Press release
Offshore Pipeline Market Size, Business Growth Updates, Trends, Industry Report And Forecast To 2033
Offshore Pipeline Market Analysis
The Business Research Company offers in-depth market insights through Offshore Pipeline Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The offshore pipeline market size has grown strongly in recent years. It will grow from $14.82 billion in 2023 to $15.63 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to energy demand growth, deepwater exploration and production, government investments in infrastructure, geopolitical factors, environmental and safety regulations:.
The offshore pipeline market size is expected to see strong growth in the next few years. It will grow to $19.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to renewable energy transition, increasing lng trade, focus on emissions reduction, global energy security concerns, subsea tiebacks and satellite fields. Major trends in the forecast period include adoption of pipeline inspection technologies, technological advancements in pipeline construction, hydrogen transportation pipelines, collaborations in offshore pipeline projects, use of composite materials in pipelines.
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Market Segmentation:
The offshore pipeline market covered in this report is segmented -
1) By Product: Natural Gas, Crude Oil, Refined Products
2) By Diameter: Below 24 Inch, Above 24 Inch
3) By Line: Transport Line, Export Line, Other Lines
4) By Installation Type: S Lay, J Lay, Tow In
5) By Depth Of Operation: Shallow Water, Deep Water
Major Driver - Rising Demand For Crude Oil And Natural Gas To Drive Market Growth
The increasing demand for crude oil and natural gas is expected to propel the growth of the offshore pipeline market going forward. Crude oil, also known as petroleum, refers to a liquid hydrocarbon mixture that is typically found in underground reservoirs, while natural gas is a blend of hydrocarbon gases made up mostly of methane (CH4) with minor components of ethane, propane, and butane. Offshore pipelines offer several advantages for the transportation of crude oil and natural gas, as they provide a reliable and cost-effective means of moving large volumes of hydrocarbons over long distances. For instance, in March 2023, according to the US Energy Information Administration, a US-based federal statistical system, the U.S. crude oil output is expected to reach 12.4 million b/d in 2023 from 11.7 million b/d in 2022. Therefore, the increasing demand for crude oil and natural gas is driving the growth of the offshore pipeline market.
Competitive Landscape:
Major companies operating in the offshore pipeline market report are Marathon Petroleum Corporation, Enterprise Products Partners L.P., Plains All American Pipeline L.P., Enbridge Inc, Baker Hughes Company, Kinder Morgan Inc., Transneft, TC Energy Corporation, Pembina Pipeline Corporation, McDermott International Ltd., Technip FMC Plc, Saipem SpA,, Subsea 7 SA, Tmk Group, Petrofac Limited, Allseas Group SA, Fugro NV, L&T Hydrocarbon Engineering Limited, Shawcor Ltd., Sapura Energy Berhad, Bourbon Corporation SA, China Petroleum Pipeline Engineering Co. Ltd, Penspen
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Top Trend - Technological Advancements Driving Innovation In Offshore Pipeline Market
Technological improvements are a key trend gaining popularity in the offshore pipeline market. Companies operating in the offshore pipeline market are adopting new technology improvements to sustain their position in the market. For instance, in May 2023, Saipem S.p.A., an Italian-based energy services company, developed the Integrated Acoustic Unit (I.A.U.) technology for monitoring subsea pipelines during laying operations. This innovative technology has recently obtained the statement of qualified technology for medium and large pipelines from DNV, a global expert in assurance and risk management. The I.A.U. is an advanced digital instrument developed by Saipem that utilizes acoustic technology for non-intrusive, remote monitoring of subsea pipelines during laying operations. Its deployment on the Scarborough project in Australia ensures enhanced accuracy and efficiency in anomaly detection, eliminating risks associated with mechanical detectors. The technology offers improved pipeline integrity monitoring while mitigating potential damages during pulling operations.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Offshore Pipeline Market Characteristics
3. Offshore Pipeline Market Trends And Strategies
4. Offshore Pipeline Market - Macro Economic Scenario
5. Offshore Pipeline Market Size And Growth
…..
27. Offshore Pipeline Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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