Umbilical Market Forecast By 2030

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Umbilical Market 2022 Growth Analysis Report
2030
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Industry Overview

• 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.
• 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
• 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 EP
  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.

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Continue
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. 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 Arabias 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.
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