TechSci Research, a trusted source of market reports, has projected growth in the subsea umbilicals, risers, and flowlines or SURF market through 2021. This is driven by the maturing onshore fields, surging energy demand, and increasing offshore hydrocarbon exploration activities.
According to the organization, the global SURF market would grow at more than 12% from 2016 to 2021, considering the consistent rise of offshore field output. Now, hubs for offshore oil and gas exploration, such as Nigeria and Angola, are eyeing stake in this sector.
Another important driver of growth indicated by the organization is the implementation of government regulations and policies that support offshore exploration. In 2015, the production deepwater oil that was extracted from depths greater than 125 meters had reached 9.93 million barrels per day. This is an increase of more than 25% in 2005.
Stating the bright future of the industry, TechSci Research director, Karan Chechi, said:
”Global demand for oil and gas SURF products is on the rise, owing to increasing offshore production, and advent of modern technology and innovations in subsea equipment space. Europe was the largest regional market for global oil and gas SURF market, as the region is home to Norway, a pioneer in developing offshore fields.
Rising demand for oil & gas SURF equipment in the region can be attributed to recovery in crude prices and improvements in financial situation of upstream players. Middle East and Africa is the second largest market for oil and gas SURF market across the globe, due to increased subsea activities in the region in offshore waters. Availability of advanced SURF equipment is making deep and ultra-deepwater exploration and production activities technologically viable and financially feasible.
As subsea technology matures, an increased demand for SURF equipment is expected, owing to rising production from offshore producing fields and exploration of new fields. This is anticipated to further fuel growth in global oil & gas SURF market through 2021.”
Overall, market projections and demand forecast in the organization’s report will give decision-makers cutting-edge market intelligence that will help them take sound investment evaluations in the years to come.