The APAC offshore pipeline market is expected to grow from US$ 2,188.82 million in 2019 to US$ 2,761.26 million by 2027; it is estimated to grow at a CAGR of 3.2 % from 2020 to 2027. New oil and gas reserves detection and discovery across APAC drive the growth of the APAC offshore pipeline market.In September 2020, Equinor—an energy company—announced the discovery of new oil & gas fields.
Furthermore, in October 2020, another oil and gas company, Total and its partners announced that they will evaluate several development options for commercializing a new gas and condensate discovery.Such discoveries of new offshore oil & gas reserves across the region boost the construction of new plants and requirements for new offshore pipelines for cross-border transmission, which bolster the APAC offshore pipeline market.
The upgradation in flexible pipe technology is another factor that generates the demand of offshore pipelines across the region. Countries across APAC, especially the China and India, are adversely affected by the COVID-19 pandemic.The region comprises the world’s two most populated and prominent oil producing countries.
China virtually imposed strict lockdown and social isolation, restricting manufacturing activities.These measures resulted in shrinking demand for oil and other energy commodities across the country.
Thus, the oil & gas construction activities across China plummeted significantly, which hindered the offshore pipeline market in the country.Similarly, Indian government is imposing a nationwide lockdown to control the growing number of COVID-19 cases.
Subsequently, the lockdown and disruption of various manufacturing activities contributed significantly in reduced activities in oil & gas sector. Therefore, the overall restrictions on activities in oil & gas industries collectively hindered the demand for offshore pipelines across APAC countries during the early months of 2020. The impact of the outbreak is quite severe in 2020, and it is likely to continue in 2021. Hence, the ongoing COVID-19 crisis and critical situation in China and India would restrain the APAC offshore pipeline market growth in the next a few quarters. Based on line type, the transport line segment led the APAC offshore pipeline market in 2019.Transport lines, also called transmission lines, are used for carrying gas or oil from one coast to another coast.
These lines work similarly to a tanker carrying oil for trading purposes.They transport oil or gas from their corresponding gathering pipelines to processing, refining, or storage facilities.
Transport lines are also used to carry refined petroleum products and natural gas to consumers for further distribution.Transport pipeline systems comprise equipment—such as pipe, pumps or compressors, valves, storage tanks, and breakout tanks—and facilities essential to carry the products.
They are made up of steel pipe, and their diameter size can vary from several feet to inches. These pipeline systems can be constructed for operating from quite low pressures to more than 1,000 pounds per square inch of pressure, based on the product being carried. Also, their range can vary in length from hundreds of miles to hundreds of feet. All these factors are driving the growth of the APAC offshore pipeline market. The overall APAC offshore pipeline market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the APAC offshore pipeline market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, offshore pipeline market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the APAC offshore pipeline market. 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.
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