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 umbilical 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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Growing offshore field investments, increasing energy demand, rising initiatives to improve energy security, and rising concerns to limit hazards in offshore structures will augment the demand for novel solutions that will complement the umbilical market growth.
Growing deployment of FPSO vessels in ultra-deep waters will bolster product demand
Based on depth, the industry is segmented into ultra-deep, deep, and shallow. The ultra-deep depth segment is expected to grow at a rate of more than 10% through 2028, cites the report. This growth can be credited 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 Asia Pacific will expand the umbilical business landscape
From a regional perspective, the Asia Pacific umbilical market is poised to exhibit a commendable growth rate over the forecast spell. This growth is 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 growth.
Strategic contracts among key players to augment industry growth
The primary contenders involved in the umbilical market comprise 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. Many prominent players are establishing agreements with other players operating in the umbilical market to strengthen their market position.
To browse this report titled, “Umbilical Market by Growth Insight, Competitive Analysis and Regional Statistics to 2030”.
For instance, in June 2022, NOV signed an agreement with Aaker Solutions to co-develop maximized subsea infrastructure by combining their advanced technologies and project management skills. Furthermore, in January 2020, Prysmian Group was granted an agreement from Libra Consortium to provide steel tube umbilicals of 60 km for the Mero offshore oilfield in Brazil. The field comprises 17 wells along with an FPSO vessel and is situated at around 2,000 m below sea level with the oil production commencing a year ago.
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As new residential and commercial projects take shape across the Middle East, the regional district cooling industry outlook remains strong. For instance, Wasl properties recently announced a large project in Al Qusais, Dubai, consisting of around 6,200 homes, clinics, shops and other commercial properties across 62 buildings. Further, it has been reported that Saudi Arabia’s Public Investment Fund has been pushing for more construction projects in the region. Smart city concept is also gaining traction across countries like Egypt, which will impact the adoption of HVAC technologies, possibly fostering regional district cooling market trends.