North America SURF (Subsea Umbilicals, Risers and Flowlines) Market size is predicted to witness accelerated growth between 2021 and 2027 owing to increasing exploration & production activities coupled with growing investments in digital technology. Subsea Umbilicals, Risers & Flowlines (SURF) form a secure link between the surface and subsea production facilities to enhance offshore production rates. The growing demand for energy-efficient systems to transport crude oil & natural gas to processing plants along with rising investments in subsea projects will drive the industry growth.
The market is witnessing a rising demand due to regional increase in offshore investments, dynamic oil prices, deepwater exploration, and production of crude oil & natural gas. Moreover, an upsurge in the installation of floating platforms coupled with an increase in energy demand will further complement market prospects. A growing number of mature oil fields in deep & ultra-deep waters will propel the business spectrum size.
North America Market, By Water Depth
A decreasing number of readily accessible oil reserves coupled with a focus on efficient operations in deeper offshore fields will boost the market size. Abilities including robust design, cost efficiency, and high reliability will stimulate the product spectrum. Technological advancements in system design to improve operational efficiency along with an increasing number of marginal oil reserves discoveries will propel the industry share.
Increasing investments in the exploring of new crude oil discoveries along with a focus toward automation and digitization have solidified the position of North America in the Subsea Umbilicals, Risers & Flowlines (SURF) market. For instance, recent developments in Hybrid Autonomous Underwater Vehicle/Remote Operated Vehicle (AUV/ROV) systems capable of working without surface vessel support will boost installation of the product spectrum, allowing efficient Inspection, Maintenance & Repair (IMR) techniques. In addition, several industry mergers for technological innovations and advancements in SURF equipment will foster the product outlook.
North America Market, By Product
Umbilical product segment will register significant growth during the forecast period, due to a positive outlook of the deep and ultra-deep-water drilling businesses. Prominent reliability, cost efficiency, and ability to transmit electrical signals & chemical fluids will further improve product adoption. In addition, strict government regulations to ensure safety while operating offshore will complement market dynamics.
Competitive Industry Landscape
Prominent industry players across the North America market include McDermott, Aker Solutions, Schlumberger, General Electric, John Wood Group PLC, TechnipFMC, Saipem, National Oilwell Varco, Halliburton, Vallourec, Oceaneering International, Tenaris, Siemens, Subsea 7 and Prysmian Group.