Published on : May 24, 2016
ALBANY, New York, May 24, 2016: This study presents an extensive understanding of the global umbilical market. The study is compiled for determining the present trends and for predicting the growth of the market in the forecast horizon from 2016 to 2021. It is a compilation of first-hand data backed by qualitative and quantitative assessment done by industry analysts. The report also maps out the qualitative influence of various market factors on the key segments of the market.
As stated in the report, the global umbilical market in oil and gas industry has been rising exponentially and is predicted to rise at a 3.66% CAGR from 2016 to 2021. The report starts by presenting an overview of the global gas and oil industry. This section includes an evaluation on the global crude oil production and natural gas production in terms of volume in the historical period from 2010 to 2014.
This part is followed by a review of the global umbilical market. In general terms, an umbilical, also known as an umbilical cable, is a cable utilized for supplying the needed consumables to an apparatus. A Subsea umbilical is utilized on a seabed for supplying the necessary energy, chemicals, and control to subsea oil and gas wells. In addition, a subsea umbilical is also utilized in workover activities and offshore drilling.
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Moving further, the umbilical market is segmented in terms of type into electro hydraulic umbilical, hydraulic umbilical, electro-fiber optical hydraulic umbilical, and electro hydraulic and electro-fiber optical umbilical with medium-voltage cores. Moving further, the report throws light on the key dynamics impacting the development of the market, such as the drivers, challenges, trends, and opportunities in the market.
As per the report, the rising concern about the decreasing prices of crude oil and the increasing demand for oil and gas globally are amongst the major factors propelling the growth of the umbilical market. In addition, the decreasing prices of crude oil will pressurize economies into coming up with cost-friendly well practices, thus fuelling the growth of the umbilical market in the forthcoming years. However, owing to the presence of surplus oil, there has been a reduction in the production and exploration activities of oil. This has been overcome by the rising deep sea developments for hydrocarbons, resulting in the rise of the offshore oil and gas market and fuelling the umbilical market.
The competitive landscape section of the report presents the key companies operating in the market. Some of these players are Oceaneering International Inc., Technip, Nexans, Aker Solutions, Prysmian Group, JDR Cable Systems Ltd., and Sandvik, among others.
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