The offshore pipeline market was valued at US$ 11.97 billion in 2019 and is projected to reach US$ 15.01 billion by 2027; it is expected to grow at a CAGR of 3.1% from 2020 to 2027.
The offshore pipeline market is expected to witness considerable growth during the forecast period owing to rise in the number of natural gas projects and discovery of new oil fields, particularly in remote locations.Additionally, the depletion of existing oil and gas reserves in various countries drives the demand for cross-border pipelines for the supply of oil and gas related products.
The offshore pipeline market is segmented on the basis of diameter, line type, and product.Based on product, the gas segment is expected to register the highest CAGR during the forecast period.
Regions such as North America are noticing a high growth in shale gas discoveries, which drives demand for offshore pipeline.Based on line type, the transport line segment is expected to dominate the offshore pipeline market during the forecast period.
The rising demand for refined products increases the deployment of transport lines across the world, which propels the growth of the offshore pipeline market. Moreover, the transport line is usually longer in length and covers a wide range of areas, such as cross-border pipelines.
By geography, Europe is estimated to dominate the offshore pipeline market during 2020–2027.Discoveries of oil and gas reserves, particularly in the eastern European region, are propelling the offshore pipeline market growth.
The region is also expected to register the highest CAGR during the forecast period.North America would hold the second largest offshore pipeline market share during 2020–2027.
The increasing number of offshore oil and gas activities in the Gulf of Mexico is also boosting the growth of the offshore pipeline market in North America. According to the BP Statistical Review of World Energy 2019, ~13.7% of the world’s proven oil reserves are situated in North America. The demand for offshore pipeline network is increasing in ASEAN members. Also, China and India are witnessing high growth in the demand for natural gas and refined products.
The overall 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 offshore pipeline market.
The process also serves the purpose of obtaining an overview and forecast for the offshore pipeline market with respect to all the segments.It also provides the overview and forecast for the global offshore pipeline market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, MEA, and SAM.
Also, primary interviews were conducted with industry participants and commentators to validate data as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts and key opinion leaders, specializing in the offshore pipeline market.
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