Umbilical Market Size By Depth (Shallow, Deep, Ultra-Deep), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028

Umbilical Market Size By Depth (Shallow, Deep, Ultra-Deep), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028

The global umbilical market is set to register a commendable growth rate over the estimated timeline. This growth is characterized by the rising preference for the integration of state-of-the-art remote solutions to mitigate accidents and conduct subsea procedures with no human intervention.

Umbilical cables are used in a variety of applications including aerospace, military, robotics, and diving. These cables connect a floating oil rig, a ship, subsea flow station and are designed to withstand seawater.

One of the crucial factors influencing umbilicals design is is the composition of the materials flowing through the pipe. For instance, steel tube umbilicals can be used for delivering hydraulic fluid for fracking as well as carrying the natural gas to the holding tank.

The intended application is also a deciding factor for cable design. Some applications require these cables to have trunks that diversify from the primary line to secondary lines. Such a broad applicability range may stimulate umbilical market demand.

Umbilicals demonstrate numerous benefits during oil and gas exploration. Subsea umbilicals networks are generally connected to multiple drilling sites, which in turn, are connected to a ship that intakes and holds the crude oil pumped by the drilling stations. The floating oil rig, meanwhile, provides consumables and power to the smaller underwater drilling sites. Thus, umbilicals are crucial for optimizing the outcome of oil and gas production systems.

Contenders in the umbilical market are focusing on technological advancements to expand their product portfolio. For instance, in May 2022, MacDermid Offshore Solutions unveiled a new Oceanic EL 08 organic and biodegradable lubricant developed specifically to test, fill, and store umbilicals. The eco-friendly solution was designed to provide improved protection and lower viscosity. This, in turn, delivers an effective option for corrosion inhibitors and flammable solvents that are currently utilized across umbilical systems.

The umbilical market is bifurcated in terms of depth and region.

In terms of depth, the umbilical market is divided into ultra-deep, deep, and shallow. The ultra-deep segment is projected to grow at an appreciable rate over the forecast spell. This growth can be accredited to the increased deployment of FPSO (Floating Production Storage and Offloading) vessels in ultra-deep waters to optimize generation from complex reservoirs.

Geographically, the industry is fragmented into North America, Europe, Asia Pacific, and Middle East & Africa. The Middle East & Africa umbilical market is expected to depict a 19% growth rate through 2028.

Growing prevalence of unexplored capability, huge presence or proven oil & gas reserves, availability of less complicated formations, expansive hydrocarbon exports, and rising investments in offshore fields are some factors contributing to regional business growth.

According to the 2022 BP Statistical Review of World Energy, the overall oil exports from the MEA region including Saudi Arabia reached more than 21.7 Mbpd (million barrels per day). This represents more than 32.5% of the total oil export activity in 2021.