LONDON--(BUSINESS WIRE)--The global spoolable pipes market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Spoolable pipes come in different diameters ranging from 2 inches to 8 inches and can thus be installed inside existing metallic carrier pipelines, which get worn out or are in poor condition due to corrosion. This method of installing a spoolable pipe inside an existing pipe is called slip lining or freestanding pipe-in-pipe method. This method is less expensive than a conventional pipe replacement or an internal pipe inspection method, such as pigging. Thus, pipe-in-pipe technology is widely accepted in the oil and gas industry, specifically in offshore fields because the replacement of pipes in offshore platforms is an extremely difficult task. The pipe-in-pipe installation capability of spoolable pipes also offers environmental advantages. Therefore, the demand for spoolable pipes for pipe-in-pipe installation is expected to propel the growth of the global market during the forecast period.
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As per Technavio, the increase in ultra-deep drilling activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Spoolable Pipes Market: Increasing ultra-deep drilling activities
The oil and gas industry has well-developed technologies for carrying out onshore crude oil and natural gas exploration and production activities. However, ultra-deep drilling activity is still challenging and has a wide range of development opportunities. With the growing interest in deep-sea drilling, the oil and gas industry is upgrading its pipeline systems, including production flowlines, injection lines, and transportation pipelines. Spoolable thermoplastic pipes are extensively used in both onshore and offshore oil and gas extraction, storage, and transportation. The use of these pipes in deep-water applications is restricted, and research is being carried out to extend the application of these pipes in deep-water oil and gas fields. Many major industry players are investing resources to fabricate and manufacture high-performance spoolable pipes that can be used in deep-water offshore platforms. Therefore, the increase in deep water oil and gas extraction activities will contribute to the growth of the global spoolable pipes market during the forecast period.
“The increasing adoption of spoolable pipes in public water distribution networks and the new discoveries of potential oil reserves is expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Spoolable Pipes Market: Segmentation Analysis
This market research report segments the global spoolable pipes market by matrix type (thermoplastic and thermoset) and geographical regions (North America, APAC, Europe, MEA, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increase in energy demand in the region, which is driving the growth of several pipeline projects.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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