Umbilical Market Analysis

Umbilical Market Analysis

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.
 

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.