Umbilicals Market Size - By Depth, Analysis, Share, Growth Forecast, 2025 - 2034

Umbilicals Market Size

The global umbilicals market was valued at USD 1.8 billion in 2024 and is estimated to grow at a CAGR of 7.4% from 2025 to 2034. Rising energy demand has driven offshore oil and gas production, new reserve discoveries and untapped hydrocarbon resources in various water depths have contributed to the industry growth. Continuous technological advancements and adoption of reliable and efficient components to carry oil and gas components to the processing facilities will accelerate the product deployment.
 

Ongoing investments in offshore projects, installation of floating rigs and rising need for reliable systems and components to transport oil & gas from underwater to processing plants will complement the business landscape. For instance, in September 2024, TotalEnergies is expected to approve a USD 10 billion investment in the Gran Morgu field, located in Suriname, Block 58. This field, with an estimated 700 million barrels of oil equivalent, sits near Exxon Mobil's substantial find in Guyana.
 

Umbilicals Market Trends

Umbilicals industry is set to witness significant momentum on account of growing inclination toward development of offshore oil and gas projects along with continuous deep-water field development and evolving exploration strategies. Flourishing investments in hydrocarbon production and exploration across various depths, coupled with maintenance of existing facilities, are contributing to the industry growth. Ongoing technological advancements, supportive policies, and changing energy landscapes are positively influencing the business dynamics.
 

Increasing investments in hydrocarbon exploration, coupled with industry players prioritizing cost-effectiveness through innovative designs and strict safety and performance standards, are shaping the industry landscape. For instance, in November 2024, Equinor with its partners have announced a new oil & gas discovery in the North Sea, named "Rhombi," was made in wildcat wells 35/11-30 S and 35/11-30 A. Initial estimates indicate recoverable resources between 2.0 and 4.5 million standard cubic meters of oil equivalent, approximately 12.6 to 28.3 million barrels. The exploration was conducted using the Deepsea Atlantic drilling rig, furthering energy development efforts in the region.
 

Umbilicals Market Analysis

The shallow segment is anticipated to cross over USD 1.7 billion by 2034. Increased investment in exploration and production activities, coupled with advancements in system design technology is complementing the business landscape. Growing demand for oil and gas from refineries and petrochemical industries coupled with ongoing technological advancements with an aim to boost operational efficiency across oil reserves will augment the industry outlook. Moreover, new discoveries and the exploitation of marginal oil reserves is set to positively contribute to the shallow depth SURF industry growth.
 

U.S. umbilicals market is set to reach USD 410 million by 2034. Investments are increasing in newly discovered crude oil reserves, along with adoption of advanced technological components to support offshore oil and gas production activities will complement the industry landscape. Favorable policies by the authorities toward energy conservation coupled with flourishing investments for hydrocarbon exploration will positively influence the business dynamics.
 

Umbilicals Market Share

Leading companies operating in the umbilicals industry are adopting various strategies to enhance their market position. These firms are forming strategic alliances and partnerships to undertake new projects, while also incorporating cutting-edge technologies to broaden their market reach. Key players are actively pursuing mergers and acquisitions, along with expanding their production facilities, further shaping the industry landscape.
 

Umbilicals Market Companies

Major players operating across the industry include:

• Aker Solutions
• Baker Hughes
• Fibron
• Halliburton
• JDR Cable Systems
• McDermott
• Nexans
• NOV
• Oceaneering International
• OneSubsea
• Prysmian Group
• Saipem
• Subsea 7
• TechnipFMC
• Tratos
• Vallourec
• Wood Group
   

Umbilicals Industry News

• In October 2024, Oceaneering International has won a substantial contract for its manufactured products division to supply umbilical for a project. A U.S.-based independent energy firm has commissioned the company to produce a 27 kms electro-hydraulic, dynamic steel tube umbilical for a U.S. Gulf of Mexico project. The deal, worth about USD 50 million, will start production in 2025 at Oceaneering's Panama City, Florida facility. The company expects to complete delivery in the second quarter of 2026. This contract highlights Oceaneering's continued role in supplying critical components for offshore energy projects.
   
• In May 2023, Aker Solutions announced a significant contract win from ExxonMobil for the Uaru project in Guyana. The company will supply subsea umbilicals, both dynamic and static, for the offshore development. The contract's value falls within Aker Solutions' "sizeable" category, ranging from USD 40 million to USD 140 million. The project scope includes ten umbilicals totaling over 52 kilometers in length. The company facility in Mobile, Alabama, will handle the engineering, manufacturing, and project execution. Work is set to begin promptly, with delivery expected in Q1 2026. This contract highlights the company continued involvement in Guyana's growing offshore energy sector and reinforces its position as a key supplier in subsea umbilical systems.
   

This umbilicals market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Feet” and “USD Million” “‘from 2021 to 2034, for the following segments:

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Market, By Depth

• Shallow
• Deep
• Ultra Deep

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Norway
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Indonesia
  • Malaysia
  • Thailand
  • Australia
• Middle East & Africa
  • Angola
  • Nigeria
  • Egypt
  • Qatar
  • Saudi Arabia
  • UAE
• Latin America
  • Brazil