Press release
Offshore Pipeline Market to Record an Exponential CAGR by 2018 – 2028
In the oil & gas industry, offshore pipelines are used to transport crude & refined petroleum products from source to destination, which are separated by distance, physically. Offshore pipeline is considered as the most economical mode of transportation and oil & gas price recovery is positive for the industry, particularly when combined with lower costs for equipment, engineering and services. Deepwater activity continues to be more attractive than onshore shale while costs continue to tumble in the offshore oil & gas supply chain, which creates the positive outlook for the global offshore pipeline market in the near future.
The global offshore pipeline market is expected to expand with a mid-single digit CAGR during the forecast period, owing to the rising demand for crude oil and natural gas, also demand for economical, safe, and reliable connectivity, which is likely to fuel the demand for offshore pipeline globally.
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Offshore Pipeline Market Dynamics
The offshore pipeline market is highly competitive in nature and is one of the least transparent markets in oil & gas sector. Increase in demand for cost-effective transportation method for oil & gas is one of the significant factors, which is likely to boost the demand for offshore pipeline in the global oil & gas sector during the forecast period.
Increase in the demand for crude oil & natural gas along with economical, reliable & safe connectivity are the major factors driving the growth of the global offshore pipeline market. Due to the rise in government regulations & compliances, offshore pipeline market players are investing a huge amount in the offshore pipeline infrastructure.
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Most of the countries in the world require a high amount of energy (oil & gas) consumption while the production of oil & gas in such countries is negligible such as U.K., Germany & France, which is estimated to create huge opportunity in the global offshore pipeline market during the forecast period.
However, global shift towards renewable source of energy decreases the demand for oil & gas, which is likely to hamper the growth of offshore pipeline market. Also, high initial investment & long duration of projects hindered the market growth during the forecast period.
Offshore Pipeline Market Segmentation
For a better understanding of the global offshore pipeline market, the global market is studied under pipeline type, product type, material type, pipe diameter and region. By pipeline type, global offshore pipeline market is segmented as infield offshore pipeline, export offshore pipeline and transmission offshore pipeline. In terms of product type, offshore pipeline market is segmented as oil, gas and refined products. Based on material type, the market is segmented as carbon steel, alloy steel, stainless steel, composites, specialty plastics, duplex and others. In terms of diameter, global offshore pipeline market is segmented into below 16 inches, 16 – 20 inches, 20 – 24 inches and above 24 inches.
Offshore Pipeline Market Regional Overview
The global market for offshore pipeline is analyzed under the major regions: North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa. The European region is estimated to be the dominating & fastest growing offshore pipeline market owing to the heavy reliance on import for its energy demand from Middle East & Russia. Asia Pacific (East Asia, South Asia & Oceania) is another prominent region followed by the Middle East because of the commissioning of planned projects during the forecast period. The Middle East is the major supplier of crude oil & gas in the world. The demand for oil & gas is continuously increasing in the developing nation like India and ASEAN countries, which is likely to fuel the demand for offshore pipeline in the near future.
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