Risers Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented, By Type (Risers, Riser Sleeves and Others), By Water Depth (Shallow water, Deep Water), By Region & Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 7.91 Billion
CAGR (2026-2031)	8.79%
Fastest Growing Segment	Risers
Largest Market	North America
Market Size (2031)	USD 13.11 Billion

Market Overview

The Global Risers Market will grow from USD 7.91 Billion in 2025 to USD 13.11 Billion by 2031 at a 8.79% CAGR. The Global Risers Market is defined by the demand for specialized conduit systems used to transport fluids, such as crude oil, natural gas, and injection fluids, from the seabed to surface facilities in offshore operations. The primary drivers fueling market growth include the resurgence of deepwater and ultra-deepwater exploration projects, particularly in regions like South America and West Africa, alongside the increasing necessity to replace aging subsea infrastructure in mature basins. This expansion is underpinned by sustained drilling activity; according to the International Association of Drilling Contractors, in 2025, the global offshore active rig fleet maintained a utilization rate of 80% across 502 units, indicating robust operational demand for drilling risers and related subsea assets.

Despite this positive momentum, the market faces a significant challenge regarding the high volatility of raw material costs and the immense capital requirements for deepwater projects. Fluctuating steel prices and the financial risks associated with complex subsea installations can deter investment decisions and delay project sanctions, especially in marginal fields. Furthermore, strict capital discipline by major energy operators, who now prioritize short-cycle returns over long-term capital-intensive developments, creates an environment where funding for new large-scale riser systems is subject to rigorous and often protracted financial scrutiny.

Key Market Drivers

The expansion of deepwater and ultra-deepwater exploration activities is acting as a primary catalyst for the Global Risers Market. As major energy operators exhaust shallow-water reserves, they are increasingly targeting complex geological formations in regions such as South America and West Africa, necessitating the deployment of high-specification riser systems capable of withstanding extreme hydrostatic pressures. This strategic shift towards deeper basins directly translates into substantial equipment contracts for subsea engineering firms, reflecting the critical role of advanced conduit infrastructure in these challenging environments. For instance, according to TechnipFMC, October 2025, in the 'TechnipFMC Announces Third-Quarter 2025 Results' press release, the company recorded subsea inbound orders totaling $2.4 billion, a figure largely driven by integrated project awards in the deepwater sectors of Guyana and Brazil.

A resurgence of offshore project final investment decisions (FIDs) is simultaneously bolstering market growth by unlocking the capital required for long-cycle developments. Energy companies are demonstrating renewed confidence in offshore economics, sanctioning large-scale greenfield projects that require extensive networks of drilling and production risers. A significant validation of this trend occurred when, according to Offshore-Energy.biz, January 2026, in the 'Top oil & gas final investment decision picks' article, ExxonMobil sanctioned the $6.8 billion Hammerhead deepwater development, ensuring robust future demand for riser installation services. This wave of project approvals has successfully replenished contractor order books; according to Subsea7, November 2025, in the 'Third Quarter 2025 Results' report, the firm maintained a record backlog of $13.9 billion, indicating sustained operational activity across the global subsea supply chain.

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Key Market Challenges

The Global Risers Market is significantly hampered by the high volatility of raw material costs and the immense capital requirements necessary for deepwater projects. This financial instability creates a precarious environment for major energy operators, who are increasingly hesitant to commit to the long-lead funding required for complex riser systems. When raw material prices fluctuate unpredictable, the economic models for marginal fields become unstable, often leading to the postponement of Final Investment Decisions (FIDs). Consequently, the market experiences a contraction as operators prioritize capital discipline, favoring short-cycle tie-backs over the capital-intensive greenfield developments that traditionally drive demand for new riser infrastructure.

This restriction on capital expenditure is substantiated by recent industry data. According to the International Energy Agency, in 2025, global upstream oil and gas investment is forecast to decline by approximately 4% to just under $570 billion, driven by strict cost management and lower spending in price-sensitive basins. This reduction in available capital directly limits the sanctioning of new offshore projects, thereby suppressing the volume of orders for drilling and production risers.

Key Market Trends

The Rapid Adoption of Thermoplastic Composite Pipe (TCP) Technology is fundamentally altering the material landscape of the Global Risers Market by addressing the critical challenges of corrosion and topside weight limitations. Operators are increasingly replacing traditional steel conduits with non-metallic, spoolable TCP solutions that offer superior fatigue resistance and significantly lower total installed costs, particularly in corrosive fluid environments. This material shift is gaining commercial traction beyond pilot phases; according to Strohm, January 2025, in the 'Strohm Wins 20-Mile Pipe Contract for Saudi Aramco Fadhili Expansion' press release, the company secured a landmark agreement to supply 33 kilometers of TCP flowlines, validating the technology's scalability for critical energy infrastructure. By eliminating corrosion-related maintenance and reducing vessel requirements for installation, TCP architectures are becoming a preferred standard for extending the lifespan of subsea assets.

Concurrently, the Emergence of Riser Retrofitting for Carbon Capture and Storage (CCS) Applications is creating a distinct market segment focused on the transport and injection of supercritical CO2. This trend necessitates the deployment of specialized high-specification risers capable of withstanding the unique phase behaviors and decompression risks associated with dense-phase carbon dioxide, driving new engineering, procurement, and construction contracts. The scale of this investment is expanding rapidly as major storage hubs advance; according to Aker Solutions, April 2025, in the 'Aker Solutions awarded contract for second phase of the Northern Lights carbon storage project' release, the firm received a significant contract valued between NOK 1.5 billion and NOK 2.5 billion to deliver onshore and subsea facilities for the project's expansion. This highlights the growing financial commitment to adapting offshore conduit systems for the energy transition, ensuring safe and reliable CO2 sequestration networks.

Segmental Insights

In the Global Risers Market, the Risers segment is emerging as the fastest-growing category, primarily driven by the escalating demand for deepwater and ultra-deepwater energy exploration. As shallow-water reserves deplete, major operators are increasing investments in complex offshore projects that require advanced, high-integrity riser systems to transport hydrocarbons from the seabed to surface facilities. This shift necessitates the deployment of robust conduits capable of withstanding extreme pressures and marine conditions, thereby generating higher demand for core riser units compared to auxiliary components like sleeves or localized accessories.

Regional Insights

North America leads the Global Risers Market, primarily due to extensive deepwater and ultra-deepwater exploration activities in the Gulf of Mexico. This region attracts significant investment for developing complex high-pressure reservoirs, creating a consistent requirement for durable, high-specification riser systems. Additionally, the Bureau of Safety and Environmental Enforcement (BSEE) mandates rigorous safety standards and asset integrity protocols for offshore operations. These regulations compel operators to prioritize the replacement and life extension of aging infrastructure, ensuring sustained demand for risers without relying solely on new project start-ups.

Recent Developments

• In December 2025, TechnipFMC received a significant contract from Ithaca Energy to supply flexible risers for the Captain development in the U.K. North Sea. The scope of work included the design, manufacture, and installation of flexible risers, flowlines, and associated subsea hardware to support the field's ongoing production. This award built upon a long-standing collaboration between the two companies, following TechnipFMC's support for the second phase of an enhanced oil recovery (EOR) project at the same field in 2024. The contract value was estimated between USD 75 million and USD 250 million.
• In April 2025, Saipem was awarded a contract by ExxonMobil Guyana Limited for the Hammerhead oil field development project located in the Stabroek block offshore Guyana. The agreement, initially issued as a Limited Notice to Proceed (LNTP), covered the engineering, procurement, construction, and installation (EPCI) of subsea structures, umbilicals, risers, and flowlines (SURF) for the production facility and gas export system. This project, situated at a water depth of approximately 1,000 meters, allowed Saipem to commence detailed engineering and procurement activities to support a targeted project startup in 2029, pending necessary government and regulatory approvals.
• In October 2024, Baker Hughes secured significant contracts from Petrobras to supply 77 kilometers of flexible pipe systems for pre-salt oilfields offshore Brazil. The agreement, awarded following an open tender, involved the delivery of risers and flowlines designed to support hydrocarbon production as well as gas and water injection across the Búzios, Libra, Berbigão, Sururu, and Sépia fields. These flexible pipe systems were specifically engineered to withstand stress-induced corrosion cracking caused by high concentrations of carbon dioxide (CO2), a critical challenge in the region's deepwater environments. The equipment will be manufactured at the company's facility in Niteroi, Brazil.
• In May 2024, Subsea7 announced the award of a super-major contract by Petrobras for the development of the Búzios 9 field, located approximately 180 kilometers off the coast of Rio de Janeiro. The project scope encompassed the engineering, procurement, fabrication, installation, and pre-commissioning of 102 kilometers of rigid risers and flowlines for a steel lazy wave production system. Subsea7 indicated that project management and engineering would commence immediately at its offices in Rio de Janeiro and Paris, with offshore operations scheduled for 2026 and 2027. The company defines a super-major contract as being valued at over USD 1.25 billion.

Key Market Players

• Aker Solutions ASA
• ASK Chemicals GmbH
• Baker Hughes Company
• Claxton Engineering Services Ltd
• DNV AS
• NOV Inc.
• Subsea 7 S.A.
• Saipem S.p.A.
• TechnipFMC plc
• Vallourec S.A.

By Type	By Water Depth	By Region
Risers Riser Sleeves and Others	Shallow water Deep Water	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Risers Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Risers Market, By Type:

• Risers
• Riser Sleeves and Others

• Risers Market, By Water Depth:

• Shallow water
• Deep Water

• Risers Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE