New York, United States , July 08, 2024 (GLOBE NEWSWIRE) -- The Global Offshore Pipeline Market Size is to Grow from USD 14.5 Billion in 2023 to USD 24.37 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.33% during the projected period.
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Offshore pipelines are the pipelines that are utilized to transfer carbon goods from resource sites to buyers. The pipes that move carbon products from resource locations to consumers are known as offshore pipelines. An essential component of the infrastructure supporting the worldwide oil and gas sector is the offshore pipeline market. Large volumes of oil and gas are transported overseas by these incredible technical feats—pipelines that connect offshore drilling locations to onshore facilities and distribution networks. To build them across long distances in difficult marine settings, modern technology, and careful planning are required. The need for stable energy sources is growing due to rapid development and urbanization, which is why emerging countries are seeing an especially noticeable growth in this need. Because they make it possible to move massive amounts of gas and oil from offshore drilling sites to different places across continents, offshore pipelines are essential to the process. The large infrastructure and technological investments needed to keep up with changing environmental regulations translate into higher operating expenses which restrain the growth of the market.
Browse key industry insights spread across 190 pages with 120 Market data tables and figures & charts from the report on the "Global Offshore Pipeline Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Oil, Gas, and Refined Products), By Line Type (Transport line, Export Line, and Others), By Diameter (Below 24 Inches and Above 24 Inches), By Depth of Operation (Shallow Water and deep water), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The refined products segment is expected to dominate the market over the projected timeframe.
On the basis of product type, the global offshore pipeline market is classified into oil, gas, and refined products. Among these, the refined products segment is expected to dominate the market over the projected timeframe. This can be attributed to increasing demand, mainly from emerging economies worldwide.
The transport line segment is estimated to dominate the market over the projected timeframe.
On the basis of line type, the global offshore pipeline market is classified into transport line, export line, and others. Among these, the transport line segment is estimated to dominate the market over the projected timeframe. Every offshore oil and gas activity requires offshore pipes. These pipelines transport gas and oil products from offshore wells to the platform, which then transports them to the coast for distribution and processing.
The above 24 inches segment is expected to grow fastest in the market over the projected timeframe.
On the basis of diameter, the global offshore pipeline market is classified into below 24 inches and above 24 inches. Among these, the above 24 inches segment is expected to grow fastest in the market over the projected timeframe. The construction of a global network of pipelines with a diameter of 24 inches is anticipated to increase demand for over-24-inch pipes, which regulate the flow and pressure of hydrocarbons.
The above 24 inches segment is expected to grow fastest in the market over the projected timeframe.
On the basis of depth of operation, the global offshore pipeline market is classified into shallow water and deep water. Among these, the shallow water segment is expected to hold the largest share of the market over the projected timeframe. Shallow water pipelines are often installed in depths of up to 200 meters. These pipelines are usually found along the coast or continental shelf since the deeper water makes construction and maintenance easier.
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Europe is expected to hold the largest share of the global offshore pipeline market over the forecast period.
Europe is expected to hold the largest share of the global offshore pipeline market over the forecast period. Europe's leadership is mainly due to the abundant offshore oil and gas resources in the North Sea, serving as a hub for energy extraction activities. Significant offshore resources in the Netherlands, Norway, and the United Kingdom led to substantial investments in pipeline infrastructure. The North Sea region plays a significant role in the offshore energy production sector due to its advanced pipeline network linking offshore resources to onshore processing facilities and distribution networks.
North America is predicted to grow at the fastest pace in the global offshore pipeline market during the projected timeframe. A large number of countries in the region are making substantial investments in the latest technology, to boost offshore exploration. It is projected that the offshore pipeline system in the United States and Canada will continue to function at full capacity in the coming years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Offshore Pipeline Market include Saipem S.p.A., TechnipFMC Plc, Subsea 7 S.A., McDermott, Wood Group plc, Baker Hughes Company, McDermott Middle East, Inc., Bechtel Corporation, Petrofac Limited, MODEC, Inc., L&T Hydrocarbon Engineering Limited, China National Offshore Oil Corporation Limited, NPCC - National Petroleum Construction Company, McDermott Caspian Contractors, Inc., Vallourec S.A., and others.
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Recent Developments
- In September 2021, SAIPEM SpA and Saudi Aramco formed a Memorandum of Understanding concerning engineering and construction endeavors within the industrial domain. The primary emphasis of the deal was the implementation of innovative materials and sustainability initiatives, ranging from onshore and offshore engineering and construction to drilling operations.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Global Offshore Pipeline Market based on the below-mentioned segments:
Global Offshore Pipeline Market, By Product Type
- Oil
- Gas
- Refined Products
Global Offshore Pipeline Market, By Line Type
- Transport Line
- Export Line
- Others
Global Offshore Pipeline Market, By Diameter
- Below 24 Inches
- Above 24 Inches
Global Offshore Pipeline Market, By Depth of Operation
- Shallow Water
- Deep Water
Global Offshore Pipeline Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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