The global umbilical market was valued at US$ 2 Billion in 2021 and is projected to exhibit a compound annual growth rate (CAGR) of 25% from 2022 to 2032. As of 2022, a valuation of US$ 2.5 Billion has been anticipated for the industry. By 2032, it is expected to reach US$ 23.28 Billion.
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 market growth. According to the USA 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.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | US$ 2 Billion |
| Expected Market Value (2022) | US$ 2.5 Billion |
| Anticipated Forecast Value (2032) | US$ 23.28 Billion |
| Projected Growth Rate (2022 to 2032) | 25% CAGR |
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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 is 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 global demand for Umbilical is projected to increase at a CAGR of 25% during the forecast period between 2022 and 2032, reaching a total of US$ 23.28 Billion in 2032, according to a report from Future Market Insights (FMI). From 2017 to 2021, sales witnessed significant growth, registering a CAGR of 20%.
Exploration of New Offshore Reserves with Substantial Output Capacities pushing Growth of the Market
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 the 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.
Furthermore, new oil and gas exploration projects have been launched to meet the world's rising demand for oil and gas. As a result, there is now a greater need for monitoring oil and gas facilities and leak detection systems. A cutting-edge processing facility for natural gas has been built on various new properties. It is anticipated that such oil and gas exploration and production operations will increase the demand for umbilicals in the upcoming years.
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Decreasing Prices of Crude Oil Hindering Growth
There has been a drop in crude oil prices at a global level. 2020 saw an 8.4 billion barrel decline in proven crude oil reserves and a 560 million barrel decline in proven lease condensate reserves. The proved reserves of USA crude oil and lease condensate decreased by 19 percent, from 47.2 billion barrels to 38.2 billion barrels at the end of 2020, according to the USA impact assessment study from January 2022. The shrinking crude oil reserves are hampering the total market expansion.
Increased Exploration Initiatives to Drive the Adoption of Umbilical
The growth in the region is owed to increased investments in fresh crude oil discoveries and a promising outlook for developing unconventional sources. In addition to this, the business environment will improve by emphasizing digitization and automation of drilling operations, and crude oil production rates will rise. An Increasing number of firms are investing more money in exploration and production initiatives.
Increasing Investments are Spurring Demand for Umbilical
The Europe umbilical market size is anticipated to register commendable growth from 2022 to 2032, 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 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.
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Key players 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.
| Report Attribute | Details |
|---|---|
| Market Value in 2022 | US$ 2.5 Billion |
| Market Value in 2032 | US$ 23.28 Billion |
| Growth Rate | CAGR of 25% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
FMI projects the global Umbilical market to expand at a 25% value CAGR by 2032.
The global Umbilical market is estimated at a market value of US$ 2.5 Billion.
The global Umbilical market is expected to garner a market value of US$ 23.28 Billion.
FMI has projected North America to be one of the key regions for the Umbilical market.
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.
1. Executive Summary | Umbilical Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) & Volume (Feet) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) & Volume (Feet) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Depth
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Feet) Analysis By Depth, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) & Volume (Feet) Analysis and Forecast By Depth, 2022 to 2032
5.3.1. Shallow
5.3.2. Deep
5.3.3. Ultra-Deep
5.4. Y-o-Y Growth Trend Analysis By Depth, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Depth, 2022 to 2032
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
6.1. Introduction
6.2. Historical Market Size Value (US$ Million) & Volume (Feet) Analysis By Region, 2017 to 2021
6.3. Current Market Size Value (US$ Million) & Volume (Feet) Analysis and Forecast By Region, 2022 to 2032
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa(MEA)
6.4. Market Attractiveness Analysis By Region
7. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
7.1. Historical Market Size Value (US$ Million) & Volume (Feet) Trend Analysis By Market Taxonomy, 2017 to 2021
7.2. Market Size Value (US$ Million) & Volume (Feet) Forecast By Market Taxonomy, 2022 to 2032
7.2.1. By Country
7.2.1.1. USA
7.2.1.2. Canada
7.2.2. By Depth
7.3. Market Attractiveness Analysis
7.3.1. By Country
7.3.2. By Depth
7.4. Key Takeaways
8. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
8.1. Historical Market Size Value (US$ Million) & Volume (Feet) Trend Analysis By Market Taxonomy, 2017 to 2021
8.2. Market Size Value (US$ Million) & Volume (Feet) Forecast By Market Taxonomy, 2022 to 2032
8.2.1. By Country
8.2.1.1. Brazil
8.2.1.2. Mexico
8.2.1.3. Rest of Latin America
8.2.2. By Depth
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Depth
8.4. Key Takeaways
9. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Feet) Trend Analysis By Market Taxonomy, 2017 to 2021
9.2. Market Size Value (US$ Million) & Volume (Feet) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. Germany
9.2.1.2. United Kingdom
9.2.1.3. France
9.2.1.4. Spain
9.2.1.5. Italy
9.2.1.6. Russia
9.2.1.7. Rest of Europe
9.2.2. By Depth
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Depth
9.4. Key Takeaways
10. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Feet) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ Million) & Volume (Feet) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. China
10.2.1.2. Japan
10.2.1.3. India
10.2.1.4. South Korea
10.2.1.5. Australia
10.2.1.6. Rest of Asia Pacific
10.2.2. By Depth
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Depth
10.4. Key Takeaways
11. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Feet) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ Million) & Volume (Feet) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. South Africa
11.2.1.2. Saudi Arabia
11.2.1.3. United Arab Emirates(UAE)
11.2.1.4. Israel
11.2.1.5. Rest of Middle East and Africa(MEA)
11.2.2. By Depth
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Depth
11.4. Key Takeaways
12. Key Countries Market Analysis
12.1. USA
12.1.1. Pricing Analysis
12.1.2. Market Share Analysis, 2021
12.1.2.1. By Depth
12.2. Canada
12.2.1. Pricing Analysis
12.2.2. Market Share Analysis, 2021
12.2.2.1. By Depth
12.3. Brazil
12.3.1. Pricing Analysis
12.3.2. Market Share Analysis, 2021
12.3.2.1. By Depth
12.4. Mexico
12.4.1. Pricing Analysis
12.4.2. Market Share Analysis, 2021
12.4.2.1. By Depth
12.5. Germany
12.5.1. Pricing Analysis
12.5.2. Market Share Analysis, 2021
12.5.2.1. By Depth
12.6. United Kingdom
12.6.1. Pricing Analysis
12.6.2. Market Share Analysis, 2021
12.6.2.1. By Depth
12.7. France
12.7.1. Pricing Analysis
12.7.2. Market Share Analysis, 2021
12.7.2.1. By Depth
12.8. Spain
12.8.1. Pricing Analysis
12.8.2. Market Share Analysis, 2021
12.8.2.1. By Depth
12.9. Italy
12.9.1. Pricing Analysis
12.9.2. Market Share Analysis, 2021
12.9.2.1. By Depth
12.10. Russia
12.10.1. Pricing Analysis
12.10.2. Market Share Analysis, 2021
12.10.2.1. By Depth
12.11. China
12.11.1. Pricing Analysis
12.11.2. Market Share Analysis, 2021
12.11.2.1. By Depth
12.12. Japan
12.12.1. Pricing Analysis
12.12.2. Market Share Analysis, 2021
12.12.2.1. By Depth
12.13. India
12.13.1. Pricing Analysis
12.13.2. Market Share Analysis, 2021
12.13.2.1. By Depth
12.14. South Korea
12.14.1. Pricing Analysis
12.14.2. Market Share Analysis, 2021
12.14.2.1. By Depth
12.15. Australia
12.15.1. Pricing Analysis
12.15.2. Market Share Analysis, 2021
12.15.2.1. By Depth
12.16. South Africa
12.16.1. Pricing Analysis
12.16.2. Market Share Analysis, 2021
12.16.2.1. By Depth
12.17. Saudi Arabia
12.17.1. Pricing Analysis
12.17.2. Market Share Analysis, 2021
12.17.2.1. By Depth
12.18. United Arab Emirates(UAE)
12.18.1. Pricing Analysis
12.18.2. Market Share Analysis, 2021
12.18.2.1. By Depth
12.19. Israel
12.19.1. Pricing Analysis
12.19.2. Market Share Analysis, 2021
12.19.2.1. By Depth
13. Market Structure Analysis
13.1. Competition Dashboard
13.2. Competition Benchmarking
13.3. Market Share Analysis of Top Players
13.3.1. By Regional
13.3.2. By Depth
14. Competition Analysis
14.1.1. TechnipFMC plc.
14.1.1.1. Overview
14.1.1.2. Product Portfolio
14.1.1.3. Profitability by Market Segments
14.1.1.4. Sales Footprint
14.1.1.5. Strategy Overview
14.1.1.5.1. Marketing Strategy
14.1.1.5.2. Product Strategy
14.1.1.5.3. Channel Strategy
14.1.2. Vallourec
14.1.2.1. Overview
14.1.2.2. Product Portfolio
14.1.2.3. Profitability by Market Segments
14.1.2.4. Sales Footprint
14.1.2.5. Strategy Overview
14.1.2.5.1. Marketing Strategy
14.1.2.5.2. Product Strategy
14.1.2.5.3. Channel Strategy
14.1.3. Oceaneering International, Inc.
14.1.3.1. Overview
14.1.3.2. Product Portfolio
14.1.3.3. Profitability by Market Segments
14.1.3.4. Sales Footprint
14.1.3.5. Strategy Overview
14.1.3.5.1. Marketing Strategy
14.1.3.5.2. Product Strategy
14.1.3.5.3. Channel Strategy
14.1.4. Aker Solutions
14.1.4.1. Overview
14.1.4.2. Product Portfolio
14.1.4.3. Profitability by Market Segments
14.1.4.4. Sales Footprint
14.1.4.5. Strategy Overview
14.1.4.5.1. Marketing Strategy
14.1.4.5.2. Product Strategy
14.1.4.5.3. Channel Strategy
14.1.5. John Wood Group, Plc
14.1.5.1. Overview
14.1.5.2. Product Portfolio
14.1.5.3. Profitability by Market Segments
14.1.5.4. Sales Footprint
14.1.5.5. Strategy Overview
14.1.5.5.1. Marketing Strategy
14.1.5.5.2. Product Strategy
14.1.5.5.3. Channel Strategy
14.1.6. Saipem
14.1.6.1. Overview
14.1.6.2. Product Portfolio
14.1.6.3. Profitability by Market Segments
14.1.6.4. Sales Footprint
14.1.6.5. Strategy Overview
14.1.6.5.1. Marketing Strategy
14.1.6.5.2. Product Strategy
14.1.6.5.3. Channel Strategy
14.1.7. McDermott
14.1.7.1. Overview
14.1.7.2. Product Portfolio
14.1.7.3. Profitability by Market Segments
14.1.7.4. Sales Footprint
14.1.7.5. Strategy Overview
14.1.7.5.1. Marketing Strategy
14.1.7.5.2. Product Strategy
14.1.7.5.3. Channel Strategy
14.1.8. Schlumberger Limited
14.1.8.1. Overview
14.1.8.2. Product Portfolio
14.1.8.3. Profitability by Market Segments
14.1.8.4. Sales Footprint
14.1.8.5. Strategy Overview
14.1.8.5.1. Marketing Strategy
14.1.8.5.2. Product Strategy
14.1.8.5.3. Channel Strategy
14.1.9. NOV, Inc.
14.1.9.1. Overview
14.1.9.2. Product Portfolio
14.1.9.3. Profitability by Market Segments
14.1.9.4. Sales Footprint
14.1.9.5. Strategy Overview
14.1.9.5.1. Marketing Strategy
14.1.9.5.2. Product Strategy
14.1.9.5.3. Channel Strategy
14.1.10. Prysmian Group
14.1.10.1. Overview
14.1.10.2. Product Portfolio
14.1.10.3. Profitability by Market Segments
14.1.10.4. Sales Footprint
14.1.10.5. Strategy Overview
14.1.10.5.1. Marketing Strategy
14.1.10.5.2. Product Strategy
14.1.10.5.3. Channel Strategy
14.1.11. HALLIBURTON
14.1.11.1. Overview
14.1.11.2. Product Portfolio
14.1.11.3. Profitability by Market Segments
14.1.11.4. Sales Footprint
14.1.11.5. Strategy Overview
14.1.11.5.1. Marketing Strategy
14.1.11.5.2. Product Strategy
14.1.11.5.3. Channel Strategy
15. Assumptions & Acronyms Used
16. Research Methodology
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Umbilical Market
