Offshore Pipeline Market Updates

Offshore Pipeline Market size was valued at USD 14.8 Billion in 2023 and is poised to grow from USD 15.5 Billion in 2024 to USD 23.43 Billion by 2032, growing at a CAGR of 4.7% during the forecast period (2025-2032).

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. 'Saipem S.p.A. (Italy) ', 'TechnipFMC Plc (United Kingdom and United States) ', 'Subsea 7 S.A. (Luxembourg) ', 'McDermott (United States) ', 'Wood Group plc (United Kingdom) ', 'Baker Hughes Company (United States) ', 'McDermott Middle East, Inc. (United Arab Emirates) ', 'Bechtel Corporation (United States) ', 'Petrofac Limited (United Kingdom) ', 'MODEC, Inc. (Japan) ', 'L&T Hydrocarbon Engineering Limited (India) ', 'China National Offshore Oil Corporation Limited (China) ', 'NPCC - National Petroleum Construction Company (United Arab Emirates) ', 'McDermott Caspian Contractors, Inc. (Kazakhstan) ', 'Vallourec S.A. (France) ', 'Mott MacDonald Group Limited (United Kingdom) ', 'WorleyParsons Limited (Australia) ', 'Woodside Petroleum Ltd. (Australia) ', 'Halliburton Company (United States) ', 'Chiyoda Corporation (Japan)'

The sector is being supported by the rising investments made by the top market players in R&D activities, the expanding need for crude oil and natural gas across all industrial verticals, and the growing requirement for accessible and secure supply connectivity. Further, other market drivers are increasing demand of crude oil, natural gas and refined products by the high energy consuming countries. As transportation through pipelines is efficient as compared to other means of transport, the market for offshore pipelines will rise to fulfil the growing demands.

The market for offshore pipelines is likely to be driven by the development of new gas resources and the adoption of subsea (offshore) pipelines for the quick and affordable transportation of natural gas exports. These developments are the result of the rising demand for natural gas.

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.