Oil & Gas Ropes Market is Forecasted to Reach USD 1.9 Billion in 2027, Says Stratview Research

The global Oil & Gas Ropes Market is projected to witness a growth rate of 1.6% annually from 2022 to 2027, with an anticipated size of USD 1.9 billion in 2027, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Oil & Gas Ropes Market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report: https://www.stratviewresearch.com/Request-Sample/2897/oil-and-gas-ropes-market.html#form

Report Highlights: `
Market Size in 2027: USD 1.9 billion
Growth (CAGR): 1.6% during 2022-2027
Forecast Period: 2022-2027
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Oil & Gas Ropes Market:
The global Oil & Gas Ropes Market is segmented by application type, material type, end-use type and region

Based on the application type: The market is bifurcated into onshore, offshore exploration, offshore construction, and offshore production. Among these application types, offshore production dominates the market, whereas offshore exploration is likely to be the fastest-growing application segment during the forecast period. In this study, the onshore segment is further bifurcated into drilling lines and well servicing. Similarly, offshore exploration is sub-segmented as drilling rigs, marine riser tensioners, subsea winches, mooring, offshore cranes, and lifeboats. Further, offshore construction is subdivided into A&R winches, subsea winches, offshore cranes, floating cranes, mooring, diving bells, and lifeboats. And offshore production is bifurcated into offshore cranes, subsea winches, mooring, and lifeboats.

Based on the raw material type: The market is segmented into steel ropes and synthetic ropes. Steel ropes dominated the market in 2021, and are expected to maintain their position during the forecast period, owing to their higher load-bearing capacity and proven track record. On the other hand, significant R&D has led to increased penetration of synthetic ropes in the oil & gas industry, which is expected to grow further over the forecast period.

To know the most attractive segments, click here for a free sample of the report: https://www.stratviewresearch.com/Request-Sample/2897/oil-and-gas-ropes-market.html#form

Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests Rest of the World, which majorly includes the Middle East, Latin America, and Africa, dominated the market and is expected to maintain its dominance throughout the forecast period. This growth outlook is majorly attributed to the following-
The Middle East is home to the world's largest producers of oil and gas, including Saudi Arabia, the UAE, and Iraq.

Asia-Pacific holds the second-largest position in the market and is expected to witness the highest growth during the forecast period, primarily driven by China, Indonesia, and India.

Europe and North America also hold significant shares of the global oil & gas ropes market. Russia dominates the European market, whereas the USA is the leader in the North American oil & gas ropes market.

Oil & Gas Ropes Market Drivers:
The growth of the Oil & Gas Ropes Market is driven by several factors.
• Ropes are indispensable in the oil & gas industry, serving critical roles in mooring, drilling, and tubing operations, as well as being essential components in platform and deck cranes.
• Their widespread application across both offshore and onshore operations underlines their importance.
• The offshore segment, in particular, demands robust and reliable rope systems due to the complex nature of exploration, construction, and production in harsh marine environments.
• The gradual recovery of the oil & gas industry following the COVID-19 pandemic, alongside the lifting of lockdowns and resurgence in economic activity, has positively influenced the demand for ropes.
• The market's essential role in core oil & gas activities ensures continued relevance and demand, contributing to its expected growth.

Top 10 Companies in the Oil & Gas Ropes Market:
Stratview Research has identified the following companies as the top market players:
• Bridon-Bekaert (The Ropes Group)
• KISWIRE Ltd.
• Teufelberger-Redaelli
• Usha Martin Limited
• WireCo World Group

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Oil & Gas Ropes Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com
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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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This release was published on openPR.