Oil Gas Subsea Umbilical Risers Flowlines Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[235+ Pages Report] According to Facts and Factors, the global oil gas subsea umbilical risers flowlines market size was worth USD 5,629.5 million in 2021 and is estimated to grow to USD 7,000.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 3.7% over the forecast period. The report analyzes the oil gas subsea umbilical risers flowlines market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the oil gas subsea umbilical risers flowlines market.

Market Overview

It is essential to transmit power and data to ensure hydraulic and other fluids are available to conduct seamless oil extraction operations from the top platform and vessels to the wellheads and pumps on the seafloor. Subsea Umbilical Risers and Flowlines are essential to many operations because they provide effectiveness, seamless transmission, and cost-effectiveness.

Umbilicals offer a broad spectrum of solutions with cutting-edge designs, materials, and manufacturing techniques to handle the demands of maritime operations. Overall, umbilicals can include any imaginable combination of hydraulic lines, low-voltage electrical cables, medium-power voltage transmission, and optical communication components. They are designed to fit static and dynamic applications in water.

The need for effective subsea umbilical risers and flowlines has grown along with commercial marine trade and operations expansion. The growth in offshore field development due to technological advancements allowing safe operations and effective interconnections between top platforms and vessels to wellheads mounted on the seabed is one of the key driving factors behind the growth of the global subsea umbilical risers and flowline market.

In addition, a decrease in the price of crude oil is anticipated to promote offshore exploration and production activities and accelerate market expansion. The global SURF (subsea umbilicals, risers, and flowlines) market has been constrained in its expansion by the recent drop in crude oil prices.

COVID-19 Impact:

Almost every industry around the globe has experienced setbacks during the pandemic. This is because numerous precautionary lockdowns and other limitations imposed by governing bodies worldwide have significantly disrupted each company's production and supply-chain operations. The market for oil gas subsea umbilical risers flowlines globally is no exception. Additionally, as this epidemic has negatively impacted most people's budgets, people are now more focused on cutting back on non-essential expenditures, which has decreased consumer demand. These variables are anticipated to impact the global oil gas subsea umbilical risers flowlines market's revenue trajectory during the forecast period. However, the global market is likely to recover when regional regulatory authorities start to loosen these imposed limits.

Key Insights

• As per the analysis shared by our research analyst, the global oil gas subsea umbilical risers flowlines market value is expected to grow at a CAGR of 3.7% over the forecast period.
• In terms of revenue, the global oil gas subsea umbilical risers flowlines market size was valued at around USD 5,629.5 million in 2021 and is projected to reach USD 7,000.7 million by 2028.
• Global oil gas subsea umbilical risers flowlines market expansion has been fuelled by rising exploration and production activity in deep and ultra-deep water depths and rising oil and gas demand.
• By products, the umbilicals category dominated the market in 2021.
• By water depth, the shallow water category dominated the market in 2021.
• North America dominated the global oil gas subsea umbilical risers flowlines market in 2021.

Growth Drivers

• Investing more in oil and gas exploration in developing nations will enhance the market growth

Vast new oil and gas exploration projects have been launched to meet the world's rising demand for oil and gas due to the recent discovery of numerous oil and gas reserves worldwide. As a result, there is now a greater need for monitoring oil and gas facilities and leak detection systems. A cutting-edge processing facility for natural gas has been built on various new properties. It is anticipated that such oil and gas exploration and production operations will increase the oil gas subsea umbilical risers flowlines market in the upcoming years.

Restraints

• A decline in crude oil prices will hamper  the market growth

The global SURF (subsea umbilicals, risers, and flowlines) market has been constrained in its expansion by the recent drop in crude oil prices. The proved reserves of U.S. crude oil and lease condensate decreased 19 percent, from 47.2 billion barrels to 38.2 billion barrels at the end of 2020, according to the U.S. impact assessment study from January 2022. 2020 saw an 8.4 billion barrel decline in proven crude oil reserves and a 560 million barrel decline in proven lease condensate reserves (generated from natural gas wells). The shrinking crude oil reserves are hampering the total market expansion.

Opportunity

• Recent changes in the risers industry will open new opportunities

To improve methods for analyzing and managing riser conditions and life cycle management, new technologies, procedures, computer modeling, and design may be helpful. Recent studies have focused on estimating the riser annulus environment more accurately.

In offshore exploration and production, risers are essential. Similar to how they do with other areas of an offshore project, operators are developing new technologies, practices, computer models, and designs to address the issues riser system management presents.

Segmentation Analysis

The global oil gas subsea umbilical risers flowlines market has been segmented into products, services, and water depth.

Based on product, the worldwide oil gas subsea umbilical risers flowlines market is segmented into umbilicals, risers, flowlines, cables, and other products. In terms of products, the market was dominated by umbilicals in 2021. The umbilical SURF market will expand significantly due to the favorable forecast for deep- and ultradeep-water drilling operations.

Some main characteristics that increase product adoption include dependability, affordability, and the capacity to convey electrical impulses and chemical fluid. Further enhancing the economic dynamics will be strict government regulations guarantee safety during deep sea underwater operations.

Based on services, the worldwide oil gas subsea umbilical risers flowlines market is segmented into flexible flowline/riser installation & recovery, power cable installation & recovery, umbilical installation & recovery, and subsea structure installation, jumper, tie-in spool installation, and other services. In 2021, the subsea structure installation category led the market in terms of services.

The offshore oil and gas equipment and services market, and by extension, the subsea structure installation segment, is anticipated to be significantly influenced by factors such as the rise in oil prices following the downturn period and rising investments in the offshore oil and gas sector during the forecast period. Additionally, the segment is projected to grow as offshore projects' feasibility increases and activity in deepwater and ultra-deepwater deposits increases.

Based on water depth, the worldwide oil gas subsea umbilical risers flowlines market is segmented into shallow water, deep water, ultradeep water, and other water depths. In 2021, the shallow water category led the market regarding water depth. Continuous capital investment in exploration and production activities and decreasing operational costs foster market expansion.

Additional factors enhancing the business environment include the rising demand for oil and gas from various businesses, including refineries. The size of the shallow water segment will increase due to the expanding number of established oil fields and increased investments in deep- and ultra-deep hydrocarbon projects.

Report Scope

Regional Landscape

• North America dominated the oil gas subsea umbilical risers flowlines market in 2021

The market for oil, gas, subsea umbilical risers, and flowlines was expected to be dominated by North America in 2021. The industry will grow due to increased investments in fresh crude oil discoveries and a promising outlook for developing unconventional sources.

The business environment will improve by emphasizing digitization and automation of drilling operations, and crude oil production rates will rise. With the presence of a large, powerful firm that also produces most of the oil in North America, the USA is the region's top oil and gas producer. Additionally, firms are investing more money in exploration and production initiatives.

Competitive Landscape

Key players within the global Oil Gas Subsea Umbilical Risers Flowlines market include 

• Abb Group 
• Airborne Oil & Gas B.V 
• AkerSolutions 
• Baker Hughes 
• Cameron International Corporation 
• Dril-Quip Inc 
• General Electric Company 
• Kongsberg Gruppen Asa 
• McDermott International Inc. 
• National Oilwell Varco Inc. 
• Nexans S.A. 
• Oceaneering International Inc. 
• Orient Cable 
• Parker Hannifin 
• Prysmian S.p.A. 
• Saipem SpA 
• Siemens AG 
• Subsea 7 
• TechnipFMC Plc 
• Vallourec

Global Oil Gas Subsea Umbilical Risers Flowlines Market is segmented as follows:

By Product

• Umbilicals
• Risers
• Flowlines
• Cables
• Other products

By Services

• Flexible Flowline/Riser Installation & Recovery
• Power Cable Installation & Recovery
• Umbilical Installation & Recovery
• Subsea Structure Installation
• Jumper And Tie-In Spool Installation
• Other Services

By Water Depth

• Shallow Water
• Deep Water
• Ultradeep Water
• Other Water Depth

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America