Strict government norms to foster marine turbocharger market share between 2019-2026

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Marine turbocharger market is projected to witness exponential growth due to the introduction of strict government regulations that are focused on alleviating environmental concerns and tackling climate change. Additionally, numerous technological advancements in the field of propulsion technologies are also likely to foster industry outlook.

Moreover, increasing economic development and growing customer expenditure on recreational activities are positively influencing adoption of recreational boats that use the latest of propulsion technologies to get around.

In fact, with growing demand for faster speeds and higher power throughputs in recreational sports activities, the market is likely to witness a rise in product sales during the projected study period.

According to a recent research report by Global Market Insights, Inc., global marine turbocharger market is expected to surpass $780 million by 2026.

Rising seaborne trading as well as favorable trade regulations are fueling the demand for new commercial ships. This has influenced several shipping companies to increase the cargo carrying capacities. It has also impelled the increase in ship sizes to address increasing seaborne trade.

Additionally, there is an increasing demand for improved turbocharger and engine efficiencies from ship operators to meet the IMO regulations and EEDI targets. These demands are set to emerge as the key factors that would push the marine turbocharger market trends over the forecast timeframe.

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Meanwhile, several advancements in propulsion technologies would possibly drive the market share in the forthcoming years through product advancements. One such advancement, the CFD (Computational Fluid Dynamics) technique is used in turbine blades and compressor wheels to examine the secondary and primary flow structure across impeller blades.

Likewise, use of advanced tools such as ANSYS and FEA techniques results in adaptable development processes. Due to this flexibility, turbochargers can be modified at later stages. In the projected timeframe, techniques like CFD, ANSYS and FEA are likely to positively influence the turbocharger market.

Additionally, technological advancements have also innovated marine turbocharger diversification. Products can now be designed specific to different industry demands. Advanced marine turbochargers provide improved efficiency and higher pressure ratios which reduces their environmental impact. With these benefits product adoption is likely to witness a sizable shift in coming years.

The adjustable vanes turbochargers are anticipated to experience high growth due to their ability to contribute towards the alteration of the aspect rations. This further changes turbine’s effective area.

Moreover, improvement in pressure ratios and reduced lag time are few of the benefits that enhance overall engine efficiency, it also allows flexible air management to optimize combustion. Such value-adding features would push product adoption in the industry.

With regards to the technological landscape, electric-assist turbocharger is anticipated to witness immense growth. The projected growth is being attributed to the numerous advantages it offers.

Incorporation of electric assist turbochargers offers lower level of specific fuel consumption at high speed and helps maintain variations of speed in low load conditions. Optimum fuel usage and maintenance of speed at low loads are the key factors which would positively impel the market outlook.

Companies are using methods and materials to develop lightweight structures and higher-pressure ratios. Citing an instance, in 2016, Kompressorenbau Bannewitz GmbH launched its ST27 turbocharger series. the new product is capable of delivering a pressure ratio of about 5:5:1.

Today, service providers play a crucial role in the upgradation and modernization of existing systems. These efforts are focusing on optimizing operational flexibility and reliability. With these efforts the marine turbocharger market is set to chalk out a lucrative outlook for industry expansion.

Author Name : Bhushan Tambe

Proliferating promotion of healthy lifestyle to boost the worldwide grapeseed oil market by 2025

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An unprecedented shift towards plant-based ingredients across myriad industries has been majorly driving the worldwide grapeseed oil market over the recent years. In the era riddled with the fear and chances of prevalent heart diseases, grapeseed oil acts as an impeccable source of essential fatty acid restricting the chances of heart disorders. This prompts the product to be explicitly used in food and beverage applications on a large scale across the globe.

An upsurge in the prevalence of heart diseases, diabetes, high cholesterol, and obesity has promoted the rise in the growth trajectory of the global market size owing to its wide scale usage in food products.

Grapeseed oil serves as an integral natural antioxidant that possesses, antifungal and antimicrobial properties to augment the immune function and contribute massively towards a healthy body growth.

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The product is best suited to be utilized in various food formulations subjected to its ability to withstand heat and combat inflammation in the body. It serves as a high source of fatty acids, linoleic acid which remains separated in the body and are required for healthy development and growth.

The vegetable oil consumption globally accounted for a revenue share of USD 200 million tons in 2018 in terms of volume. This is attributed to the large scale ingesting of vegetable oil due to high concentration of unsaturated fats which help in maintaining a proper balance of essential levels of omega fatty acids and cholesterol levels.

However, an ideal intake of grapeseed oil would substantially aid in exempting joint inflammation and pain, promoting boost of immunity, reducing the oxidative damage, and augmenting the bone strength.

Likewise, the increasing interest towards natural and non-synthetic ingredients across Europe, led by UK and Germany, has leveraged the production of sustainable and eco-friendly food and beverages. Not to mention, this inclination has led the retail sales of organic food products in Germany to account for approximately USD 11 billion in 2017.

Additionally, high grade advancements in the extraction of plant based derivatives coupled with focus on opting healthy lifestyle would stimulate the grapeseed oil industry outlook over 2019-2025.

The extraction of the oil via the chemical process involves low temperature operation to withhold the corrosion of unsaturated fatty acids leading to the high production output alongside diminished energy consumption. Other than this, the process also offers robust effectiveness in oil extraction from the natural plants for furnishing the industrial scale production.

Given that the cosmetics domain is one of the most profitable application sectors of the grapeseed market, the North America region subsequently stands as one of the most remunerative growth grounds for grapeseed oil industry expansion from the cosmetics sector. Estimates claim that the North America grapeseed oil market size from cosmetics application is likely to cross a mammoth valuation of 85 million by the end of 2025.

The United States is one of the most progressive nations of North America for the expansion of regional cosmetics market. This is probably owing to the paradigm shift towards organic cosmetic products on the grounds of their chemical free nature and skin improving capabilities. Grapeseed oil is rather beneficial in reducing the wrinkles, providing protection against free radicals and high skin hydration.

Reliable reports state that the skincare products hold the largest share of natural and organic beauty products market in the U.S. – accounting for nearly 40 per cent of the business. Surging consumer inclination towards global brands and high economic affluence have further bolstered the grapeseed oil market share across North America.

The diversified landscape of grapeseed oil market has prompted the industry giants to indulge in mergers and acquisitions with an intent to sustain their geographical presence. This has allowed the worldwide grapeseed oil market size to be pegged at USD 560 billion by the end of seven years term.

Author Name : Vinisha Joshi

Changing dynamics of the food industry to foster air-dried food market size by 2026

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With growing popularity of convenience food and ready to eat meals, the global food industry has seen surging demand in the past few years. Rapid urbanization, busy consumer lifestyle and time constraints have generated numerous growth opportunities for companies developing packed food products.

Given to the importance of a healthy lifestyle, people are also shifting their focus on consuming different nutrition-rich diets such as air-dried packed food products that offer a plethora of health benefits to the human body. These foods are not only good in taste but also contain ample number of vitamins, antioxidants, fiber, and mineral content.

Being prepared by eliminating water content, the weight of air-dried food items are significantly low which making it easy for transportation and storage. Moreover, these products do not contain any preservatives, artificial colors, and additives, and offer added eco-friendly benefits as they reduce food spoilage which further leads to decreased wastage.

Speculating potential prospects, the air-dried food market is expected to accrue significant growth over the forecast timespan. Extensive advertising campaigns, branding, and supportive government policies could augment industry size. Moreover, Global Market Insights, Inc. predicts that the air-dried food market for B2B could exceed $114 billion by 2026.

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Based on product, the fruits segment in air-dried food market is estimated to amass noteworthy prospects owing to its wide use in puddings, cakes, and other bakery items for adding taste and flavor. Also, air-dried meat products are expected to cross 1,000-kilo tons by the end of 2026 as it a good source of protein and has low amounts of cholesterol and fat. Chunks/pieces would also accrue significant share in the market over the forecast timespan due to its use in numerous dishes and recipes.

In terms of B2C distribution channel, the convenience stores segment is projected to exceed USD 12,000 million by 2026. Despite growing prominence, the segment could likely show slow growth as compared to other segments due to low availability of wide range of products.

Online retailers meanwhile are expected to grab over 10% of volume share owing to recent technological advancements in the e-commerce sector. Hotels & restaurant distribution channel could also likely cross 1,500-kilo tons during forecast timespans as air-dried food products are widely used for preparing numerous delicacy.

According to reports, Europe air-dried food market is anticipated to witness promising growth from the region’s proliferating food and beverage sector. Certainly, the food & beverage sector has a major impact on Europe’s economy, with dried food sales witnessing a surge in line with increasing consumption of processed food products.

Ready to eat meals being prepared with dried foods are easily available in hypermarkets, convenience stores, supermarkets, and local retail outlets in the region. Moreover, based on growing food consumption, Europe could be considered as one of the key regional markets for air-dried food industry.

On a global scale, the air-dried food market is highly fragmented because of the presence of numerous small and medium-scale producers. Some prominent producers in the market include Mondelez International Inc., Nestle S.A., DMH Ingredients Inc., B-B Products (Australia) Pty Ltd., Berrifine A/S, BCFoods, La Frubense, Milne Fruit Products, Inc., Howenia Enterprise Co., Ltd., Saraf Foods Ltd., Van Drunen Farms, Seawind Foods, Thomas Creek Farms.

Author Name : Abhijeet Kakade

Flavored kombucha market to gain remarkable returns by 2025

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With each passing day, the demand for functional and energy drinks is increasing across the world. Kombucha is one such drink that is trending among health-conscious people. In effect, Kombucha can help increase metabolism, boost immune system, reduce blood pressure, rebuild connective tissue & reduce headaches. Kombucha companies across the world are spending heavily on R&D projects to roll out new products and flavors into the market.Prevalence of diseases such as diabetes, high cholesterol level, blood pressure along with high consumption of junk food has influenced product consumption lately. However, as kombucha contains some amount of alcohol, regulatory bodies including the U.S FDA have directed customers to take precautionary measures while using it for the first time.

Incidentally, consumers have also narrated numerous side effects like stomach upset, toxic reaction, metabolic acidosis and allergic reactions following product consumption, incidents that may restrain the growth of kombucha market.

According to a study, the flavored kombucha market is anticipated to exceed USD 1.5 billion valuations by 2025. The original taste of Kombucha, being effervescent, slightly sweet and tart, has attracted added consumer preference to flavored products. Speculating increasing demand, manufacturers have started to bring new flavors of kombucha to the table.

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For instance, in 2019, Health-Ade Kombucha, an American manufacturer announced the launch of six new flavored products including cherry, tropical punch, grapefruit, passion fruit-tangerine, peach-mango and strawberry-lemonade. Along with offering good taste, these products provide added health benefits owing to key characteristics like organic nature, low sugar content and being gluten-free and vegan.

Speaking on the regional landscape, North America kombucha market is expected to witness prominent growth at a 15.5% CAGR rate during the forecast period. Rising health awareness among Latin American countries including Argentina and Brazil is projected to offer lucrative opportunities for industry expansion.

Regular consumption of kombucha by professional athletics and dances owing to its numerous benefits in arthritis pains, common aches, and muscle stains is fueling product demand. Moreover, to address health issues like obesity, many health and fitness clubs are being developed in North America.

In addition to this, favorable government initiatives such as the President’s Council on Sports, Fitness, and Nutrition (PCSFN) are aiming to fuel sports participation among youth to induce fit lifestyle in America. Such activities are resulting in increasing fitness clubs which has made major industry players widen its product portfolio.

On a worldwide scale, the kombucha market embraces key market players like Red Bull, Brew Dr. Kombucha, KeVita, GT’s and Celestial Seasonings. Companies in this industry are actively participating in mergers, acquisitions, joint ventures and partnerships to provide a variety of products to consumers. High-rise demand and low production cost of kombucha are supporting market growth.

Furthermore, industry leaders are launching a wide variety of flavored kombucha drinks like coffee, ginger, lemon, and berries which could stimulate global Kombucha market growth. For example, in 2019, Equinox Kombucha introduced its latest products named Espresso Coffee, turmeric, and peach flavors. Global Market Insights, Inc. meanwhile suggests that the global kombucha market is likely to exceed USD 5 billion valuation by 2025.

Author Name : Abhijeet Kakade

U.S oil & gas analytics market to record significant gains as oil companies leverage data analytics to foster business growth

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With the on-going IoT revolution, numerous industries in the world are recognizing the value of data. The U.S oil & gas analytics market is might see a flourishing period of growth due to increasing use of data analytics practices in the field.Immense data is generated across the country’s growing oil & gas industry. It is one of the most vital factors promoting adoption of data analytics. Moreover, the need for production optimization and risk assessment in the country’s highly-volatile oil and gas industry has further highlighted the importance of advanced analytics tools.

The U.S oil and gas analytics market would likely witness promising growth on account rising adoption of data gathering devices. Increasing use of IoT as well as IIoT is further supporting this growth. The American oil and gas industry is looking to transform its value chain entirely and data gathering and IoT devices are effectively supporting these efforts.

Key players in the region are focusing on effective management of operation and cost and advanced data analytics software are likely to contribute significantly towards these efforts.

Increasing upstream oil and gas investment, increasing adoption data collection devices, and robust investment towards infrastructure are some of the prominent factors that are stimulating the market growth.

Moreover, increasing stringency of cybersecurity regulations in the country would likely foster use of advanced data analysis software solutions in the coming timeframe.

Increased spending on O&G infrastructure would also considerably increase the adoption of analytics tools across numerous verticals. Increasing volumes of oil and gas supplies have instigated the need for additional infrastructure across the United States with Southwest and Northeast regions contributing over 36% and 19% of total infrastructure investments in the country.

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According to a 2017 API report, the refining as well as the gathering & processing divisions accounted for around USD 5.2 billion and USD 4.9 billion respectively.

The ample availability of proven oil and gas resources supplemented with an exploration of unconventional reserves would positively impact the business growth over the forecast period.

According to the U.S Department of Energy, proven gas reserves increased by 85%, which is more than 450 Tcf, in 2019. Moreover, the growing need for production optimization along with the current deployment of IoT and IIoT across drilling and production assets could drive industry landscape over the forecast period.

Meanwhile, with several technological advancements, the companies are now able to generate real-time information from production platforms and reservoirs. This enables companies to make an early prediction regarding equipment failures. With recent enhancements in cloud computing capabilities, advanced network security, unlimited storage, and cost saving the requirement of data analytics has further escalated.

The industry has seen a shift from on-premise applications towards hosted. This shift is being supported by key benefits such as easy data sharing and integration, reduced cost, and automatic system updates. High maintenance and upgradation cost, hardware deterioration, and probability of permanent data loss associated with on-premise applications have further restrained their adoption in the industry.

Current business partnerships to attain a leading position in the industry is a key growth strategy followed by the companies. Constant spending on technology innovation is bringing advanced analytics solutions in the industry.

The companies are also involved in mergers and acquisitions to gain technological excellence. Furthermore, they and are also investing heavily to bring innovations in the industry.

Major players operating in the U.S oil and gas analytics market include Accenture, IBM, Cognizant, and Microsoft Corporation.  These industry leaders are actively seeking strategic collaborations with technology providers for product innovation to gain competitive advantage. Global Market Insights, Inc. anticipates that the U.S. oil and gas analytics market could likely grow more than 14.5% by 2025.

Author Name : Abhijeet Kakade

CHP district heating market to amass appreciable gains by 2026

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The paradigm shift towards sustainability has been fueling district heating market trends. With increasing global energy demand, the need to use renewables has become more crucial than ever. Rising establishment of renewable energy systems to cater to growing consumer demand is anticipated to drive district heating market growth over 2020-2026. The requirement of sensible heat for commercial, residential and industrial applications will also positively impact the district heating industry outlook over the coming years.

As per Global Market Insights, Inc., district heating market size in 2019 was worth USD 150 Billion and is estimated to exceed production by over 14,000 PJ till 2026.

An exponential growth in urban population has been witnessed over the past few years. Most of the masses residing in rural areas and mid-size townships are opting to shift to urban dwellings. With rising urbanization, the requirement of energy for space and water heating has also observed an increase. This in turn has fueled the demand for district heating systems. In recent times, real estate barons are also seen investing heavily in new properties and renovating older ones. The expansion of the overall real estate industry will thus further boost product demand over the forecast timeline.

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Rigorous government regulations pertaining to green-house gas regulations, along with positive outlook of masses towards adoption of renewable sources to generate heat and energy is estimated to change district heating market trends over the coming years.

District heating systems are expected to be deployed on a large scale in the residential sector, owing to rising migration towards cities. In line with environmental concerns, this has led to increasing utilization of energy efficient heating systems. The smart city revolution has also led to rising installation of smart home management systems, which would help foster district heating market size from residential sector over the analysis period.

Combined heat & power-based district heating systems are highly sustainability and also ensure reduced energy losses. Enhanced energy supply efficiency offered by these systems are also escalating their deployment across the globe. Major economies including China and the U.S. have been investing heavily in combined heat and power systems on account of a supportive regulatory scenario, offering lucrative growth opportunities to district heating industry players.

The capability of these systems to limit GHG emissions, and reasonable operation costs along with minimal thermal losses offered by the technology are estimated to support district heating industry share in the years to come.

Growing awareness toward utilization of clean energy, along with adoption of optimal energy consumption is anticipated to change district heating market landscape over the coming years. Rising concerns pertaining to climate change have resulted in an increase in number of initiatives undertaken toward clean energy generation. This has also led to the rising prevalence of energy efficient buildings, which is estimated to augment product adoption.

Major industry players contributing towards district heating market include Goteborg Energi, Fortum, STEAG, Statkraft, Ramboll and Vattenfall, amongst others. These companies are adopting strategies such as mergers & acquisitions and partnerships to expand production capacity along with focusing on developing more efficient district heating systems.

Moreover, growing focus of industry players toward development of energy efficient solutions that comply with new standard emissions to gain a competitive advantage over other industry participants, will also change business outlook over the analysis period.

Author Name : Aakriti Kakkar

Increased government spending on infrastructure to fuel HVDC converters market size

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Ongoing initiatives to renovate and modernize existing grid infrastructures is expected to boost HVDC converter market size. Lately, there have been numerous programs aimed at developing inter-regional & cross border electrical networks. For instance, in 2015, the European Commission (EC) announced goals to achieve at least 15% of interconnection from the generation capacity by 2030.

Implementation of energy efficiency norms backed by rapid integration of clean energy may stimulate product demand. Efforts to reduce energy loss across existing transmission and distribution lines is expected to further aid market growth in the coming years. A study conducted by Global Market Insights, Inc., suggests that global HVDC converter market size may exceed USD 13 billion by 2025.

A sizable part of this growth can be recorded from the <500 kV HVDC converter industry. According to reports, in 2018, the market was valued over USD 1 billion. Initiatives taken by numerous regions to install and integrate renewable energy plants may complement product demand. Active interconnection with energy grids would support market growth. In 2017, France and Ireland had made a similar development when its regulators spend over USD 1 billion for the development of HVDC interconnection link.

As per reports, the ability to efficiently distribute large amount of electricity may fuel the demand for of bipolar HVDC converters. Favorable regulations focused towards development of efficient power distribution infrastructure may drive product demand. Bipolar HVDC converters can efficiently distribute large amount of electrical power across supply lines. It can operate as a monopolar link in case when a fault occurs on a line. With higher operation efficiency being one of its key features, the bipolar HVDC converter market may register sizable growth in the forthcoming years.

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Increasing investment towards the extension of large scale grid infrastructures is anticipated to drive the LCC HVDC converter market. Its distinctive ability to move significant amount of electricity over long distances has encourage product adoption. Moreover, its extensive overload and black start capabilities  makes LCC HVDC converters a preferred option over its counterparts.

Citing regional outlook, North America is anticipated to offer lucrative opportunities to the HVDC converter market. Growing initiatives across Canada and the U.S. to strengthen energy infrastructure may play a vital role in boosting regional market expansion. In fact, an estimate by Wisconsin Economic Development Corporation (WEDC) suggests that Canada would need USD 350 billion worth investment to upgrade its grid infrastructure up until 2037. Besides, technological innovations and improved long-distance transmission networks may further foster North America HVDC convert industry size.

As for Asia Pacific, intensifying need for electricity across countries like China is expected to bolster HVDC converter demand. To meet growing demand, governments across the region have also taken some ground-breaking decisions. For instance, in 2018, China announced plans to spend USD 6.4 billion for the development of rural power grids. The upgrade would comprise over 26 central and western regions.

Meanwhile, notable players such as ABB, Toshiba, Mitsubishi Electric, C-EPRI, Siemens, General Electric, CG Power, Bharat Heavy Electricals, and Industrial Solutions might help augment global HVDC convertor market size over the forecast period.

Author Name : Bipin Bangera

Rising renewables investment to power solar panel cleaning market trends

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Growing inclination towards renewable energy as well as favorable government policies has accelerated the deployment of solar energy farms. As these farms are mostly located in remote areas, they are exposed to frequent dust and sandstorms. This has led to the deployment of solar panel cleaning systems for maintaining stable energy outputs and attaining improved reliability.

It is estimated that the solar panel cleaning industry may register greater prominence on account of enhanced emphasis toward improving power conversion efficiency in solar plants. Increasing adoption of concepts like decarbonization, decentralization, decoupling, distributed generation and digitization may fuel solar PV installation, thereby bolstering product demand across larger scale as well as commercial applications. Meanwhile, Global Market Insights, Inc. estimates that the global solar panel cleaning market may grow at a rate of over 14% by 2025.

Following its emergence in numerous industrial landscape, automation is steadily marching towards the solar energy sector. In fact, studies suggests that the autonomous solar panel cleaning market may surpass US$ 1,080 million by 2025.

The use of drones and robots would allow faster and effective solar panel cleaning operations. Such technological advancements may help optimize the performance, power output of PV panels as well as reduce labor costs. Government regulations that aim on restricting the use of labor in harsh, high-temperature conditions may generate new proceeds in autonomous solar panel cleaning market.

Increasing federal initiatives focused on reducing dependency on fossil-based power generation, primarily to reduce carbon footprints and harmful emissions, would stimulate solar panel cleaning market. Soaring investments in solar energy generation, to increase the overall share in the total power generation and facilitate decarbonization of the energy sector, will complement industry outlook. According to reports, in 2018, investment in the solar energy accounted for around 605 of all new renewable energy investments.

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Studies claim that Asia Pacific is endowed with vast untapped potential for solar energy generation. Governments in the region are funding heavily on ongoing large-scale PV projects. Ambitious renewable energy targets, favorable regulatory norms and feed-in-tariff programs may accelerate the deployment of solar panels.

Constant technological innovations in the PV technology supported by government subsidies and incentives have aided the demand for solar panel cleaning systems in the region. Moreover, rise in addition of solar capacity owing to favorable regulatory environment and continuously declining PV panel cost may stimulate APAC solar panel cleaning market share. Citing IRENA reports, in 2018, the solar installed capacity across China reach around 175 GW, showing an upsurge of around 33% compared to prior attained capacity.

On a global scale, the solar panel cleaning industry includes key players like Solbright, Ecoppia, Clean Solar Solutions amongst others. Companies in this market are focused on providing dry cleaning technologies or techniques that utilize organic cleaning concentrates.

Profits generation through service provisions along with long term partnerships with utilities may enable major strategic breakthroughs in this industry. Moreover, increased emphasis on deploying solar farms in arid areas of Asia Pacific, and the Middle East & Africa (MEA) may offer lucrative growth proceeds to companies operating in solar panel cleaning market.

Author Name : Abhijeet Kakade

North America to emerge as a major revenue pocket in subsea umbilicals, risers and flowlines market by 2025

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Escalating demand for energy and augmenting deep-sea exploration activities is likely to offer momentum to SURF (subsea umbilical, riser and flowline) market growth over the coming years. Rising deep water exploration to increase oil production has significantly promoted SURF installations. Subsea umbilicals, risers and flowlines industry demand is inflating on account of desirable properties of these systems, such as robust design, higher reliability, and cost effectiveness. In 2018, subsea umbilicals, risers, and flowlines market share surpassed $5 billion. 

According to the latest research report published by Global Market Insights Inc., subsea umbilicals, risers, and flowlines (SURF) industry will witness more than 7% CAGR over 2019-2025.

Subsea umbilicals, risers, and flowlines market forecast report predicts that flowlines SURF business will expand owing to massive amounts outlaid towards the exploitation of untapped hydrocarbon resources. Flowlines SURF are economic and provide high performance index with optimized subsea architecture, which are likely to enhance subsea umbilicals, risers and flowlines industry size over the coming years.

Escalating operators’ focus to cut down operational cost along with rising CAPEX towards the latest E&P activities will foster shallow subsea umbilicals, risers and flowlines industry growth. Chemical and petrochemical sectors have extended the usage of natural gas and crude oil, which will uplift shallow SURF market share growth.

Companies operating in the oil & gas sector are trying to improve production capacity by advancing technologies to develop energy efficient systems. Such efforts initiated by companies to upgrade energy efficient systems will influence deep SURF market trends. Demand for deep SURF technology is expanding due to amplifying penetration of mature oil fields across deep water locations.

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Europe has been witnessing huge investments towards the development of the regional deep and ultradeep energy resources. The region is focusing on reducing dependency on foreign oil imports and enhancing energy security. Regional governments have been making efforts to improve existing oilfields in the region, which will upsurge Europe subsea umbilicals, risers and flowlines industry share.

Rapid urbanization and industrialization have augmented the demand for petrochemical products, which will push the growth of China subsea umbilicals, risers and flowlines market size by 2025. The region has been observing promising economic growth. China has been developing many unexploited energy sources by using E&P investments, which will fuel SURF industry growth.

With intensifying focus on the advancement of new conventional energy resources and better production from mature oilfields, North America is slated to emerge as a principal SURF market. Huge investments towards increasing oil production are likely to drive North America subsea umbilicals, risers and flowlines market size growth. Also, IoT implementation in drilling operations to digitalize and expand production will further stimulate SURF industry outlook.

Riser SURF market share is likely to inflate over the coming years due to speedy installation of floating rigs along with development in deep water technologies. Some of the major industry players include National Oilwell Varco, TechnipFMC, McDermott, General Electric, Vallourec, Aker Solutions, Halliburton, Tenaris, Siemens, John Wood Group PLC, Saipem, amongst others. Market participants are striving to reinforce their foothold in global subsea umbilicals, risers and flowlines industry by introducing advanced technologies to increase production and operational efficiency.

Author Name : Anchal Solanki