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Offshore Pipeline Market Size to Grow $15.8 Billion by 2023

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Offshore Pipeline Market Size to Grow $15.8 Billion by 2023

February 12
22:53 2021
Offshore Pipeline Market Size to Grow $15.8 Billion by 2023
The offshore pipeline market is expected to grow from USD 11.5 million in 2018 to USD 15.8 billion by 2023, at a CAGR of 6.54%.

The global offshore pipeline market is expected to grow from USD 11.5 million in 2018 to USD 15.8 billion by 2023, at a CAGR of 6.54% during the forecast period. The major factors driving the offshore pipeline market include increasing demand for crude oil and natural gas, especially from the Asia Pacific region. Increasing demand for safe, economical, and reliable connectivity is expected to drive the offshore pipeline market.

Transport line being the most common type of offshore pipeline is expected to hold the largest market share during the forecast period as the technology is a highly mature and proven technology. Europe, followed by Asia Pacific, and the Middle East, is expected to be the most attractive region in this segment, during the forecast period.  Approximately 25,000 km of transport line pipeline network is expected to be completed from 2018 to 2023.

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The greater than 24” segment is expected to grow at the fastest rate during the forecast period. Approximately 35,000 km of 24” pipeline network is expected to be completed from 2018 to 2023. The European region, followed by the Asia Pacific and Middle Eastern regions, is expected to be the most attractive in this segment, because of the commissioning of planned projects during the forecast period. Major contractors include Saipem, National Petroleum Construction Company (NPCC), and McDermott International.

Europe is expected to have the highest growth rate during the forecast period, due to increasing imports for its energy demands. The demand for oil and gas is expected to increase to about 70.0% over the next 15 years. Europe is heavily dependent on imports for its energy demands (nearly 50% consumption volumes). This dependency is expected to increase to about 70.0% over the next 15 years. Europe is mainly dependent on conventional fuels, and nearly 80% of its total consumption comes from conventional energy sources. High energy consuming countries such as the UK, France, and Germany have negligible production and high demand. Hence, they are dependent on Russia and the Middle East for their oil supplies. Major oil & gas offshore pipeline contractors which operate in the region include Technip, Saipem, Subsea 7, Petrofac, and Allseas.

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The major players in the global Offshore Pipeline Market, are Saipem (Italy), Subsea 7 (UK), McDermott (US), Sapura (Malaysia), Wood Group (UK), Technip (UK), Fugro (Netherlands), Atteris (Australia), Penspen (UK), Petrofac (UK), and Senaat (UAE).

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