Press release
Umbilical Market Analysis, Size, Share, Growth, Trends and Forecast by 2024
The Remote Operated Vehicle (ROV) umbilical communication cables are widely used during the installation of subsea control systems, and operational systems. The umbilical cables are also used to monitor position and functions of subsea installations remotely from offshore platforms or onshore facilities. Similarly, umbilical cables are also used in diving applications to provide life support for the diver. Furthermore, there is a trend of customized product manufacturing as per the end-user requirement. For instance, Technip provides customized umbilical systems and cables for oil and gas industry. In addition, Umbilicals International, Inc. invested in dynamic cable manufacturing to develop high performance cable, hose, and umbilical systems in their Houston, the U.S. production facility.
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The umbilical cables help to cope with the increasing power needs of subsea pumping, compression, and processing equipment. The ROV umbilical cables provide efficient communication without interruptions such as weather or surface traffic. In addition, umbilical cables are more effective as compared to other communication modes such as radio communication or satellite communication. Furthermore, umbilical cables can be operated under harsh environments such as high hydraulic pressures, and turbulent waves. All these factors are expected to drive the global umbilical market over the forecast period till 2024. However, ROV cables are still in improvement phase, and high cost associated with umbilical cables is expected to restrain the large scale adoption of these cables. The umbilical cables can be used in multiple applications such as telecommunication, instrumentation, oil and energy, and other subsea applications, which are expected to provide growth opportunity to the umbilical market in near term.
The umbilical market is segmented by type, by application, and by geography. By type, the umbilical market is segmented into hydraulic, electro hydraulic, electro-fiber hydraulic, and remote operated vehicle umbilical cables. Based on applications, the umbilical market is segmented into subsea, offshore, onshore, oil and gas, mining, electro-mechanical, and other. On the basis of geography, the umbilical market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Among these regions, Europe and North America have seen significant growth in the umbilical market due to increasing subsea operation and growing manufacturing industry.
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For instance, Nexans installed two power umbilicals for Chevron Corporation in the Gulf of Mexico. Asia Pacific, and Middle East and Africa are anticipated to witness high adoption of umbilical cables due to increasing demand from oil and energy industry, and increasing power needs by various equipment such as control system, and operation systems. Further, LS Cable & System announced the development of umbilical cables for offshore engineering in Korea.
Witnessing the rapid development and increasing adoption of umbilical cables, various players have entered into the global umbilical market. The major players in this market include Nexans, Prysmian S.p.A., JDR Cable Systems Ltd, Oceaneering International, Inc., Aker Solutions ASA, Technip, Subsea 7 S.A., Parker Hannifin Corp, Actuant Corporation, Tyco Electronic Corporation, Cabling Group, Umbilicals International, Inc., Hydro Group plc, LS Cable & System, and Sound Ocean Systems, Inc.
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