Middle East and Africa Umbilicals Market Analysis

Middle East & Africa Umbilicals Market Analysis

The shallow segment is set to reach over USD 910 million by 2034. Increasing investments in production and exploration activities across the oil & gas sector along with technological advancements, particularly in system design, are playing a crucial role in shaping the industry landscape. Rising demand for oil and gas products from refineries and petrochemical industries and ongoing discovery of new oil fields and the exploitation of marginal oil reserves are further contributing to the industry growth.
 

UAE umbilicals market is likely to exceed USD 310 million by 2034. Development of unconventional resources, exploration of new crude oil reserves and ongoing investments in digital and automated drilling technologies to boost production will augment the business landscape. Rising energy demand, abundant availability of rich oil & gas reserves, favorable policies toward hydrocarbon exploration will further complement the business landscape.