Global Umbilical Market in Oil and Gas Industry to Register 3.66% CAGR from 2016 to 2021 as Deep Water Exploration Activities Rise Worldwide

Published Date : May 23, 2016

ALBANY, New York, May 23, 2016: A new market research study has recently been added by to its comprehensive collection of research reports. The study, 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),” offers a detailed reports of the market, emphasizing on the product segmentation, market drivers and barriers, current trends, geographical segmentation, and vendor reports.

The key objective of this research study is to provide the historical growth and the future estimations of the global umbilical market in the oil and gas industry across different types. The prevailing market trends of the umbilical market have also been studied through secondary research, including sources such as annual reports, trade associations, journals, and magazines. Furthermore, to understand the dynamics of the market, primary research was conducted, wherein industry experts were interviewed.

As per the research report, the global umbilical market in the oil and gas industry is expected to register a healthy 3.66% CAGR between 2016 and 2021. The rising concern regarding the declining prices of crude oil along with the re-establishment of mature oil fields and exploring gas reservoirs are some of the major factors estimated to fuel the growth of the global umbilical market in the oil and gas industry throughout the forecast period.

In the last few years, the global umbilical market in the oil and gas industry has been developing substantially, owing to the rising demand for oil and gas globally. The significant decline in production and exploration due to excess oil in the market worldwide has caused a postponement in projects. Nevertheless, the rising deep sea improvements for hydrocarbons have been propelling the offshore market, further augmenting the growth of the global umbilical market. The constant rise in the demand for oil, particularly from the transport sector and the rising deep water explorations to enhance oil productivity are the major factors projected to boost the demand for umbilical in the overall oil and gas production projects in the near future.

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The global umbilical market has been classified on the basis of product type into electro hydraulic umbilical, hydraulic umbilical, electro hydraulic and electro-fiber optical, umbilical with medium voltage cores, and electro-fiber optical hydraulic umbilical. The market size, share, and forecast figures for each segment have been included in the scope of the research report.

The global umbilical market has been divided on the basis of geography into Asia Pacific, Africa, North America, the Middle East, South America, and Europe. Among these regions, the market in Africa, South America, and Asia Pacific is projected to expand at a higher rate in the next few years. The prominent players operating in the global umbilical market include Aker Solutions, Subsea 7, Parker Hannifin Corp, Prysmian Group, JDR Cable Systems Ltd, Technip, Oceaneering International Inc., Sandvik, Actuant, and Nexans. Detailed profiles of these players, focusing on the product portfolio, financial status, SWOT reports, business policies, and recent news and developments have also been included in the research study.

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