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Europe Subsea Umbilicals, Risers and Flowlines Market Forecast 2027 By Water Depth (Shallow, Deep, Ultra-Deep), By Product (Umbilicals, Risers, Flowlines), Research Report, Country Outlook (UK, Norway, Netherlands, Russia), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
Published Date: November 2021 | Publisher: Graphical Research Report ID: GR2009 | Delivery : PDF  Request Free Sample

Europe Subsea Umbilicals, Risers and Flowlines (SURF) Market size is estimated to rise substantially from 2021 to 2027 on account of rising energy demand coupled with increasing investment for deep and ultra-deep oil & gas exploration. 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 and transporting entities. Increasing demand for natural gas along with ongoing primary energy consumption will positively sway the industry outlook.

The COVID- 19 has been hindering the operations and manufacturing of various industries since 2019 and has impacted the SURF industry in the year 2020 on large scale. Strict lockdown measures 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 affecting the overall industry growth.

Europe Market, By Water Depth

Shallow subsea umbilicals will witness lucrative growth till 2027, owing to rapidly increasing E&P activities across the North Sea. For instance, in September 2021, Eni, an Italian Energy Company made an oil discovery in the offshore Ivory Coast. The newly found light oil block CI-101 will provide approximately 1.5-2.0 billion barrels of in place oil and over 1.8-2.3 trillion cubic feet of gas. Advancements toward oil and gas distribution across the deep-sea activities coupled with strategic agreements for oil & gas exploration will boost the market expansion.

Europe Market, By Product

The rise in concern toward curtailing project development in oil, chemical, & water transportation from wellheads to the process equipment will propel the market demand. Critical use of flowlines for transporting the required material in the oil & gas industry is further augmenting the product demand. In addition, the different application of the life cycle approach in developing an efficient and active flowline system to minimize product wastage is anticipated to complement the market size.

Europe Market, By Country

Russia, Norway, and the UK hold a dominant share in the Europe market, due to the development of unconventional reserves coupled with rising investments towards the exploitation of new crude oil reserves. For instance, in September 2021, Russian multinational energy corporation, Lukoil acquired 25% stake in the Shallow Water Absheron Peninsula (SWAP) exploration project of BP in Azerbaijan that will assist the company to explore 40 meters south of the Absheron peninsula in the Azeri section of the Caspian Sea. Rising deep-water projects across the region along with growing inclination toward the green fossil fuels will stimulate the industry share.

Competitive Industry Landscape

Some of the major companies across Europe subsea umbilicals, risers and flowlines market include Schlumberger Limited, TechnipFMC plc., National Oilwell Varco, Oceaneering International, Inc., Halliburton, Aker Solutions, Vallourec, General Electric, Tenaris SA, Siemens, Saipem, McDermott, and Prysmian Group. The technology used, merger & acquisitions, product integration, and differentiation are the primary strategies adopted by the players in the market.

Frequently Asked Question(FAQ) :

The industry for subsea umbilicals, risers, and flowlines (SURF) in Europe will record notable growth through 2027 led by the surging energy demand and investments in oil & gas exploration.
The market for shallow subsea umbilicals in Europe will experience robust demand over 2021-2027 owing to the rise in exploration and production activity in the North Sea.
The European market for flowlines is expanding owing to increasing use of the equipment for transporting materials in oil & gas sector.
Russia, Norway, and the U.K. hold a substantial share of Europe market due to the development of unconventional reserves and exploration of new crude oil reserves.

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