Umbilical Market, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3764
Umbilical Market size is driven by emerging deployment of the various subsea equipment on account of reduction in risk associated with the subsea operations. The units are used to transfer signals, energy and consumables form one end to another. The equipment consists of various components which includes electric & optic cables and hoses. In addition, growing demand for product customization by the end consumers will further enhance the industry outlook. For instance, Technip provides customized umbilical solutions for the oil and gas industry.
The umbilical market is set grow on the account of growing demand for the subsea equipment and rising exploration activities across the untapped subsea fields. Moreover, decline in production from offshore and onshore mature fields will complement the business landscape.
Alleviating crude prices coupled with the increasing investments toward oil and gas development will propel the umbilical market growth. Increasing implementation of the innovative methods and technology to enhance the production will augment the business landscape. For instance, robot operated vehicles (ROV) are used to install subsea equipment to reduce the risk associated with the deep-water operations. The umbilical cables are deployed to support the power requirement of the subsea compression, pumping and processing equipment. The ROV umbilical cables delivers effective communication without disruption including surface traffic and varied weather conditions.
Increasing research & development efforts on the account of stringent HSE norms will stimulate the demand across the umbilical market. Growing demand for the energy among the emerging economies primarily across China and India will provide the positive business scenario. Rising complexities along with the strict government norms for the subsea operations will augment the industry landscape. The umbilical cables are used for remote monitoring of position and functions of subsea installations across offshore facilities and onshore platforms.
Rising cost concern among the industry players owing to high operational and maintenance cost associated with the unconventional methods will foster the umbilical market growth. Emerging environmental concern coupled with the growing production activities at deep and ultra-deep level will enhance the business outlook. The product is widely used in other industries including telecommunication and instrumentation.
North America umbilical market will witness significant growth on account of increasing E&P activities at the Gulf of Mexico. In addition, rising investment toward shale plays development across the region will further complement the business growth.
Eminent players operating across the umbilical market share include, Prysmian S.p.A., Parker Hannifin CorpSubsea 7 S.A., Tyco Electronic Corporation, Nexans Cabling Group, JDR Cable Systems, Umbilicals International, Technip, Oceaneering International, Actuant Corporatio, LS Cable & System, Aker Solutions ASA, Hydro Group plc and Sound Ocean Systems.
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