APAC Offshore Pipeline Industry to 2027 - New Oil & Gas Reserves Detection Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Asia Pacific Offshore Pipeline Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Diameter, Line Type, and Product" report has been added to ResearchAndMarkets.com's offering.

The APAC offshore pipeline market is expected to grow from US$ 2,188.82 million in 2019 to US$ 2,761.26 million by 2027; it is estimated to grow at a CAGR of 3.2 % from 2020 to 2027.

New oil and gas reserves detection and discovery across APAC drive the growth of the APAC offshore pipeline market. In September 2020, Equinor - an energy company - announced the discovery of new oil & gas fields. Furthermore, in October 2020, another oil and gas company, Total and its partners announced that they will evaluate several development options for commercializing a new gas and condensate discovery. Such discoveries of new offshore oil & gas reserves across the region boost the construction of new plants and requirements for new offshore pipelines for cross-border transmission, which bolster the APAC offshore pipeline market. The upgradation in flexible pipe technology is another factor that generates the demand of offshore pipelines across the region.

Countries across APAC, especially the China and India, are adversely affected by the COVID-19 pandemic. The region comprises the world's two most populated and prominent oil producing countries. China virtually imposed strict lockdown and social isolation, restricting manufacturing activities. These measures resulted in shrinking demand for oil and other energy commodities across the country. Thus, the oil & gas construction activities across China plummeted significantly, which hindered the offshore pipeline market in the country. Similarly, Indian government is imposing a nationwide lockdown to control the growing number of COVID-19 cases. Subsequently, the lockdown and disruption of various manufacturing activities contributed significantly in reduced activities in oil & gas sector. Therefore, the overall restrictions on activities in oil & gas industries collectively hindered the demand for offshore pipelines across APAC countries during the early months of 2020. The impact of the outbreak is quite severe in 2020, and it is likely to continue in 2021. Hence, the ongoing COVID-19 crisis and critical situation in China and India would restrain the APAC offshore pipeline market growth in the next a few quarters.

Based on line type, the transport line segment led the APAC offshore pipeline market in 2019. Transport lines, also called transmission lines, are used for carrying gas or oil from one coast to another coast. These lines work similarly to a tanker carrying oil for trading purposes. They transport oil or gas from their corresponding gathering pipelines to processing, refining, or storage facilities. Transport lines are also used to carry refined petroleum products and natural gas to consumers for further distribution. Transport pipeline systems comprise equipment - such as pipe, pumps or compressors, valves, storage tanks, and breakout tanks - and facilities essential to carry the products. They are made up of steel pipe, and their diameter size can vary from several feet to inches. These pipeline systems can be constructed for operating from quite low pressures to more than 1,000 pounds per square inch of pressure, based on the product being carried. Also, their range can vary in length from hundreds of miles to hundreds of feet. All these factors are driving the growth of the APAC offshore pipeline market.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC offshore pipeline market.
• Highlights key business priorities in order to assist companies to realign their business strategies
• The key findings and recommendations highlight crucial progressive industry trends in the APAC offshore pipeline market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the offshore pipeline market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

• Upsurge in Demand for Natural Gas and Crude Oil
• Necessity for Safe, Cost-Effective, and Efficient Connectivity

Restraints

• Difficulties Related to Cross- Border Pipeline Transportation

Opportunities

• New Oil & Gas Reserves Detection

Future Trends

• Upgradation in Flexible Pipe Technology

Companies Mentioned

• Bechtel Corporation
• Fugro
• John Wood Group PLC
• Larsen & Toubro Limited
• McDermott International, Inc.
• Petrofac Limited
• Saipem S.p.A
• Sapura Energy Berhad
• Subsea 7 S.A.
• TechnipFMC plc

For more information about this report visit https://www.researchandmarkets.com/r/xtsswa