Market Overview
- The Global Offshore Pipeline Market is expected to grow at a CAGR of 6.7% during the forecasting period (2020-2027).
- An offshore pipeline is laid on the seabed or below it inside a trench. In some cases, the pipeline is mostly on-land but in places, it crosses water expanses, such as small seas, straits, and rivers. Offshore pipelines are used primarily to carry oil or gas, but transportation of water is also important. The attention to offshore pipelines is increasing, due to the world’s hunger for energy will not decrease so quickly. On the other hand, more and more onshore oil and gas fields are being shut down and more and more offshore storage facilities are being developed.
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Market Dynamics
- Rising demand for crude oil & natural gas worldwide is the major driving factor for the growth of the offshore pipeline market. Global oil demand rose by 1.3% in 2018, led by strong growth in the United States. The United States and China showed the largest overall growth. The United States showed the largest overall growth at 540 kb/d, followed by China. The strong expansion of petrochemical demand in the United States boosted consumption, which also benefited from a rise in industrial production and a very strong demand for trucking services. Adding to this, Air traffic volumes have increased significantly in recent years, particularly in China and India. Jet fuel has become a major contributor to higher oil consumption. Last year, it accounted for 20% of total global oil demand growth as per IEA.
- However, High construction cost is the key restraint hindering the market growth. The cost and time are always very critical and if the water depth exceeds diving depth diver-less repair systems will be required that need huge money. Such systems are not off the shelf systems and require a lot of tailor-made qualifications for the pipeline and on-site requirements.
Market Segmentation Analysis
- Based on the material types, the offshore pipeline market is classified into steel pipelines, duplex pipelines, steel chromium pipelines, flexible pipelines, and others. Others include specialty plastics and stainless steel. The global offshore pipeline market size by flexible pipelines was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. The flexible pipe features high-pressure resistance and excellent bending characteristics, providing flexibility and superior dynamic performance.
- The combination of plastic and steel layers can be easily adapted to the diverse requirements of subsea developments. Also, the flexible pipe can be easily retrieved to be reused on another field development or for decommissioning. Manufacturers are focusing on the design and manufacture of flexible pipes. For instance, TechnipFMC is leading the industry in the development of a flexible pipe.
- By product, the offshore pipeline market is segmented into refined products, gas, and oil. The global offshore pipeline market size by refined products was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
- By pipeline type, the offshore pipeline market is divided into export pipelines, transmission pipelines, and infield pipelines. The global offshore pipeline market size by infield pipelines was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
Market Geographical Analysis
- The Asia Pacific offshore pipeline market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. The Asia Pacific is expected to dominate the major market share in the forecast period due to the rise in the usage of natural gas and oil in different applications and industries. The Asia Pacific is projected to be one of the crucial markets for oil and gas worldwide. The projects in the Asia Pacific are increasing and producing millions of LNG per annum. For instance, The Ichthys Project is expected to produce 8.4 million t of LNG and 1.6 million t of LPG per annum, along with approximately 100,000 barrels of condensate per day at peak.
- Gas from the Ichthys Field, in the Browse Basin, approximately 200 km offshore of Western Australia, will undergo preliminary processing offshore to remove water and extract condensate, before the longest trunk line ever laid in the Asia Pacific. Saipem’s scope of work, under an EPIC contract, consists of the Engineering, Procurement, Construction, and Installation of an 889 km, 42” subsea pipeline, in water depths of up to 275 m, connecting the offshore central processing facility to the onshore processing facility in Darwin.
Market Competitive Trends
- The Offshore Pipeline market is competitive with existing players in the market. Some of the major players include Enbridge Inc, Cortez Subsea, Fugro, McDermott, Saipem, TechnipFMC plc, Penspen, Sapura Energy Berhad, Atteris and Senaat. Companies are focusing to acquire to increase their market share to sustain in the market.
- In September 2019, Connector Subsea Solutions (CSS) has signed an agreement for the acquisition of Hydratight’s MORGRIP Connector business in Walsall, UK. The MORGRIP Connector business will become an integral part of CSS’s extensive repair and modification services for subsea and deepwater pipeline repair.
- For instance, In July 2019, Williams acquired a deepwater natural gas pipeline system that connects the offshore output to its Mobile Bay processing plant and provides opportunities to boost future volumes on its network through expansion.
- Furthermore, Saipem has continued its growth by acquiring Bouygues Offshore and Sofresid in France, Moss Maritime in Norway, IDPE in India, and Snamprogetti in Italy, and by carrying out a multibillion investment program into the expansion of its offshore construction and drilling fleets.
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