LONDON--(BUSINESS WIRE)--The global flexible pipes market for oil and gas is expected to grow by USD 123.54 million, progressing at a CAGR of over 2% during the forecast period. The outbreak of the COVID-19 pandemic has negatively impacted the growth of the market. The increasing incidence of COVID-19 has affected oil and gas manufacturing and related activities and subsequently the demand for flexible pipes. However, the growing demand for energy from developing countries such as China and India and increasing investments in the oil and gas industry in Southeast Asia is expected to open new opportunities for market players during the forecast period.
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"One of the primary growth drivers for this market is the rising investment in upstream oil and gas activity,” says a senior analyst for the Energy industry at Technavio. The growing population and rapid urbanization have increased the global demand for energy. This is compelling many countries to explore untapped oil and gas resources using advanced technologies. It has increased investments in mature oil and gas fields, which is driving the demand for flexible pipes for oil and gas production.
Flexible Pipes Market for Oil and Gas Segment Highlights for 2020
- The flexible pipes market for oil and gas is expected to post a year-over-year growth rate of 0.58%.
- Based on the type, the market witnessed maximum growth in the HDPE segment in 2019. The growth of the segment can be attributed to the rising number of offshore contracts being given to drilling companies in search of more oil.
- The growth of the market in the segment will be significant over the forecast period.
- 44% of the growth will originate from the MEA region.
- The market in MEA will be driven by the abundance of shale oil and gas reserves in the region.
- Saudi Arabia, Iran, and the UAE are the key markets for flexible pipes for the oil and gas industry in MEA. Market growth in this region will be slower than the growth of the market in APAC and South America.
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- The flexible pipes market for oil and gas size is expected to accelerate at a CAGR of over 2% during the forecast period.
- The flexible pipes market for oil and gas is segmented Type (HDPE, PA, PVDF, and Others), Geography (North America, MEA, South America, APAC, and Europe), and Application (offshore and onshore).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Airborne Oil & Gas BV, Continental AG, FlexSteel Pipeline Technologies Inc., General Electric Co., MAGMA GLOBAL Ltd., National Oilwell Varco Inc., Prysmian Spa, Shawcor Ltd., TechnipFMC Plc, and Wienerberger AG
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