Europe Umbilical Tether Cable Industry - Regional Synopsis
In the Europe umbilical tether cable market for ROV, the market in the United Kingdom amongst the market in all the other regions is projected to hold the largest market share of 2,182.4 tons by the end of 2033. Moreover, in 2022, the United Kingdom’s market share volume was 1,387 tons. The growth of the market can be attributed majorly to the higher production from offshore oil and gas reserves. For instance, in the United Kingdom, there could be another 20 billion barrels of oil offshore. Moreover, nearly 46 billion barrels of oil equivalent (boe) from the UK and UK Continental Shelf (UKCS) were recovered by the year 2020. Furthermore, market growth in the region is expected on the account of growing practices of aquaculture. Aquaculture has developed over the past 40 years to become a significant part of the UK seafood industry, contributing more than USD 600 million to the country's GDP through output.
