A Complete Guide of Oil & Gas Subsea Umbilicals, Risers & Flowline MarketΒ [PDF Guide]
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Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Oil organizations are progressively exploring oil in far areas from ultra-deepwater, arctic offshore and heavy oil sands as the time conventional oil reserves began to lessen. Global proved oil reserves were 1734 billion barrels at the end of 2019, down by 2 billion barrels versus 2018. Consistent increase in demand for oil & gas over the world is driving the demand for SURF, as its ability to connect subsea production to surface facilities and improve production rate will make its adoption preferable. Increasing investments toward subsea project drive demand for the global subsea umbilical, risers, and flowlines market. However, unstable ecological condition is expected to hinder the market growth rate. The market growth depends on global demand for oil & gas, which is a conventional source of fuel. Deployment of economic renewable energy sources side lines demand for oil & gas, thus is expected to hinder the market growth during the forecast period.
New product launches to flourish the marketΒ
Schlumberger launched the new SpectraSphere fluid mapping-while-drilling service. It is used to deliver downhole fluid composition during drilling with real-time pressure measurements-while-drilling. It is applicable in a variety of environments, from exploration wells to highly diverged development wells. SpectraSphere lowers risks associated with fluid analysis and sampling operations while enhancing well placement, maximizing reservoir contact and ultimately boosting future production.
Surge in use in oil & gas applications
Rise in discovery of multiple reservoirs of shale oil and gas and rising offshore exploration activities propel the market growth. Increasing population and rise in demand for energy impacts the demand for SURF. Furthermore, growing number of exploitation and discoveries of marginal oil reserves is expected to drive the industry share. For instance, in 2019, a new oil field containing 53 billion barrels of crude oil was discovered in Iran. Rising focus toward digitalization and automation of drilling operations to augment crude oil production rate further boosts the business landscape. Its cost-effective nature enables oil & gas industries to adopt it for production of oil & gas.
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Oil & Gas Subsea Umbilicals, Risers & Flowline Market size in 2022 was 2973 million USD, and it is expected to reach 3634 million USD by 2030, with a CAGR of 4.1% over the forecast period.
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Aker Solutions
Technip
FMC Technologies
Prysmian Group
Vallourec
Nexans
JDR
Oceaneering