Subsea Umbilicals, Risers, and Flowlines (SURF) Market in MEA to Grow at CAGR 13% till 2021
Increasing
subsea activities taking place in offshore waters coupled with Angola and
Nigeria emerging as favorite spots for offshore oil and gas exploration to
drive demand for SURF equipment through 2021
According to TechSci Research report “Middle East & Africa 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. Middle
East & Africa is the second largest oil & gas SURF market globally, and
this trend is anticipated to continue in the coming years. Growth in MEA oil & gas SURF
market in the coming years can be attributed to rising subsea activities taking
place in the region. Large offshore fields have also been discovered in some
countries in Africa, which are still in their developing phase and are expected
to largely contribute to oil and gas SURF market in the region during the
forecast period. All these developments are anticipated to create huge demand
for oil & gas subsea umbilicals, risers and flowlines in Middle East &
Africa during the forecast period.
Browse 4 market data Tables and 12 Figures spread
through 62 Pages and an in-depth TOC on "Middle East & Africa Oil & Gas Subsea Umbilicals, Risers and
Flowlines (SURF) Market, 2011-2021"
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MEA oil & gas SURF market was
dominated by flowline components over the past few years, and this component is
anticipated to continue dominating the market through 2021. Major factor
driving demand for flowline component is rising output from offshore fields.
Moreover, offshore field development requires flowlines to be installed in
order to bring oil or gas from seabed to surface processing plant. Hence, as
offshore oil & gas exploitation increases, demand for flowlines across the
MEA region is also expected to rise through 2021. Furthermore, Deepwater
application garnered largest share in Middle East & Africa oil & gas
SURF market in 2015 and this trend is anticipated to continue through 2021.
Dominance of Deepwater application in Middle East & Africa oil & gas
SURF market can be attributed to new offshore oil & gas discoveries in
deepwater. Additionally, implementation of government policies and regulations
supporting offshore explorations is projected to boost growth in Deepwater
application in MEA oil & gas SURF market in the coming years.
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“Angola and Nigeria have become
favorite spots for offshore oil and gas exploration, with major oil and gas
companies eyeing stake in these acreages. As companies are increasing their
investments in offshore exploration, demand for SURF equipment is expected to
rise across the region during the forecast period”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Middle East
& Africa Oil & Gas Subsea Umbilicals, Risers and Flowlines (SURF)
Market, By Component, By Application, Competition Forecast and Opportunities,
2011-2021” has evaluated Middle East & Africa 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 Middle East & Africa
oil & gas SURF market.
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