Market Highlights
Offshore pipeline market was valued at $11.97 billion and is expected to reach $15.11 billion with an estimated CAGR of 3.1% as per the forecast period.
Offshore pipelines Market are either below the seabed or inside a trench placed on the seabed. They are connected to the land with the help of a process platform or a wellhead. Such pipelines are used to transfer oil through closed tubes in the oil & gas industry. They form one of the fastest and reliable modes of transporting offshore oil and gas. The advantages of offshore pipelines include improved efficiency and oil capacity.
The increasing demand for natural gas in Asia-Pacific and rising investments in offshore pipeline infrastructure are expected to drive the market for offshore pipeline market during the forecast period. The demand of natural gas is rising in Asia-Pacific owing to the increase in the use of natural gas in various industries. As per the data published in BP Statistical Review of World Energy 2019, natural gas production in Asia-Pacific grew from 607.5 billion cubic meters (bcm) in 2017 to 631.7 bcm in 2018, with a growth rate of 4.0% annually.
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Moreover, as per the International Energy Agency (IEA), the Asian market is going to be one of the prominent regional markets for natural gas. Moreover, in June 2019, Inpex Corporation (Japan) signed a contract worth USD 20 billion with the Indonesian government for the Abadi LNG project to produce approximately 9.5 million tons of LNG, annually. Moreover, in Australia, Chevron Corporation (US) announced the offshore development of the Gorgon natural gas project, worth USD 18-20 billion. It is planned to be located on the northwest coast of Western Australia with the objective to produce 15.6 million tonnes per annum of natural gas. Therefore, the transportation and production of natural gas is expected to increase the use of offshore pipelines. Such factors lead to the growth of the offshore pipeline market during the forecast period.
The global offshore pipeline market is segmented based on product, line type, diameter, and region. By type, the global market has been segmented into oil, gas, and refined product. Byline type, the global market has been divided into export Line and transport Line. By diameter, the global market is segmented into, below 24” and greater than 24”.
Drivers: Offshore Pipeline Market
Market Research Analysis
By region, the market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America dominates the global offshore pipeline market. The Increasing Demand for Natural Gas in Asia-Pacific and red Rising Investments in offshore pipeline are expected to drive the offshore pipeline market in the region.
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North America is one of the largest markets for offshore pipeline market in the world. According to statistical data from the BP Statistical Review of World Energy 2019, approximately 13.7% of the total global proven oil reserves are located in North America. A substantial amount of these reserves are located offshore. As production of oil and gas from offshore reserves increases in the region, the demand for offshore pipelines is expected to rise in the North America region. According to statistical data from the US Energy Information Administration (EIA), crude oil production in the Gulf of Mexico grew from 1,664 thousand barrels per day (TBPD) in June 2018 to 1,909 TBPD in June 2019. As the demand for oil and gas is increasing in the US, offshore crude oil production is expected to grow during the forecast period. Exploration and production companies in the region are working extensively on the discovery of new offshore oil and gas reserves to meet the growing demand for oil and gas in the country. For instance, in June 2019, W&T Offshore (US) announced that it made an oil discovery in the Gladden Deep prospect in Mississippi Canyon block. Such discoveries are expected to increase the demand for offshore pipelines during the forecast period.
Scope of the Report
This study provides an overview of the global offshore pipeline market, tracking four market segments across five geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and share for North America, Europe, Asia-Pacific, Middle East, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global offshore pipeline market by product, line type, diameter, and region.
By Product
- Oil
- Gas
- Refined product
By Line Type
- Export Line
- Transport Line
By Diameter
- Below 24”
- Greater than 24”
By Regions
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
- South America
Key Players
The major players in the Global Offshore Pipeline Market are Saipem (Italy), Subsea 7 S.A. (UK), TechnipFMC Plc (UK), Sapura Energy Berhad (Malaysia), Fugro (The Netherlands), Petrofac Limited (UK), John Wood Group PLC (UK), McDermott (US), Enbridge Inc (US), and Cortez Subsea (UK).
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