Subsea Riser Market Research Report By Water Depth (Shallow Water (0-500 m), Mid-depth Water (500-1,500 m), Deep Water (1,500-3,000 m), Ultra-deep Water (3,000 m or more)), By Application (Oil and Gas Production, Subsea Processing, Decommissioning and Abandonment), By Riser Type (Flexible Riser, Steel Catenary Riser (SCR), Hybrid Riser, Top Tensioned Riser (TTR)), By Pipe Material (Carbon Steel, Stainless Steel, Composite, Other Alloys) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast t

Global Subsea Riser Market Overview:

As per MRFR analysis, the Subsea Riser Market Size was estimated at 3.95 (USD Billion) in 2022. The Subsea Riser Market Industry is expected to grow from 4.15 (USD Billion) in 2023 to 6.5 (USD Billion) by 2032. The Subsea Riser Market CAGR (growth rate) is expected to be around 5.11% during the forecast period (2024 - 2032).

Key Subsea Riser Market Trends Highlighted

Key market drivers for the Subsea Riser Market include the increasing exploration and production activities in deepwater and ultra-deepwater environments, along with the growing demand for energy resources. In addition, developments in technology concerning subsea riser systems and materials have allowed for the deployment of riser operations in more severe demands providing more chance for the market. There are recent developments within the Subsea Riser Market that point towards a preference for updated riser designs that are more lightweight and can adapt flexibly to changing surrounding conditions. This trend will lead to enhancing the utilization of innovative hybrid composite materials such as carbon fiber reinforced polymers (CFRP) with flexible joints as they provide better fatigue resistance, anti-corrosive cover, faster assembly and lighter unit weight. Development of new above-sea-level riser technologies, such as flexible risers with rigid riser pulls down less than the upper flexible riser offers growth opportunities in the Subsea Riser Market. The increasing focus on sustainability and reduction of the adverse effects on the environment also opens up opportunities in the market where riser systems will be developed with the use of bio-degradable or any recyclable materials. In addition, there will be improvements in the efficiency of operability of risers through modernization in digitalization and data analysis for their monitoring, maintenance and optimization, and these improvements are also anticipated to be contagious.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Subsea Riser Market Drivers

Increasing demand for oil and gas

The increasing demand for oil and gas is a major driver of the Subsea Riser Market Industry. As the world's population grows and economies develop, the demand for energy increases. Oil and gas are essential sources of energy for many countries, and subsea risers are critical for extracting these resources from beneath the ocean floor. The growing demand for oil and gas is expected to continue to drive the growth of the Subsea Riser Market Industry in the coming years.

Technological advancements

Technological advancements are also driving the growth of the Subsea Riser Market Industry. New technologies are making it possible to extract oil and gas from deeper and more challenging environments. For example, new drilling techniques and equipment are making it possible to drill in ultra-deep water. These advancements are opening up new areas for oil and gas exploration and production, and they are also driving the demand for subsea risers.

Government support

Government support is another important driver of the Subsea Riser Market Industry. Governments around the world are providing financial and other incentives to encourage the development of the oil and gas industry. This support is helping to make subsea riser projects more feasible and attractive to investors.

Subsea Riser Market Segment Insights:

Subsea Riser Market Water Depth Insights

The Subsea Riser Market is segmented by water depth into shallow water (0-500 m), mid-depth water (500-1,500 m), deep water (1,500-3,000 m), and ultra-deep water (3,000 m or more). The shallow water segment is expected to account for the largest share of the market in 2023 and is projected to continue to grow at a steady pace over the forecast period. This growth is being driven by the increasing number of offshore oil and gas projects in shallow water areas, as well as the rising demand for subsea risers to connect offshore platforms to subsea pipelines.The mid-depth water segment is also expected to experience significant growth over the forecast period. This growth is being driven by the increasing number of offshore oil and gas projects in mid-depth water areas, as well as the rising demand for subsea risers to connect offshore platforms to subsea pipelines. The deep water segment is expected to experience moderate growth over the forecast period. This growth is being driven by the increasing number of offshore oil and gas projects in deep water areas, as well as the rising demand for subsea risers to connect offshore platforms to subsea pipelines.The ultra-deep water segment is expected to experience the fastest growth over the forecast period. This growth is being driven by the increasing number of offshore oil and gas projects, as well as the rising demand for subsea risers to connect offshore platforms to subsea pipelines.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Subsea Riser Market Application Insights

The Subsea Riser Market is segmented by Application into Oil and Gas Production, Subsea Processing, and Decommissioning and Abandonment. The Oil and Gas Production segment accounted for the largest share of the market in 2023 and is expected to continue to grow at a CAGR of 5.2% from 2023 to 2032. The Subsea Processing segment is expected to grow at a CAGR of 6.1% during the forecast period, while the Decommissioning and Abandonment segment is expected to grow at a CAGR of 4.8%. The growth of the Oil and Gas Production segment is primarily driven by the increasing demand for oil and gas, as well as the development of new offshore oil and gas fields.The growth of the Subsea Processing segment is driven by the increasing need for efficient and cost-effective processing of oil and gas subsea. The growth of the Decommissioning and Abandonment segment is driven by the increasing number of aging offshore oil and gas fields, as well as the need to decommission and abandon these fields in a safe and environmentally friendly manner.

Subsea Riser Market Riser Type Insights

The Subsea Riser Market segmentation by Riser Type comprises Flexible Riser, Steel Catenary Riser (SCR), Hybrid Riser, and Top Tensioned Riser (TTR). Flexible Riser holds the largest revenue share in the Subsea Riser Market and is projected to maintain its dominance throughout the forecast period 2023-2032. Steel Catenary Riser (SCR) is estimated to be the fastest-growing segment, owing to its ability to withstand high pressure and temperature conditions. The increasing demand for deepwater exploration and production activities is driving the market growth for subsea risers.The market data indicates a surge in demand for Top Tensioned Riser (TTR) due to its ability to handle large payloads and provide stability in deepwater applications. Hybrid Riser, a combination of flexible and steel risers, is gaining traction in the industry as it offers the advantages of both types. Overall, the Subsea Riser Market is expected to witness steady growth, driven by the rising demand for offshore oil and gas exploration and production activities.

Subsea Riser Market Pipe Material Insights

The pipe Material segment plays a pivotal role in shaping the Subsea Riser Market landscape. The key materials used in subsea riser manufacturing include Carbon Steel, Stainless Steel, Composite, and Other Alloys. Each material offers unique properties and characteristics, catering to specific application requirements. Carbon Steel, with its cost-effectiveness and durability, holds a significant market share. It is widely used in shallow-water applications due to its affordability and ease of fabrication. On the other hand, Stainless Steel exhibits superior corrosion resistance, making it suitable for harsh environments and deep-water projects.Its higher cost, however, limits its adoption in certain applications. Composite materials, including fiber-reinforced polymers, offer lightweight solutions with high strength-to-weight ratios. They are gaining traction in deep-water applications owing to their ability to withstand extreme pressures and temperatures. Other Alloys, such as Inconel and Titanium, are employed in specialized applications that demand exceptional strength, corrosion resistance, and durability. The Subsea Riser Market revenue is expected to reach USD 4.4 billion in 2024, with a projected CAGR of 5.4% during the forecast period.The growth is primarily driven by rising deep-water exploration and production activities, coupled with the increasing adoption of advanced materials and technologies.

Subsea Riser Market Regional Insights

The Subsea Riser Market is segmented by region into North America, Europe, APAC, South America, and MEA. North America is the largest regional market for subsea risers, accounting for over 35% of the global market in 2023. The region is home to a number of major oil and gas companies and has a well-developed offshore infrastructure. Europe is the second-largest regional market, with a market share of over 25%. The region has a long history of offshore oil and gas production and is home to a number of major oil and gas companies. APAC is the fastest-growing regional market for subsea risers, with a CAGR of over 6%.The region is home to a number of emerging oil and gas markets and is expected to see significant growth in offshore oil and gas production in the coming years. South America is a relatively small regional market for subsea risers, with a market share of around 5%. The region has a number of offshore oil and gas projects but is expected to see limited growth in the coming years. MEA is the smallest regional market for subsea risers, with a market share of around 4%. The region has a number of offshore oil and gas projects but is expected to see limited growth in the coming years.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Subsea Riser Market Key Players And Competitive Insights:

Major players in the Subsea Riser Market industry are constantly striving to gain a competitive edge by investing in research and development, expanding their product portfolios, and forming strategic partnerships. Leading Subsea Riser Market players are focusing on developing innovative solutions that meet the evolving needs of the industry, such as lightweight and flexible risers and risers with enhanced corrosion resistance. Subsea Riser Market development is driven by the increasing demand for offshore oil and gas exploration and production, as well as the growing adoption of subsea production systems. Subsea Riser Market Competitive Landscape is expected to remain competitive, with key players vying for market share through strategic alliances, acquisitions, and technological advancements.A leading player in the Subsea Riser Market industry is TechnipFMC, which offers a comprehensive range of subsea risers and associated services. The company has a strong global presence and a proven track record of delivering complex subsea projects. TechnipFMC is committed to innovation and invests heavily in research and development to enhance its product offerings and meet the evolving needs of its customers. The company's focus on safety, quality, and reliability has earned it a reputation as a trusted partner in the subsea industry.A key competitor in the Subsea Riser Market is McDermott International, which provides integrated engineering, procurement, construction, and installation services for offshore oil and gas projects. McDermott has a long history in the subsea industry and has developed a strong portfolio of subsea riser technologies. The company is known for its expertise in deepwater riser design and installation, and it has successfully completed numerous complex subsea projects worldwide. McDermott is committed to providing innovative and cost-effective solutions to its customers, and it continues to invest in research and development to enhance its capabilities.

Key Companies in the Subsea Riser Market Include:

• Mitsui Engineering Shipbuilding


• McDermott


• SBM Offshore


• Boskalis


• Saipem


• Samsung Heavy Industries


• NOV


• Subsea 7


• Hyundai Heavy Industries


• Kawasaki Heavy Industries


• DSME


• Heerema Marine Contractors


• Aker Solutions


• Daewoo Shipbuilding Marine Engineering


• TechnipFMC

Subsea Riser Market Industry Developments

The subsea riser market is projected to reach USD 6.5 billion by 2032, exhibiting a CAGR of 5.11% from 2024 to 2032. Growth in the market is attributed to increasing offshore oil and gas exploration activities, rising demand for deepwater exploration, and implementation of advanced technologies. Key industry participants are focusing on strategic partnerships and collaborations to expand their global footprint and enhance their product portfolio. Recent developments include Aker Solutions' contract to deliver subsea umbilicals, risers, and flowlines for the Barossa offshore gas project in Australia and TechnipFMC's collaboration with NOV to develop a new riser system for deepwater applications.

Subsea Riser Market Segmentation Insights

Subsea Riser Market Water Depth Outlook

• Shallow Water (0-500 m)


• Mid-depth Water (500-1,500 m)


• Deep Water (1,500-3,000 m)


• Ultra-deep Water (3,000 m or more)

Subsea Riser Market Application Outlook

• Oil and Gas Production


• Subsea Processing


• Decommissioning and Abandonment

Subsea Riser Market Riser Type Outlook

• Flexible Riser


• Steel Catenary Riser (SCR)


• Hybrid Riser


• Top Tensioned Riser (TTR)

Subsea Riser Market Pipe Material Outlook

• Carbon Steel


• Stainless Steel


• Composite


• Other Alloys

Subsea Riser Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa