ID: MRFR/E&P/6225-CR | October 2020 | Region: Global | 155 pages
Offshore pipeline market was valued at $11.97 billion and is expected to reach $15.11 billion with an estimated CAGR of 3.1% as per the forecast period.
Offshore pipelines come in the use of gas and the oil industry for transferring the oil through closed tubes. It is placed either on or below the seabed. It is connected to the wellhead and process platform. There are various advantages of offshore pipelines i.e improved efficiency and oil capacity. The factors which are responsible for enhancing the growth in the market are urbanization and globalization, moreover, the companies are trying to focus on increasing the offshore and e and p activities to meet the increasing energy demand. Natural gas is also known as non-renewable fossil fuel energy, its increased use has led to the production and exploration of natural gas and its transportation across pipelines.
In the current scenarios, the global Offshore Pipeline Market is maximumly dominated by the regions like Europe and North America. These regions provide approximately 60% share in the global market on a collective basis. As the demands are being increased so rapidly, the cost-effective transportation method for oil and gas is one of the major factors expected to change the market trends in the coming years.
The pandemic has hit our life badly and the economy has suffered a huge loss. If we talk about the industries the demand for the expensive products slashed badly but we are on the verge of the recovery process, with the cost-effective measures and effective implementation of strategies the condition will get improved. Various analysts are researching over the market insights and expertise are working upon the reports to help the client with various reports of other industrial vehicles.
Lack of buyers resulted in the decreased production, and the prices are greatly hampering the growth of the Market. During the pandemic, the G20 group of nations cut short the production of crude oil to stabilize the Covid-19 impact. The studies have shown that the stringent rules and regulations regarding plastic usage have impacted production and hindered the growth of the Market at a vast level.
The Offshore Pipeline Market has multiple scenarios in the global market. There are plenty of competitors in the global market that focus on new strategies such as collaborations, new acquisitions, and product launches to maintain their position in the market.
The top key players of the market are
The growth of the offshore pipeline market research will approximately reach 6.82 % of CAGR during the forecast period 2019-2024. A wide network of thousand miles of pipelines have been
Installed for the process of oil transportation. This network has been set up to have a complete network of Offshore Pipeline systems to increase the safety and efficiency of the product. Many barriers occur during the installation, such as construction in deep waters is a challenge and the technical difficulties is also a retraining factor, however, overcoming all the breakers in this pathway the offshore pipeline network is increasing so rapidly.
The increased demand for the raw material in the many regions has made the usage of Offshore Pipeline so mandatory. The Oil and Gas Pipeline is expected to increase more demands in the region of North America as there are more discoveries of Shale Gas.
As soon as the Offshore Pipeline is established across the shores of different countries the market shares will rise and developing economies will be benefited more.
Stringent rules and regulations have to be followed for the widespread construction of the network. Also, there are technical factors that are included, like construction in the deep waters is a restricting factor to the global Market.
There are certainly technical challenges that arise during the setup of the network. However, there are countries where the production is negligible and the consumption rates are higher. So. providing the raw materials to these regions is a challenge.
North America, led by Canada and other parts of the US will dominate the Market as the consumption is high. Europe and the middle east countries are also dependent on these countries for the import and export of conventional fuels or necessary energy demands.
Value Chain Analysis:
Both the demand and supply of the offshore pipeline market are increasing day by day. The net worth of this sector has enhanced drastically due to the increasing demand and investment in pipeline infrastructure. The supply and demand chain analysis of the Market significantly shows that the entire world is dependent on the raw materials and there is a huge possibility that as the consumption volumes are increasing the market will propel in the global market.
The segmentation for Offshore Pipeline Market is divided based on product type, line type, diameter, and region. Out of the above segmentation, under the line type, the transport line segment is expected to hold the maximum demand in the market as per the forecast period. It is expected that by 2024, Approximately 25000 km of transport line pipeline network will be established. As per the region, the most attractive regions for the market growth are firstly Europe, followed by APAC and the Middle East.
Based on by-product
Based on line
Based on diameter
Geographically the report has been made upon 5 regions. North America is estimated to clasp the highest share in the market followed by the Asia Pacific region due to high usage of natural gas and due to increased investment in the region, rise in the renewable energy installation has been witnessed as per the reports of International Renewable Energy Agency (IRENA).
In the regional analysis report, Europe is estimated to provide the maximum share in the forecast period and Europe is highly dependent on imports for the energy demands and conventional fuels. Countries like the UK, France, Germany have minimum production and high demands of the raw materials. All such countries are dependent on Russia and the middle east for oil supplies.
Saipem was granted EPCI (Engineering, Procurement, Construction, and Installation) undertaking by Saudi Aramco for the offshore field development activities like laying of pipelines and subsea cables in January 2019.
In 2020, the Engineering and Construction (E&C) division for Sapura Energy Berhad won several new contracts for around $180 million. Brunei Shell Petroleum Co. Sdn Bhd. had taken this project that has a contract for the Pipeline Replacement.
In 2019, the Hod Field Development Project was taken by Subsea 7 that has announced the award of a sizable contract with Aker BP. The location of this project is 12km away from the Valhalla area that is the southern part of the North Sea. This contract included EPCI for pipelines, tie-ins using key vessels, and umbilicals from Subsea 7’s modern fleet.
The offshore pipeline market is expected to grow by 6.82 % of CAGR during the forecast period 2019-2024.Various regions are contributing to the growth of this market. The reasons behind this are urbanization and industrialization and increased use of gas and oil and its various applications. Primarily the product usage, opportunities, and the type have been discussed. Along with this, a detailed description has been provided in terms of quality and the growth areas of the market. If we go through the quantitative analysis, various industry experts have given their key opinions, and deeper insight has been provided to gain maximum profits in the market. The current market scenarios and the historical overview have been mentioned in the report analysis of the Market research in the forecast period.The supremacy of the market is increased efficiency and oil capacity. North America holds the highest share of the market based on BP Statistical Review of World Energy 2019 BP Statistical Review World Energy 2019.
|Market Size||2027: Significant Value|
|CAGR||2027: Substantial CAGR|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product , Line Type and Diameter|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||TechnipFMC Plc (UK), Petrofac Limited (UK), McDermott (US), Fugro (The Netherlands), Saipem (Italy), Enbridge Inc. (Canada), and Cortez Subsea (UK).|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The offshore pipeline market is poised to mark 6.82% CAGR.
Increasing exploration activities are anticipated to expand the offshore pipeline market.
The segments of the offshore pipeline market, by diameter, are below 24” and greater than 24”.
The segments based on product are gas, oil, and refined product.
The players of the offshore pipeline market are Subsea 7 S. (UK), Saipem (Italy), TechnipFMC Plc (UK), Fugro (The Netherlands), Enbridge Inc. (Canada), Sapura Energy Berhad (Malaysia), Petrofac Limited (UK), McDermott (US), John Wood Group PLC (UK), and Cortez Subsea (UK).