Subsea Umbilicals, Risers, and Flowlines are in High Demand in APAC
High capital
expenditure planned by NOCs (National Oil Companies) in countries such as China
and India for offshore field development to drive Asia-Pacific oil & gas
subsea umbilicals, risers, and flowlines (SURF) market through 2021
According to TechSci Research report “Asia-Pacific Oil & Gas Subsea Umbilicals, Risers
and Flowlines (SURF) Market, By Component, By Application,
Competition Forecast and Opportunities, 2011-2021”, the market for oil
& gas SURF is projected to exhibit a CAGR of over 13% during 2016-2021. Growth
in the market can be attributed to huge capital expenditure planned by NOCs
(National Oil Companies) in countries like China and India for offshore field
development. Both countries are major demand centers for oil & gas in
Asia-Pacific and imports hydrocarbon to fuel growth in the region’s economy.
India and China have vast coastlines, which presents opportunities for offshore
explorations. Hence, aforementioned developments are anticipated to fuel demand
for oil & gas subsea umbilicals, risers and flowlines in Asia-Pacific
region during the forecast period.
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(SURF) Market, 2011-2021"
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Flowline component dominated Asia-Pacific
Oil & Gas subsea umbilicals, risers and flowlines (surf) market over the
past few years and this trend is anticipated to continue through the forecast
period as well. Growth in this segment can
be attributed to rising output from offshore fields. As the era of easy oil is
over, companies are exploring offshore in deep and ultradeep waters. Moreover,
Deepwater application accounted for largest share in Oil & Gas subsea umbilicals,
risers and flowlines (surf) market in the region, owing to new offshore oil & gas discoveries in Deepwater.
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“Rising demand for
oil & gas SURF equipment in the region can be attributed to recovery in
crude prices and improvements in financial situation of upstream players which
will enable them to invest offshore”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Asia-Pacific Oil
& Gas Subsea Umbilicals, Risers and Flowlines (SURF) Market, By Component,
By Application, Competition Forecast and Opportunities, 2011-2021” has evaluated Asia-Pacific oil &
gas SURF market and provides statistics and information on market structure,
industry behavior and trends. The report includes market projections and demand
forecasting. The report is intended to provide cutting-edge market intelligence
and help decision makers to take sound investment evaluation. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers, challenges, and opportunities available in Asia-Pacific oil & gas SURF
market.
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