The market for umbilical is forecast to grow at a CAGR of approximately 3.66% during 2016 – 2021, on account of increased deep sea activities for discovering new oil and gas fields along with rise in production from existing offshore reservoirs, according to a new report titled “Global Umbilical Market (By Type, By Region, By Country): Opportunities and Forecasts (2016-2021) – (By Type- Hydraulic, Electro Hydraulic, Electro-Fiber Optical Hydraulic, Electro Hydraulic & Electro-Fiber Optical with Medium Voltage Cores; By Region- N. America, S. America, Africa, Europe, Middle-East and APAC)”.
Continuous rise in the demand of oil especially from the transport sector, coupled with the increase in deep water explorations to increase oil productivity has further accelerated usage of Umbilical in the oil and gas production projects. Decline in crude oil prices, depleting oil reserves and global economic slowdown has presented fresh challenges to explore undiscovered reservoirs. Also the focus is towards the subsea production, rising market for subsea equipment including Umbilical in Oil and Gas industry. This would cause the Umbilical Market to rise at a slow pace during 2016 – 2021 owing to the delay of E&P activities in the region.
With the high demand for energy in the American and Asian regions, there has been an increase in oil and gas deep sea development activities leading to growth in the market for Subsea equipment along with Umbilical. The report speaks about the rise in the marine explorations drive the market in the offshore oil and gas industry. The percentage share of the offshore market is anticipated to rise until the year 2021. Prolonged fluctuating crude oil prices and depleting reserves have limited the exploration activities and also contributed to the growth of umbilical market to increase productivity from deep water oil wells.
In terms of segmentation, market is categorized By Type (Hydraulic Umbilical; Electro Hydraulic Umbilical; Electro- Fiber Optical Hydraulic Umbilical and Electro Hydraulic and Electro- Fiber Optical Hydraulic Umbilical with medium voltage cores) and North America, South America, Africa, Europe, Middle East and Asia Pacific are being covered in the regional segmentation.
This recently published report has analyzed the umbilical market and provides statistics and information on market size, shares and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the market entry strategies for various companies, emerging trends along with major drivers, challenges and opportunities in the global umbilical market.