Global Umbilical Market is Set to Reach US$ 23.28 Bn by year 2032-end, and Expected to Grow at a Whopping CAGR of 25%. Get Latest Data Reports by Future Market Insights, Inc.

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Nov 30, 2022, 09:00 ET

Oil and gas exploration and production operations will increase the demand for umbilicals in the upcoming years. North America to be one of the key regions for the Umbilical market.

NEWARK, Del., Nov. 30, 2022 /PRNewswire/ -- The global umbilical market size was valued at US$ 2 billion in 2021 and is projected to exhibit a compound annual growth rate (CAGR) of 25% from 2022 to 2032. The expansion of energy consumption rate has fostered the discovery and production of offshore oil & gas wells, which could become a prominent driver for the market growth.

According to the U.S. BOEM (Bureau of Ocean Energy Management), the country's overall federal offshore production reached around 641 million barrels of oil and 882 billion cubic feet of gas in the financial year 2020. This accounted for close to 15% of the overall domestic outcome.

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The discovery of new reserves coupled with the abundance of unexplored hydrocarbon resources across ultra-deep, deep, and shallow offshore locations has resulted in new exploration & production (E&P) activities, thus proliferating the demand for the umbilical market. For instance, in April 2022, oil & gas major ExxonMobil announced the launch of three new offshore reserves in Guyana with an overall recoverable volume equivalent to 11 billion oil barrels.

The Europe umbilical market size is anticipated to register commendable growth during 2022 to 2032, due to a rise in offshore activities in the North Sea. Surging explorations of new reserves in addition to supportive administrative regulations by different national governments will further stimulate the regional industry growth.

Key Takeaways from Market Study

The global Umbilical market is expected to garner a market value of US$ 23.28 Billion.
Market is projected to exhibit a compound annual growth rate (CAGR) of 25% from 2022 to 2032.
The Europe umbilical market size is anticipated to register commendable growth due to a rise in offshore activities in the North Sea.
North America was the leading regional segment in terms of revenue and market share.

"The rapid escalation in the energy consumption rate has fostered the discovery and production of offshore oil & gas wells, which could become a prominent driver for the market growth," says an analyst at Future Market Insights.

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Key Market Players

Major players are channeling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market. Some of the players in the Umbilical market are TechnipFMC plc, Vallourec, Oceaneering International, Inc., Aker Solutions, John Wood Group, Plc, Saipem, McDermott, Schlumberger Limited, NOV, Inc., Prysmian Group, Subsea 7, HALLIBURTON, Baker Hughes Company, and Nexans.

In June 2022, Aker Solutions announced a collaboration with Vår Energi to provide subsea production solutions and systems over the next five years. The partnership will encompass all operating assets and initiatives across the NCS (Norwegian Continental Shelf) owned by Vår Energi.

More Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the global Umbilical market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of Depth (Shallow, Deep, Ultra-Deep), & Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).

Explore Full Report here: https://www.futuremarketinsights.com/reports/umbilical-market

Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand-side Trends

1.3. Supply-side Trends

1.4. Technology Roadmap Analysis

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage/Taxonomy

2.2. Market Definition/Scope/Limitations

3. Market Background

3.1. Market Dynamics

3.1.1. Drivers

3.1.2. Restraints

3.1.3. Opportunity

3.1.4. Trends Toc Continue...

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About Future Market Insights, Inc.

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SOURCE Future Market Insights