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.