Selbyville, Delaware, Aug. 30, 2022 (GLOBE NEWSWIRE) --
The umbilical market is expected to record a valuation of USD 1.7 billion by 2028, according to the latest research study by Global Market Insights Inc.
Fluctuating demand for oil & gas across diverse industrial sectors has created immense demand for petroleum products, which the report cites as a prominent driver for market growth. In comparison to onshore fields, costs of offshore machinery and rigs have risen significantly due to extreme operating conditions, in addition to the growing demand for high technical accuracy. Improved capital expenditure across offshore upstream activities might thus impede the investment capability across new reserves, hampering the growth potential of the umbilical market.
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Rising offshore field investments, increasing energy demand, increasing initiatives to improve energy security, and rising concerns to limit hazards in offshore structures will augment the demand for novel solutions.
Growing deployment of FPSO vessels in ultra-deep waters
Based on depth, the industry is segmented into ultra-deep, deep, and shallow. The ultra-deep depth segment is projected to grow at a rate of more than 10% through 2028. This growth is attributed to the rising installation of new FPSO (Floating Production Storage and Offloading) vessels in ultra-deep waters to sustain production levels from complex wells.
Surging population in the APAC region will expand the business landscape
The Asia Pacific umbilical market is poised to exhibit a commendable growth rate during the forecast period, credited to a substantial rise in energy consumption owing to rapid population outburst, recent financial assistance in E&P activities, as well as growing initiatives to upscale energy security. Many countries including India, China, Malaysia, Australia, and Indonesia among others have witnessed significant investment in new offshore fields, expediting regional industry expansion.
Strategic contracts among key players to augment industry growth
Key companies operating 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. These leaders are establishing agreements with other participants operating in the industry to strengthen their market position.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Umbilical Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.2.1 Aker Solutions
3.2.2 Nexans
3.2.3 Other Innovations
3.2.3.1 Balmoral Group
3.2.3.2 Rotech Subsea
3.2.3.3 C-Kore Systems
3.2.3.4 RED Engineering
3.2.3.5 Optime Subsea
3.2.3.6 MacDermid Offshore Solutions
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Increasing investments across offshore oil & gas reserves
3.5.1.2 Growing demand for hydrocarbons coupled with rapidly rising energy consumption
3.5.1.3 Shifting trends towards integration of advanced remote operations across offshore infrastructure
3.5.2 Industry pitfalls & challenges
3.5.2.1 High cost associated with offshore drilling
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2021
3.9 PESTEL Analysis
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
