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Umbilical Market - By Depth (Shallow, Deep, Ultra-Deep) & Forecast, 2022-2028

  • Report ID: GMI3764
  • Published Date: Aug 2022
  • Report Format: PDF

Umbilical Market Size

Umbilical Market size valued at USD 1.4 billion in 2021 and is projected to expand at a CAGR of more than 23% from 2022 to 2028. This growth is attributed to the rising energy consumption across myriad verticals.
 

Umbilical Market Overview

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. 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.
 

Exploration of new offshore reserves with substantial output capacities

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 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.
 

Umbilical Market Analysis

Umbilical Market By Depth

The shallow depth segment in the umbilical market surpassed USD 150 million in 2021 owing to the rising initiatives for redeveloping matured offshore oil fields. In addition, the ongoing exploration projects in the national continental shelves will strengthen the segmental outlook.
 

 

Europe Umbilical Market

The Europe umbilical market size is anticipated to register commendable growth during 2022 to 2028, 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. For instance, in January 2022, Norway’s Ministry of Petroleum and Energy announced the extension of its APA 2021 (Award in Pre-Defined Areas 2021) program to improve the discovery activities across the national continental shelf and exhibit 53 new production licenses to 28 companies.
 

Umbilical Market Share

Top companies operating in the industry 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 Nexans.
     

Some key manufacturers are entering strategic partnerships to expand their business footprint. For instance, 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.
 

Impact of COVID-19 Pandemic

The COVID-19 outbreak has had a significant impact on the oil & gas sector. Many countries are highly dependent on oil exports from countries like Russia, and Gulf nations. However, the pandemic disrupted the global supply chain, creating an energy crisis across the world that resulted in increased prices. Stringent lockdowns caused nationwide shutdowns of subsea production facilities, impacting production volumes, which may have created roadblocks for the industry.
 

According to an impact analysis from Rystad Energy, the demand for umbilical lines expected to decline by nearly 32% in 2020, as a result of the devastating impact of the COVID-19 crisis on global energy investments. Furthermore, as the disruptions from the pandemic continue to recede and oil & gas activities improve, the industry could be headed toward gradual recovery in the forthcoming years.
 

The umbilical market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Feet” & “USD Million” from 2018 to 2028, for the following segments:

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Market, By Depth

  • Shallow
  • Deep
  • Ultra-Deep

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Norway
    • Netherlands
    • Romania
  • Asia Pacific
    • China
    • India
    • Indonesia
    • Malaysia
    • Thailand
    • Australia
    • Vietnam
  • Middle East & Africa
    • Angola
    • Egypt
    • Qatar
    • Saudi Arabia
    • UAE
  • Latin America
    • Brazil
    • Trinidad & Tobago

 

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of umbilical crossed over USD 1.4 billion in 2021 and may depict a 23% CAGR through the forecast period.

The European industry is projected to expand owing to increased offshore activities in the North Sea.

The shallow depth segment surpassed more than USD 150 million in 2021 due to growing efforts for the redevelopment of maturing offshore oil fields.

TechnipFMC plc, Vallourec, Oceaneering International, Inc., Aker Solutions, and John Wood Group are some of the key players in the market.

Umbilical Market Scope

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 14
  • Tables & Figures: 208
  • Countries covered: 21
  • Pages: 165
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