologies or the incorporation of renewable energy solutions into SURF systems, thereby adding complexity and cost.
Key companies in the Europe Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market include:
- TechnipFMC
- Aker Solutions
- Subsea 7
- Saipem
- Wood Group
- McDermott International
- Prysmian Group
- Nexans
- Oceaneering International
- DOF Subsea.
Download Free Sample Report@
https://www.techsciresearch.com/sample-report.aspx?cid=16940
Customers can also request for 10% free customization on this report.
According to Mr. Karan Chechi, Research Director at TechSci Research, “Russia is expected to dominate the market during the forecast period.” Russia’s focus on environmental regulations aligns with global trends, emphasizing advanced SURF systems to mitigate risks and protect marine ecosystems. Providers offering environmentally sustainable solutions are well-positioned to capitalize on opportunities within Russia’s evolving regulatory framework.
One of the significant challenges facing the Europe Oil & Gas Subsea Umbilicals, Risers, and Flowlines (SURF) market is the inherent cost pressures and capital intensity associated with offshore projects. The development and maintenance of subsea infrastructure require substantial capital investment, primarily due to the high costs of equipment, materials, and skilled labor involved in installation and operation.
“Europe Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market By Product (Flowlines, Umbilicals and Risers), By Type (Shallow Water, Deep Water and Ultra Deep Water), By Country, By Competition Forecast & Opportunities, 2018-2028,” assesses the future growth potential and provides valuable insights for informed investment decisions, identifying emerging trends, drivers, challenges, and opportunities in the Europe Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market.
Related Reports:
United States Oilfield Equipment Rental Market
Measurement While Drilling Market
Asia-Pacific Drilling Rig Market
Asia-Pacific LPG Cylinder Market
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York 10017
Tel: +1-646-360-1656
Email: sales@techsciresearch.com
Website: www.techsciresearch.com
