Offshore Pipeline Market: Current Analysis and Forecast (2021-2027)

The offshore pipeline market is expected to witness a CAGR of around 7% during the forecast period (2021-2027).

The growing demand for crude oil and natural gas around the world is propelling the offshore pipeline business forward. In 2018, global oil demand increased by 1.3 percent, owing to strong growth in the United States. The largest overall rise was seen in the United States and China. Furthermore, in the year 2020, air traffic volumes have expanded dramatically, particularly in China & India. The use of jet fuel has been a significant contribution to increased oil consumption. Also, according to the IEA, it accounted for 20% of overall world oil demand growth compared to the year 2019.

The countries are attempting to put resources into offshore oil and gas investigation exercises. During the forecast timeframe, oil and gas pipeline foundations in nations like the United States and Canada are supposed to keep running at full limits. Moreover, with the rising exercises in the Gulf of Mexico, the United States is supposed to observe huge development in the offshore pipeline market.

McDermott International, Ramboll, Saipem, Fugro, Subsea 7, Seanaat, Penspen, Sapura, and wood Group are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

"Amongst Lines, transportation line category to hold a significant share in the market"

Based on line type, the offshore pipeline market is segmented into Import/export lines and transport lines. The transport line portion is supposed to hold the biggest piece of the pie during the forecast period. Around 25,000 km of transport line pipeline network is supposed to be finished in the coming future. The increasing demand for energy and strategic reserves by the countries forces the oil companies to ensure safer and on-time delivery. To mitigate the risks associated with the transportation of crude oil and petroleum products the companies focus on the pipeline. Further, the economic viability of the transport line is one of the prominent factors contributing to the growth of this segment.

"Amongst Product, the refined product category is accounted for a significant market share in 2020"

Based on the product, the market is classified into natural gas, crude oil, and refined product. The refined product fragment is supposed to rule the market in the determined period. The rising population and urbanization along with the automotive industries increases the demand for the refined product in the past and would continue to grow at a higher rate. Key stakeholders in the industry have spotted the offshore pipeline technology as a strategic energy infrastructural investment for the long-term economic success and help in achieving the increasing demand of the several sectors including transportation, automotive as well as commercial, and institutional bodies.

"Amongst Diameter, above 24" category is expected to witness significant growth in the offshore pipeline market"

Based on the diameter, the market is classified into above 24-inch outer diameter and below 24-inch outer diameter. The diameter of the pipeline defines the capacity of the pipeline as well as it also provides information about the maximum bearing pressure and temperature which prevent any hazardous situation in the operating facility and supply chain. The 24-inch diameter pipeline is expected to grow in the future due to the increasing project allocation by the government and individual firms for deep-water drilling and exploration.

"North America to witness significant growth during the forecast period"

North America is expected to witness the highest CAGR in the offshore pipeline market, during the forecast period. New oil and gas reserves recognition and revelation across the region are driving the development of the offshore pipeline market. For instance, in September 2020, Equinor - an energy organization - declared the revelation of new oil and gas fields. Moreover, in October 2020, another oil and gas organization, Total, and its accomplices declared that they would assess a few improvement choices for commercializing another gas and condensate disclosure. Such revelations of new offshore oil and gas reserves across the area help the development of new plants and require new offshore pipelines for crossline transmission. Further, the up-gradation in adaptable line innovation is another variable that creates the interest in offshore pipelines across the locale. Thereby, boosting the offshore pipeline market.

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Deep dive regional level analysis of the industry.

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