LONDON--(BUSINESS WIRE)--Due to the COVID-19 pandemic, the global offshore oil and gas pipeline market registered a YOY growth of -2.36% in 2020. However, the market is estimated to expand at a CAGR of over 4% during the forecast period. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get Free Sample Report Delivered Instantly to Know More
Offshore Oil and Gas Pipeline Market: Increase in global energy demand to drive growth
Rapid urbanization and industrialization across the world, especially in developing countries such as China and India have increased the consumption and demand for energy. This has increased the demand for natural gas as it is less polluting compared to other fossil fuels. For instance, the global demand for natural gas in 2018 increased by 4.9% when compared to 2017. Also, the rising energy demand is compelling oil and gas E&P companies to increase their offshore drilling activities. This has necessitated the need for pipelines to ensure uninterrupted transportation of crude oil and gas from oilfields to refineries as well as the transport of refined products to consumption centers. Therefore, the rising global energy demand is expected to fuel the offshore oil and gas pipeline market during the forecast period.
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As per Technavio, the economic benefits of offshore pipelines than other oil and gas transportation modes will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Offshore Oil and Gas Pipeline Market: Economic benefits of offshore pipelines than other oil and gas transportation modes
Most of the end-users prefer offshore pipelines over other modes for long-distance offshore transportation of oil and gas. This is because offshore pipelines require significantly less energy and have a low carbon footprint and can operate day and night as there is limited dependence on external factors. This ensures an uninterrupted supply of oil and gas, which is crucial for some industries that rely on gas-powered generators. These benefits are positively influencing the growth of the global offshore oil and gas pipeline market.
“Increasing investments in oil and gas E&P projects and the rising demand for crude oil will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Offshore Oil and Gas Pipeline Market: Major Vendors
The report covers details on the market’s competitive landscape and offers information on the products offered by various companies, including:
- Allseas Group SA
- ArcelorMittal SA
- John Wood Group Plc
- McDermott International Inc.
- PAO TMK
Offshore Oil and Gas Pipeline Market: Segmentation Analysis
This market research report segments the offshore oil and gas pipeline market by product (gas and oil) and geography (Europe, MEA, APAC, South America, and North America).
The Europe region led the offshore oil and gas pipeline market in 2020, followed by MEA, APAC, South America, and North America respectively. During the forecast period, the Europe region is expected to register the highest incremental growth due to rising investments in E&P activities and initiatives undertaken by governments to ensure energy security.
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Some of the key topics covered in the report include:
Market Share by Competitors
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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