Subsea market projected to reach $42 billion by 2027
The subsea market, including systems like subsea umbilical risers and flowlines (SURF), is set for strong growth, with spending projected to exceed $42 billion by 2027, according to Rystad Energy. This represents a 10% annual growth rate from 2024 to 2027, driven by increased investment in regions like South America and Europe. Brazil is a key player, with anticipated spending rising 18% in 2024 to $6 billion, fueled by its pre-salt reserves. Norway is also…