European Subsea Umbilicals, Risers and Flowlines (SURF) Market size is poised grow at a significant CAGR through 2027, according to a latest forecast report by Graphical Research.
The Europe market growth is owing to the rising deep-water exploration and energy demand. Increasing government focus towards the development of marginal fields will propel the industry scenario. Rising demand for capital-intensive exploration techniques in unconventional fields coupled with escalating oil & gas projects on account of increasing public and private investments will boost the business potential.
Rapidly increasing public investments in Norway and Russia for exploring new blocks for crude oil is expected to influence the industry dynamics. In addition, rising gas prices in the region are augmenting the trade relationship between other countries for low-cost gas, thereby increasing the supply of natural gas. For instance, in 2021, Gazprom offered supplies of natural gas to other European countries in a wake of increasing gas prices in the continent. The rising gas supply contracts owing to its high energy consumption is further expected to spur the industry potential.
Browse detailed statistical insights from the report, “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” along with the table of contents (ToC) @
The rise in concern towards curtailing project development and oil & gas, chemical, and water transportation cost from wellheads to process equipment is enhancing the demand for flowlines across the offshore oil & gas industry. Moreover, countries including Russia, Norway, and UK are anticipated to be the most vital business operating countries across Europe. Norway is actively involved in gas exports to supply Europe with gas ahead of shortage in the year 2020, thereby augmenting the industry scenario. In addition, rising emphasis toward automation and digitalization of the drilling operations to augment crude oil production rate will strengthen the business landscape.
Increasing technological advancements in interconnection from the topside platforms and vessels to the wellhead’s pumps across the seafloor will thrust the adoption of risers, and flowlines. Furthermore, the rising number of deep-sea projects coupled with ongoing government inclination toward development of offshore marginal fields will foster the industry scenario. Increasing number of mature oil fields across the Atlantic Ocean coupled with rising public and private investments across the ultra-deep and deep hydrocarbon brown fields will augment the deep-water SURF market.
The European Subsea Umbilicals, Risers and Flowlines (SURF) market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
Europe Market, By Water Depth
Europe Market, By Product
The above information has been provided for the following countries: