ID: MRFR/E&P/6624-HCR | February 2021 | Region: Global | 111 pages
Pipe laying vessel market size is projected to reach USD 3.84 Billion by 2024 from an estimated USD 2.08 billion with 12% CAGR from 2021 to 2027.
The major factors driving the growth of the global pipe laying vessel market include increase in the exploration and production activities and growing investments in the offshore oil and gas sector. In 2017, The US Energy Information Agency (EIA) reported increase in oil production in the US due to the high oil prices, which has led to the increase in the drilling activities. Similarly, Shell (Netherlands) is investing extensively in drilling activities in deep water areas in the Gulf of Mexico, which is expected to create new avenues for pipe laying vessel providers in North America.
Additionally, the global market is projected to grow at a high rate during the forecast period due to advancements in offshore oil exploration and production technologies. Countries such as China, the US, and India are witnessing an increased need for energy and oil production activities. According to BP Statistics 2018, the global oil production rose by 2.2 million b/d with maximum growth in the US, Canada, and Saudi Arabia.
Key players in the pipe laying vessel market such as Subsea 7, Allseas, and Tidewater, Inc. are actively focusing on signing contracts and agreements to supply pipe laying vessels. For instance, TechnipFMC and DOF Subsea together commenced their 8-year long contract of supplying the pipe laying vessel to Petrobras (Brazil). Moreover, in 2019, Subsea 7 signed two offshore projects in Australia and Senegal. Reeled pipelay vessels would be used from Subsea 7’s fleet. This would boost the growth of the global pipe laying vessel market.
The global pipe laying vessel market has been segmented based on installation, positioning system, depth, and region. On the basis of installation, the global market is segmented into J-Lay barges, S-Lay barges, and reel barges. The J-Lay segment is expected to dominate in the global market during the forecast period. This is because the J-Lay vessels are the most suitable for deep water drilling because J-Lay pipeline installations put less stress on the pipeline by inserting the pipeline in vertical position. On the basis of positioning system, the global market is divided into anchor system and dynamic positioning. The dynamic positioning segment dominates the global market as they are independent of anchors and maintain its course in the deep-water areas. On the basis of depth, the global market is divided into shallow and deep water. The shallow water segment is estimated to register the higher growth rate during the forecast period. The shallow water basins in Asia-Pacific, Europe, and North America is expected to play a major role in driving the global market. The global pipe laying vessel market is expected to grow at 6.34% CAGR during the forecast period.
On the basis of region, the global pipe laying vessel market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest share in the market due to the increased investments in the oil and gas exploration and production activities, especially in China. The country’s major oil companies have plans to increase investments in the domestic oil & gas industry. Similarly, the oil & gas industry in India is expected to attract USD 25 billion in exploration by 2022. Similarly, growing energy demand in countries such as India, Australia, and Indonesia are expected to drive the growth of the market in Asia-Pacific. Moreover, the market for pipe laying vessels in North America and the Middle East is also expected to grow during the forecast period due to the growing focus on developing offshore reserves to replace maturing onshore fields.
|CAGR||12% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Installation, Positioning System , Depth|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Subsea 7 (UK), Allseas (Switzerland), Tidewater Inc. (US), TechnipFMC plc (UK), Saipem (Italy), Gulfmark Offshore Inc. (US), Seacor Marine (US), Van Oord (Netherlands), Boskalis (Netherlands), Hyundai Heavy Industries (South Korea), DSME (South Korea)|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market can accrue a growth rate of more than 6.34% during the review period.
The projected valuation of the market by 2024 can be USD 3.84 Billion.
The most well-known players in the market include TechnipFMC plc (UK), Subsea 7 (UK), Gulfmark Offshore, Inc. (US), Allseas (Switzerland), Van Oord (Netherlands), Hyundai Heavy Industries (South Korea), Saipem (Italy), Tidewater, Inc. (US), Seacor Marine (US), Boskalis (Netherlands), DSME (South Korea), and more.
The main pipe laying methods are S-Lay, reel lay and J-Lay.
The dynamic positioning segment is currently in the lead in the global market.