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Middle East and Africa Umbilicals Market Trends

Report ID: GMI12412
Published Date: Nov 2024
Report Format: PDF

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Middle East & Africa Umbilicals Market Trends

The umbilicals market in Middle East & Africa is anticipated to grow on account of increasing offshore energy exploration along with ongoing discovery of new oil and gas reserves in deep-sea locations. Rising demand for essential components that connect offshore platforms to subsea equipment coupled with energy sector's push towards offshore resources driven by growing energy requirements will complement the business landscape. Continuous advancements in technology, designed to withstand greater depths and harsher environments for ultra-deepwater exploration and production will stimulate the product penetration. Ongoing projects across the region coupled with availability of abundant oil & gas reserves across various water depths will positively influence the industry dynamics.

Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

The Middle East & Africa umbilicals market was reached USD 880.2 million in 2024 and is estimated to grow at a 6.4% CAGR from 2025 to 2034, driven by increasing energy demand and deeper offshore oil & gas exploration.

The shallow segment is set to reach over USD 910 million by 2034, supported by investments in production and exploration activities and technological advancements in system design.

The UAE umbilicals market is likely to exceed USD 310 million by 2034, led by the development of unconventional resources, new crude oil reserves, and investments in digital and automated drilling technologies.

Key industry players include Aker Solutions, Baker Hughes, Halliburton, McDermott, Nexans, NOV, Oceaneering, OneSubsea, Saipem, Syensqo, TechnipFMC, Tenaris, Tratos, Vallourec, and Wood Group.