DUBLIN--(BUSINESS WIRE)--The "Middle East and Africa 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 MEA offshore pipeline market is expected to grow from US$ 1,399.63 million in 2019 to US$ 1,680.77 million by 2027; it is estimated to grow at a CAGR of 2.5 % from 2020 to 2027.
Continuous improvements in flexible pipe technology accelerate the growth of the MEA offshore pipeline market. The offshore oil & gas industry for MEA region has been using flexible pipes since 1972. Since then, the demand for flexible pipes is steadily increasing and diversifying in recent years as operators are seeking operational efficiencies. Deeper water, higher pressure, higher temperatures, and aging infrastructure as well as complex chemistry build increasingly intense environments for the flexible pipe to resist.
Also, many fields are insisting on the limitations of existing technology. In 2020, Baker Hughes developed novel designs for flexible pipes used in the oil & gas industry. The new designs use carbon fiber composite materials. These pipes are lighter in weight and easy to install; they require less equipment for installation purposes. Such developments boost productivity with increased flexibility, speed, and performance of pipelines, which accelerate the demand for offshore pipelines. Discovery of new oil and gas reserves is also expected to drive the growth of the MEA offshore pipeline market.
Countries in the MEA, especially Saudi Arabia and Iran, are adversely affected by the COVID-19 outbreak. The pandemic is hindering the overall oil & gas industry owing to considerable disruptions in supply chain activities coupled with the several countries across the region sealing off their international trade. The MEA, especially the GCC countries, are witnessing a notable decline in the oil & gas sector owing to sharp drop in the demand for oil from major countries across Asia, Europe, and North America.
As a result, the countries in MEA are registering a lowered volume of oil production and restricting the construction of oil & gas related projects that subsequently restrain the demand for offshore pipelines. Saudi Arabia, the UAE, Qatar, and selected other members of OPEC also observed similar trends during the early months of the pandemic.
The outbreak's impact is quite severe in 2020, and it is likely to continue in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the countries - such as Saudi Arabia and Iran - would restrain the growth of the MEA offshore pipeline market in the next few quarters.
Based on diameter, the more than 24 inches segment led the MEA offshore pipeline market in 2019. The percentage of the material cost of the offshore pipeline significantly increases with the increase in pipeline diameter. Pipelines with more than 24 inch diameter such as transmission pipelines transport natural gas, natural gas liquids, and crude oil for long distances, mostly across continents, countries, and states.
These pipelines are used to transmit products to distribution centers from the production regions. Further, they operate at a very high temperature that ranges from 200 to 1200 pounds per square inch. The diameter of transmission pipelines is up to 42 inches. The rising discoveries of new oil & gas reserves in remote and new locations are raising investments in these pipelines for the distribution of products to the markets. Pipeline with more than 24 inches diameter is useful to cover long distance and operate at high temperature; these advantages are expected to increase its demand in coming years, which will drive the MEA offshore pipeline market growth.
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.; and TechnipFMC plc are a few players operating in the market.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. MEA Offshore Pipeline Market Landscape
4.1 Market Overview
4.2 MEA PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. MEA Offshore Pipeline Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Escalation in Demand for Natural Gas and Crude Oil
5.1.2 Prerequisite for Safe, Cost-Effective, and Efficient Connectivity
5.2 Market Restraints
5.2.1 Cross- Border Pipeline Transportation Difficulties
5.3 Market Opportunities
5.3.1 Finding New Oil & Gas Reserves
5.4 Future Trends
5.4.1 Improvements in Flexible Pipe Technology
5.5 Impact Analysis of Drivers and Restraints
6. Offshore Pipeline Market - MEA Analysis
6.1 MEA Offshore Pipeline Market Overview
6.2 MEA Offshore Pipeline Market - Revenue, and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Market Players Ranking
7. MEA Offshore Pipeline Market Analysis - By Diameter
7.2 MEA Offshore Pipeline Market, By Diameter (2019 and 2027)
7.3 Less than 24 inches
8. MEA Offshore Pipeline Market Analysis - By Line Type
8.2 MEA Offshore Pipeline Market, By Line Type (2019 and 2027)
8.3 Export Line
9. MEA Offshore Pipeline Market Analysis - By Product
9.2 MEA Offshore Pipeline Market, By Product (2019 and 2027)
9.5 Refined Products
10. MEA Offshore Pipeline Market - Country Analysis
11. Impact of COVID-19 Pandemic on MEA Offshore Pipeline Market
11.1 MEA: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition
13. Company Profiles
- Bechtel Corporation
- 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/9tf130