USD 14.14 billion
Report ID: SQMIG10F2009 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 115 | Figures: 77
Global Offshore Pipeline Market size was valued at USD 14.14 billion in 2021 and is poised to grow from USD 14.8 billion in 2022 to USD 22.38 billion by 2030, growing at a CAGR of 4.7% in the forecast period (2023-2030).
During the forecast period, the market is anticipated to be driven by factors including rising demand for crude oil and natural gas, particularly from the Asia-Pacific region, and a growing focus on secure, affordable, and dependable connections for oil and gas exploration. High construction costs and technical difficulties with a deep-water building are predicted to impede market expansion. Due to increased shale gas discoveries and development in the North American region, the gas pipeline segment is anticipated to enhance demand in the offshore pipeline market. Gas pipelines are anticipated to become extremely popular as a result. Subsea (offshore) pipeline imports of more oil and gas into the European and Asia-Pacific regions are anticipated to generate enormous prospects for the market in the future. North America also dominated the global market in the forecast period.
US Offshore Pipeline Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 14.14 billion
Above 24 Inch
Above 24 Inch
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Global offshore pipeline market is segmented based on product type, line type, Diameter, By depth of operation, and Region. Based on product type, the Offshore Pipeline Market is segmented into oil, gas, and refined products. Based on line type, the Offshore Pipeline Market is segmented into transport lines, export lines, and others. Based on the diameter, the Offshore Pipeline Market is segmented into below 24 inches, and above 24 inches. Based on Depth of operation, the Offshore Pipeline Market is segmented into shallow water and deep water. Based on region, the global Offshore Pipeline Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Offshore Pipeline Market Analysis by Product type
Oil, gas, and refined product are the three product categories that make up the offshore pipeline market. Due to its rising demand, particularly from developing nations around the world, the refined product category is anticipated to dominate the market during the forecast period. The increasing demand for refined products, especially from the Asia Pacific region is driving the market followed by the Middle East and Africa. Crude oil is transported from under the sea or from the oilfield to refineries using oil pipelines. These consist of the flowlines, feeder lines, and export lines. These pipes don't have particularly long lengths. Additionally, the oil market is anticipated to expand due to the building of new refineries as a result of the increasing number of new oilfields being discovered around the world.
Offshore Pipeline Market Analysis by Line type
Transport lines, export lines, and other lines are the many line types that make up the offshore pipeline business. During the forecast period, the transport line segment is expected to dominate the market. Any offshore oil and gas project must have offshore pipelines. Oil and gas products are moved by these pipes from undersea wells to the platform, and then from the platform to the shore for processing and distribution.
Offshore Pipeline Market Analysis by Diameter
The offshore pipeline sector is split into two categories, greater than 24 inches and less than 24 inches, based on diameter. The industry with more than 24 inches is anticipated to have a greater CAGR during the anticipated period. Between 2022 and 2028, a network of pipelines with a diameter of 24 inches is anticipated to be built worldwide, expanding the market for pipes with a diameter of more than 24 inches. The pipe's diameter regulates the pressure and flow of hydrocarbons. A few of the well-known contractors in the sector are McDermott International, Saipem, and the National Petroleum Construction Company (NPCC).
Offshore Pipeline Market Analysis by the depth of operation
The market can be classified into shallow waters and deep waters based on the depth of operation, depending on the depth of the water. The tow-in technique is preferred in shallow water because of the benefit of building pipe ensure and the use of small watercraft for transferring pipe strings to installation sites. Because they provide a high pipe laying pace while accommodating a wide range of pipeline diameters, S-lay and J-lay processes are incredibly productive in deep water.
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During the forecast period, North America is anticipated to hold the largest worldwide market share for offshore pipelines. The region's nations are making an effort to invest in offshore oil and gas development projects. Oil and gas pipeline infrastructure in nations like the United States and Canada is anticipated to continue operating at full capacity during the forecast period. The market for offshore pipelines in the United States is anticipated to grow significantly as a result of increased activity in the Gulf of Mexico.
A total of 836 billion cubic feet of natural gas reserves are anticipated to be contained in the 18 forthcoming new gas production projects. BP declared the start of the Manuel project in the US Gulf of Mexico in 2021. A new subsea production system for two additional wells connected to the Na Kika platform is part of the project. According to estimates, the wells will increase gross platform production by 20,100 barrels of oil equivalent per day. The pipeline sector in Canada is anticipated to grow steadily and strongly over the next years as a result of technological advancements. With pipelines regarded as the safest, most dependable, and most economical method of satisfying the energy needs of high-value, end-user markets, the Canadian oil and gas industry may experience high production levels. North America is expected to be the dominant region in the offshore pipeline market, supported by increasing investments in oil and gas projects during the forecast period.
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Offshore Pipeline Market Driver
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With already established market competitors, the offshore pipeline industry is fierce. Many companies are actively investing in R&D activity to develop innovative products that help the company to improve its market share and generate more revenue. Enbridge Inc., Cortez Subsea, Fugro, McDermott, Saipem, TechnipFMC plc, Penspen, Sapura Energy Berhad, Atteris, and Senaat are a few of the key participants. Businesses are concentrating on acquisitions to grow their market share and remain competitive.
Offshore Pipeline Market Top Players Company Profiles
Offshore Pipeline Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, North America is anticipated to hold the largest worldwide market share for offshore pipelines. The region's nations are making an effort to invest in offshore oil and gas development projects. The transport line segment is expected to dominate the market. Due to its rising demand, particularly from developing nations around the world, the refined product category is anticipated to dominate the market. The increasing demand for refined products, especially from the Asia Pacific region is driving the market followed by the Middle East and Africa. The market is anticipated to be driven by factors including rising demand for crude oil and natural gas, particularly from the Asia-Pacific region, and a growing focus on secure, affordable, and dependable connections for oil and gas exploration. High construction costs and technical difficulties with a deep-water building are predicted to impede market expansion.
|Market size value in 2021||USD 14.14 billion|
|Market size value in 2030||USD 22.38 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Offshore Pipeline Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Offshore Pipeline Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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