Increasing government focus towards the development of marginal fields is expected to drive the Europe Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market growth in the forecast period, 2024-2028.
As per the TechSci Research report titled "Europe Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market - By Country, Competition, Forecast and Opportunities, 2018-2028," Europe's SURF market is poised to demonstrate robust growth from 2024 to 2028. Europe strategically invests in domestic energy resources, both conventional and renewable, to mitigate risks linked with energy imports. Offshore oil and gas exploration and production activities in the North Sea, Baltic Sea, and other offshore basins are encompassed within this initiative. The crucial role of SURF systems in connecting offshore resources to onshore processing facilities ensures a reliable and efficient energy supply, driving market demand.
A significant opportunity in the European SURF market is the integration of renewable energy sources, particularly offshore wind energy. With the transition to clean and sustainable energy, the demand for subsea infrastructure supporting offshore wind farms is increasing. Tailored solutions meeting the unique requirements of offshore renewable energy projects position SURF systems companies favorably in this evolving landscape.
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In terms of product, the Flowlines segment leads the Europe SURF market, constituting a substantial portion. The segment's size is influenced by the number of active offshore oil and gas fields, new developments, and retrofitting activities. Material selection, critical in Flowlines design, ensures durability and integrity. Flowlines are integral to subsea infrastructure, including subsea trees, manifolds, and control systems, requiring seamless integration for efficient and safe operations.
Regarding types, the Shallow Water segment is anticipated to grow during the forecast period, involving offshore operations in relatively shallow water depths, primarily in the North Sea, Baltic Sea, Mediterranean Sea, and Barents Sea. Shallow water projects benefit from cost-effective drilling and less complex subsea infrastructure due to favorable water depths. The segment leverages exploration activities to discover new reserves and production efforts to maximize recovery from existing fields.
Key companies in the Europe Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market include:
- TechnipFMC
- Aker Solutions
- Subsea 7
- Saipem
- Wood Group
- McDermott International
- Prysmian Group
- Nexans
- Oceaneering International
- DOF Subsea.
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According to Mr. Karan Chechi, Research Director at TechSci Research, "Russia is expected to dominate the market during the forecast period." Russia's focus on environmental regulations aligns with global trends, emphasizing advanced SURF systems to mitigate risks and protect marine ecosystems. Providers offering environmentally sustainable solutions are well-positioned to capitalize on opportunities within Russia's evolving regulatory framework.
"Europe Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market By Product (Flowlines, Umbilicals and Risers), By Type (Shallow Water, Deep Water and Ultra Deep Water), By Country, By Competition Forecast & Opportunities, 2018-2028," assesses the future growth potential and provides valuable insights for informed investment decisions, identifying emerging trends, drivers, challenges, and opportunities in the Europe Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market.
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