Global Subsea Umbilicals, Risers, and Flow Lines (SURF) Market 2017-2021
About Subsea Umbilicals Risers and Flowlines (SURF)
Subsea umbilicals, riser, and flow lines act as a vital link between various operation centers in subsea drilling. They are designed to withstand high mechanical and chemical stresses and high operating temperatures and pressures to ensure the continuous and reliable supply of services in challenging environmental conditions below the sea. The global SURF market is highly dependent on the growth of the upstream oil and gas industry, which, in turn, is dependent on global crude oil prices.
Technavio’s analysts forecast the global subsea umbilicals risers and flowlines (SURF) market to grow at a CAGR of 7.84% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global subsea umbilicals risers and flowlines (SURF) market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Subsea Umbilicals Risers and Flowlines (SURF) Market 2017-2021
Technavio recognizes the following companies as the key players in the global subsea umbilicals risers and flowlines (SURF) market: Aker Solutions, Prysmian Group, Schlumberger (OneSubsea), and TechnipFMC.
Other Prominent Vendors in the market are: ABB, Airborne Oil and Gas, Dril-Quip, EMAS Offshore, FMC Technologies, General Electric Company, Kongsberg Gruppen, McDermott International, National Oilwell Varco, Nexans, Oceaneering International, Parker Hannifin, Saipem, Siemens, Subsea 7, and VALLOUREC.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is new-generation automated drilling rigs. The recent slump in crude oil prices, which started in July 2014, has led to reduced capital expenditure for exploration activities. The decline in crude oil prices continues to shrink profit margins of upstream companies, thus calling for improving operational efficiencies.”
According to the report, one driver in the market is deepwater drilling turns economical. Oil companies have been exploring oil in far-flung locations since the time conventional oil reserves started to deplete, extracting oil from ultra-deepwater, Arctic offshore, and heavy oil sands. This required significant investments and advanced technologies. The shale boom that led to a sharp decline in oil prices in mid-2014 made it difficult for companies operating in deepwater to extract oil feasibly. Since crude oil prices slipped below the $50/barrel mark, it became almost impossible for companies drilling in deepwater to break-even, since costs incurred in deep sea drilling were high.
Further, the report states that one challenge in the market is uncertainties associated with low crude oil prices. Crude oil has always been one of the most volatile commodities. This volatility in crude oil prices can be attributed to the complex and interweaved value chains and supply chain arrangements that are a result of the over-dependence of almost all world economies on oil. The price of crude oil has witnessed several ups and downs in the past decades. The rise and fall in crude oil prices have followed a vague trend over the past few years, which is now identified as the crude oil price cycle.
Aker Solutions, Prysmian Group, Schlumberger (OneSubsea), TechnipFMC, ABB, Airborne Oil and Gas, Dril-Quip, EMAS Offshore, FMC Technologies, General Electric Company, Kongsberg Gruppen, McDermott International, National Oilwell Varco, Nexans, Oceaneering International, Parker Hannifin, Saipem, Siemens, Subsea 7, and VALLOUREC.
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