Middle East and Africa Umbilicals Market Size

Middle East & Africa Umbilicals Market Size

Middle East & Africa Umbilicals Market was valued at USD 880.2 million in 2024 and is estimated to grow at a CAGR of 6.4% from 2025 to 2034. Increasing demand for energy, ongoing shift towards deeper offshore oil & gas exploration complementing the business landscape. Companies are increasingly focusing on developing technologies and strategies to access resources in more challenging environments coupled with efforts to improve extraction efficiency from various types of reserves, will positively influence the industry dynamics.

Continued investments in offshore projects, deployment of floating rigs, and increasing demand for robust systems to transport oil and gas from underwater sources to processing facilities will further contribute to the industry growth. For instance, in September 2024, PETRONAS has been awarded a new oil & gas exploration concession by the SCFEA for an Onshore Block 2 located in the Al Dhafra region. This 7,300 km2 area represents PETRONAS Abu Dhabi's third concession in the region. Under the terms of the agreement, the company will hold full equity and operational control during the exploration phase, further strengthening its position in Abu Dhabi's energy sector.