Europe was the Leader of the Offshore Pipeline Market

The offshore pipeline market will grow at a rate of 4.10% by the end of this decade, to reach a value of USD 18,716 million by 2030. The increasing requirement for crude oil and natural gas, particularly from APAC, along with a mounting emphasis on secure, affordable, and safe connections for gas and oil resource supply, will drive the industry.

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The offshore pipeline industry will get major investments in North America. To cope with the increasing requirement for petroleum products, the U.S. is concentrating on shale gas and oil production. Services for the pipeline sector are vital to decreasing transportation risks, guaranteeing structural integrity, and protecting assets and people.

For preventing geo-hazardous conditions along the pipeline and protecting it from corrosion, these services are tremendously important.

The natural gas category will observe a growth of around 4.7% by the end of this decade.

Because of the growing requirement for LPG and LNG, new gas fields have been discovered, and undersea pipes are used to transport the commodity affordably and easily.

In the year 2021, the world produced about 4 trillion cubic meters of natural gas. With 1,109.9 billion cubic meters, North America formed most of it, followed by the MEA.

North America will hold a considerable share in the years to come. There is an increase in the requirement for subsea pipelines in the region, as both the U.S. and Canada are making substantial investments in subsea E&P projects.

There is every possibility that pipeline infra in the region will be used at full capacity in the years to come.

Europe was the largest offshore pipeline market in the past. The main drivers for the development of the region are the occurrence of high-energy-consuming countries, for example, France, the U.K, and Germany, increasing hydrocarbon production, and monetary advantages of this kind of pipeline.

Likewise, in the MEA, an EPCI contract for the offshore share of Qatar Energy's North Field Expansion Project was given to McDermott Middle East Inc. in the month of January 2022.

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The NFE and NFS development projects will power the State of Qatar's ability to produce LNG from 77 million tons per year to 126 MTPA, which would make it the major LNG project at a global level.

Due to the increasing requirement for oil and gas all over the world, and the discovery of offshore hydrocarbon reserves, the requirement for offshore pipelines is on the rise. This trend will also continue in the years to come as well, as there is absolutely no stopping the use of oil and gas as a fuel, all over the world.

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