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Asia Pacific Subsea Umbilicals, Risers and Flowlines (SURF) Market Forecast 2027 By Water Depth (Shallow, Deep, Ultra-Deep), By Product (Umbilicals, Risers, Flowlines), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
Published Date: October 2021 | Publisher: Graphical Research Report ID: GR1996 | Delivery : PDF  Request Free Sample

Asia Pacific Subsea Umbilicals, Risers and Flowlines Market size is projected to grow at a significant CAGR between 2021 and 2027 on account of rising energy demand coupled with rising investments in deep and ultra-deep oil explorations. Subsea Umbilicals, Risers, and Flowlines are primarily chemicals, water, and oil & gas carrying, controlling, lifting, and transporting medium. The product offers a vital link between subsea production and surface storing & transporting entities.

The COVID- 19 has been hindering the operations and manufacturing of various industries since year 2020 on large scale. Imposed lockdown led to the decrease in demand for petrol, diesel, plastics, and other crude oil derived products, which in turn decreased the demand for crude oil on a temporary basis.

Asia Pacific Market, By Water Depth

Shallow subsea umbilicals segment will witness substantial growth during the forecast period, owing to the increasing capex toward E&P activities in conjunction with rising system control and data gathering technology using artificial intelligence. Rising investments and strategic agreements for oil & gas exploration are further expected to have a positive impact on the industry revenue. For instance, in April 2021, Oil and Natural Gas Corporation (ONGC) awarded a three-year contract to Shelf Drilling, Ltd. for the jackup J.T. Angel Rig in the Mumbai high, offshore India for oil & gas operations commencing in the last quarter of 2021.

Rising investments in ultradeep offshore exploration along with an effort to reduce dependencies on imported energy resources especially from the regions including North America and Europe are stimulating market share in the Asia Pacific region. In addition, the positive government outlook toward improving indigenous E&P activities has created the upsurge in market dynamics.

Asia Pacific Market, By Product

Increasing technological advancements in interconnection from the topside platforms and vessels to the wellhead’s pumps present on the seafloor during the efficient oil extraction process is thrusting the adoption of risers, and flowlines. Furthermore, the rising number of deep-sea projects from key players including Shell and Schlumberger is further anticipated to have a positive impact on the market size.

Asia Pacific Market, By Country

China subsea umbilicals, risers, and flowlines market revenue will gain an appreciable momentum during the forecast period, due to the increasing demand for vehicle fuel and plastics by the burgeoning population in the country. The presence of mega refineries that can convert approximately half of their crude oil into petrochemicals will boost the market growth. In addition, decreasing dependency on easy-to-access onshore oil reserves is stimulating the industry size.

Competitive Industry Landscape

Key participants operating across the market include Schlumberger Limited, TechnipFMC plc., Halliburton, National Oilwell Varco, Aker Solutions, Vallourec, General Electric, Oceaneering International, Inc., Tenaris SA, Siemens, Saipem, McDermott, and Prysmian Group. Technology used, merger & acquisitions, product integration and differentiation are the primary strategies adopted by the companies in the market.

Frequently Asked Question(FAQ) :

The market size for subsea umbilicals, risers and flowlines in Asia Pacific will witness commendable gains by 2027 with rising energy demand and investments in oil explorations.
Rising capital expenditure on E&P activities and investments in data gathering technology are boosting the presence of shallow subsea umbilicals in Asia Pacific market.
The market size for subsea umbilicals, risers and flowlines in China outlook will be strong on the back of robust demand for vehicle fuel and plastics.
General Electric, National Oilwell Varco, Schlumberger Limited, Saipem, Prysmian Group, Tenaris SA and Vallourec are a few of the key players in Asia Pacific market.

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