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/EIN News/ -- SEATTLE, April 26, 2022 (GLOBE NEWSWIRE) -- The Asia Pacific SURF market was valued at US$ 6.22 billion in 2020 and is expected to exhibit a CAGR of 12.5% during the forecast period (2021-2028).
Key Trends and Analysis of the Asia Pacific SURF Market:
The surging import of oil in APAC countries is expected to fuel the Asia Pacific SURF market over the forecast period. For instance, in March 2018, the International Energy Agency (IEA) predicted that China will overtake the U.S. as the world’s biggest oil importer by 2023. The Asia Pacific region is expected to account for 60% of global oil product demand by 2023. Furthermore, according to the IEA, the global oil demand is expected to increase from 4.7 billion barrels per day in 2017 to around 6.6 mb/d by 2040, owing to the increasing number of road vehicles and subsequent rise in oil demand. The IEA also stated that the demand for natural gas is expected to increase by 60% in 2040, due to the rising consumption of natural gas in power generation and industry.
The Asia Pacific SURF market is expected to exhibit a CAGR of 12.5% over the forecast period (2021-2028). Technological advancements in terms of SURF are expected to drive the target market growth during the forecast period. For instance, in August 2018, Aker Solutions, an engineering company, signed a contract to deliver power umbilical systems to China National Offshore Oil Corporations (CNOOC), a national oil company, in the South China Sea of Hong Kong. The company offers an advanced manufacturing process known as OsciLay. OsciLay is a unique manufacturing method, which addresses the challenges of extreme tension loads during installation and eliminates the splicing of cables due to manufacturing weight limitations.
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In March, TechnipFMC, French-American, UK-domiciled global oil and Gas Company, U.K.-based global oil and Gas Company, completed the engineering, procurement, fabrication, and supply of umbilicals system for the Kaombo project. This multisite project utilized the facilities of TechnipFMC Umbilicals Ltd., TechnipFMC Umbilicals Inc., and Angoflex Ltda.
Major players operating in the Asia Pacific SURF market include Aker Solutions ASA, TechnipFMC plc, Prysmian Group, Vallourec S.A., JDR Cable Systems (Holdings) Ltd., Oceaneering International, Inc., Subsea 7 S.A., Nexans Norway AS, Saipem S.p.A., McDermott International, Inc., DeepOcean Group Holding BV, Ocean Installer AS, Actuant Corporation, and Airborne Oil & Gas B.V.
Key players are focusing on strategic mergers to propel the target market growth. For instance, in August 2018, JDR Cable Systems (Holdings) Ltd., a manufacturer of subsea products for the offshore energy industry, and Wild Well, a global well control company, signed a five-year service agreement in which JDR will design, manufacture, and assemble intervention, workover, and control systems (IWOCS) to be deployed in combination with Wild Well’s 7Series subsea intervention systems.
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SURF (Subsea Umbilicals, Risers, and Flowlines) Market, by Product Type (Subsea Umbilicals, Risers and Flowlines), by Depth (Shallow water, Deep water, and Ultra deep water), and by Region (North America, South America, Europe, Middle-East and Africa, and Asia Pacific) - Size, Share, Outlook, and Opportunity Analysis, 2018-2026
Drill Bits for Oil & Gas Industry Application Market, By Product (Roller cone bits, Milled-tooth bits, Tungsten carbide inserts (insert bits), Fixed cutter bits, Polycrystalline diamond bits (PDC) and Natural diamond bits), By Region (North America, Europe, Asia-PacificRoW) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028
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