LONDON--(BUSINESS WIRE)--The global offshore oil and gas pipeline market are expected to post a CAGR close to 7% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the continuous increase in global energy demand. With developing countries undergoing rapid urbanization and industrialization, the need for energy and the consumption of liquid fuels has increased significantly. Major oil and gas companies are increasing their oil and gas drilling activities to cater to the increase in energy demand. Increased oil and gas drilling activities will raise the production of crude oil and natural gas, which must be transported through pipelines from production centers to processing facilities. In cases where production and consumption centers are separated by water bodies, offshore pipelines can be used for oil and gas transportation. The advantages of offshore pipeline transport modes will have a positive impact on the transportation of oil and gas. Thus, a continuous increase in global energy demand will propel the growth of the global offshore oil and gas pipeline market during the forecast period.
As per Technavio, the technological advents in offshore oil and gas pipelines will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global offshore oil and gas pipeline market 2019-2023 research report also analyze other important trends and market drivers that will affect market growth over 2019-2023.
Global offshore oil and gas pipeline market: Technological advents in offshore oil and gas pipelines
Currently, many technological advances are taking place for ensuring safety, efficiency, and reliability of offshore pipelines. Hydrate-phobic liquid coating is being developed as a remedy for the build-up of methane hydrates in deep water. These crystals can form inside subsea pipes and block the flow of oil and gas. Further, it has been observed that many companies are developing innovative coatings that would primarily avoid corrosion. For instance, DowDuPont Inc. has developed subsea flow assurance insulation coating known as Neptune. It is a fusion-bonded anti-corrosive epoxy coating and insulation coating. This coating requires less number of layers to be applied on pipeline than conventional coatings to ensure the thermal and corrosion protection of pipelines and thereby reduces costs. Thus, technological advances in offshore oil and gas pipeline inspection ensure safe, cost-effective, and efficient operations of offshore oil and gas pipelines and increase their adoption compared to other modes of oil and gas transport. Therefore, it is expected that these technological advances will drive the growth of the global offshore oil and gas pipeline market during the forecast period.
“Apart from technological advents in offshore oil and gas pipelines, the increasing oil and gas trading activities and the construction of offshore pipelines in many countries will increase cross-border oil and gas pipeline transportation activities globally. Currently, several offshore oil and gas pipelines are under construction or are in the planning stage across the world. Thus, such factors are expected to drive the global offshore oil and gas pipeline market during the forecast period,” says a senior analyst at Technavio.
Global offshore oil and gas pipeline market: Segmentation analysis
This market research report segments the global offshore oil and gas pipeline market by product (gas and oil) and geographical regions (Europe, MEA, APAC, South America, and North America).
The European region led the market in 2018, followed by MEA, APAC, South America, and North America respectively. During the forecast period, the European region is expected to maintain its dominance over the global market and register the highest incremental growth due to the increased oil and gas production in the region.
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