The global offshore pipeline market is growing profusely. This growth attributes to the growing oil and gas industry witnessing an automation revolution, increasing investments, and integrating advanced technologies in offshore and onshore drilling activities. Rising environment concerns, efforts to improve the safety of pipelines & energy infrastructure, and significant investments in pipeline businesses are key driving forces for the market growth.
Besides, substantial investments in developing techniques that can detect, characterize, and verify pipeline defects in different lifecycle stages of offshore assets drive the market. In its recent market report, Market Research Future (MRFR) asserts that the global offshore pipeline market is poised to garner exponential traction by 2027, growing at an impressive CAGR throughout the forecast period (2020-2027).
Most oil and gas companies are advancing plans to develop hydrogen pipelines for offshore wind, acting as a key growth driver. Additionally, stringent government regulations improved pipeline assessment and focus on remote management of O&G pipelines for process optimization and automation foster market growth. Oilfield companies invest considerably in technology upgrades act as significant tailwinds for the market growth.
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Global Offshore Pipeline Market - Competitive Analysis
Highly competitive, the offshore pipeline market appears fragmented, with several well-established players forming a competitive landscape. Mergers & acquisitions, expansion, collaboration, and product/ technology launch are key strategic initiatives of these players to gain a larger competitive advantage. They also focus on product development and geographical expansion.
Major players leading the global offshore pipeline market include Petrofac Limited (UK), TechnipFMC Plc (UK), McDermott (US), Saipem (Italy), Fugro (The Netherlands), Cortez Subsea (UK), and Enbridge Inc. (Canada), among others.
Global Offshore Pipeline Market - Regional Analysis
North America leads the global offshore pipeline market share. The region is one of the largest producers and consumers of oil & gas, hosting the maximum numbers of offshore pipelines than other regions. Besides, the largest market share attributes to high usages of natural gas and increased investments.
The rise in renewable energy installations reported by International Renewable Energy Agency (IRENA) contributes to the regional market growth. Moreover, increased government regulations for pipeline assessment and increased focus on remote management of O&G pipelines for process optimization and automation drive the regional market growth.
The offshore pipeline market in Europe stands second globally. Market growth is fostered by the strong presence of notable players integrating robotics in offshore oilfields. Moreover, increasing drilling activities increase the uptake of offshore pipeline in the oilfields. Additionally, the increasing demand for fossil fuels in the region substantiates market growth.
The Asia Pacific offshore pipeline market is growing rapidly. Factors such as the burgeoning O&G sector and R&D increasing investments due to rapid economic growth in the region substantiate the market growth. Rapidly developing APAC countries, such as India and China, hold major shares in the regional market due to the improving drilling technologies and robotics in oilfields.
Global Offshore Pipeline Market - Segmentation
The report is segmented into by-product, line, diameter, and regions. The by-product segment is sub-segmented into oil & gas and refined products. The line segment is sub-segmented into export line and transport line. The diameter segment is sub-segmented into below 24” and greater than 24”. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Industry/ Innovation/ Related News
Apr 26, 2021 ----- RWE AG (Germany), a leading global energy company, Gascade Gastransport GmbH (Germany), a leading natural gas & oil transportation services provider, and NV Nederlandse Gasunie (the Netherlands), a natural gas infrastructure and transportation company, announced signing a declaration of intent to step up their collaboration on the development of the first German offshore hydrogen pipeline.
The project is called AquaDuctus and part of the AquaVentus venture, which envisages the installation of 10 GW of electrolysis capacity in the North Sea by 2035.
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