Subsea Umbilical Market Update
- The largest oil & gas markets for subsea umbilicals are South America & Gulf of Mexico representing around 30% of the global market, followed by the North Sea and the Asia Pacific.
- The market of umbilicals is geographically connected to the end markets, with relatively healthy competition. Most of the manufacturing is located in Europe and the USA / South America.
- Demand for subsea umbilicals in the oil & gas industry is not expected to recover until 2023. The demand for subsea cables from offshore wind farms is expected to dominate in the years to come and may account for more than half the total demand.
- Due to the reduction in costs, prices for subsea umbilical are expected to show a downward trend in 2021. According to Rystad Energy, up to 14% reduction in costs is expected between 2020 and 2022
- Largest markets and opportunities to watch for subsea umbilical - Brazil, Asia Pacific, Egypt, Saudi Arabia, UAE & Qatar
Read our full category analysis here