The global offshore oil & gas pipelines market is expected to witness significant growth during the forecast period. This growth can be attributed to the increase in demand for crude oil and natural gas and rise in demand for safe, economical, & reliable connectivity. Moreover, with developing economies undergoing rapid urbanization and industrialization, the energy requirement and consumption of liquid fuels have increased rapidly. As the production and consumption sites are situated away from each other, the fuels must be transported safely and cost-effectively to the desired destinations. Therefore, the extracted crude oil and natural gas are transported through pipelines for an uninterrupted service, thereby boosting the market growth for offshore pipelines over the forecast years.
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Additionally, upcoming offshore oil & gas pipelines market trends, such as technological advancements in offshore oil & gas pipelines and increase in demand for cost-effective transportation method for oil & gas, are significant factors, which are expected to propel the demand for offshore pipeline in the oil & gas industry over the forecast years. However, shift toward renewable source of energy decreases the demand for oil & gas along with high initial investment & long duration of projects. Therefore, this factor is expected to hamper the growth of the offshore oil & gas pipeline market during the forecast period.
The global offshore oil & gas pipeline market is segmented into North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa. The market in Europe is estimated to be the largest market for global offshore oil & gas pipeline. High energy consuming countries, such as the UK, France, and Germany, are the main contributors to the market growth in the region. The North Sea is also one of the major oil & gas producing areas in Europe. The rise in production of oil & gas, economic benefits of offshore pipelines, and increase in demand for energy are the major factors that boost the growth of the market in Europe.
Key Market Players
- Saipem
- Subsea 7 S.A.
- TechnipFMC Plc
- Sapura Energy Berhad
- Fugro
- Petrofac Limited
- John Wood Group PLC
- McDermott
- Enbridge Inc.
- Cortez Subsea
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Key benefits of the report:
- This study presents the analytical depiction of the offshore oil & gas pipelines market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the offshore oil & gas pipelines market share.
- The current market is quantitatively analyzed from 2020 to 2029 to highlight the offshore oil & gas pipelines market growth scenario.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
COVID-19 scenario analysis
The coronavirus pandemic has shut down many industries due to various financial crisis and low demand in the market. The oil & gas pipeline industry are also facing many problems. The spread of virus has reduced the demand for fuel across the world. Similarly, the global lockdown has halted the transportation industry governments banned travel privileges. This has a direct impact on the reduced demand for oil, which, in turn, reduces the offshore oil & gas pipeline industry.
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