Escalating energy demands globally, especially for oil and gas, will favor the global offshore pipeline market growth during the forecast period. The National Petroleum Council in the United States recently released a report which states that the global energy demand is likely to rise between 50 and 60% by 2030. The Council estimates that the demand for oil alone will reach somewhere between 37.6 and 50.4 billion bbl/year by 2030. According to the International Energy Agency, oil demand will touch 104.7 million barrels per day by 2023, displaying an annual growth rate of 1.2 million barrels per day. These developments can boost the global offshore pipeline market revenue during the forecast period.
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Fortune Business Insights shares a keen market analysis in its report, titled “Off-Shore Pipeline Market Size, Share and Global Trend By Diameter (Less than 24”, More than 24”), By Product (Oil, Gas, Refined Products, Others), By Line Type (Transport Line, Export Line, Other) and Geography Forecast Till 2026”. The report is contained a comprehensive examination of the influential factors, dynamics and trends that are likely to emerge, the most promising regions, and the competitive landscape in the global off-shore pipeline market.
According to the US Department of Transport, an offshore pipeline is a pipeline that is laid beyond the low water mark off the coast, located adjacent to the open seas. More generally, offshore pipelines refer to engineering methods that are employed for exploration and transportation activities, such as extracting hydrocarbons from the seabed, transporting oil and gas across countries, and laying underwater cables for connectivity and electricity purposes. Subsea laying of pipes is done using three commonly used techniques of Tow-in, S-lay, and J-lay, with the pipe-lay vessel playing the core role.
Fortune Business Insights has covered some of the major companies operating the global off-shore pipeline market:
- Petrofac Limited
- Larsen & Toubro Limited
- TechnipFMC plc
- John Wood Group PLC
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Rising Energy Demands to Drive the Market
Steadily rising demand for energy resources around the world is expected to substantially expand the global off-shore pipeline market size till 2026. According to the International Energy Agency, overall energy demand grew by 2.3% in 2018, with natural gas leading the way. Moreover, the demand for oil rose by 1.3%. This trend is expected to continue as the pace of economic development picks up, an important indicator of which is rising energy consumption, especially in developing countries such as India and China. The global off-shore pipeline market stands to gain from these rapid transformations.
High Dependency on Energy Imports in Europe to Fuel the Market
Countries of the European Union (EU) are highly dependent on energy imports, primarily from Russia and Norway. According to the European Commission, the fuel that was majorly imported by Europe in 2017 was petroleum and petroleum products. The demand for and consumption of conventional fuels in Europe is mainly concentrated in the UK, Germany, and France at nearly 80%. Therefore, Europe is anticipated to hold the largest portion of the global off-shore pipeline market share during the forecast period.
In North America, increasing production of shale oil is expected to spur the demand for off-shore pipeline machinery. For example, the US Energy Information Administration estimates that around 6.5 million barrels per day of crude oil was produced from shale oil in 2018. This will make North America the second largest stakeholder in the global off-shore pipeline market in the coming decade.
Asia-Pacific is also expected to make notable contributions to the global off-shore pipeline market owing to the increasing offshore hydrocarbon exploration activities by India and China, which will spur the demand for offshore pipeline equipment.
Awarding of Contracts and Strategic Collaborations to Characterize Market Competition
The global off-shore pipeline market is set to experience a dynamic phase on account of key players looking to broaden their horizons through securing contracts and entering into partnerships. For example, in January 2018, Larsen & Toubro Hydrocarbon Engineering won an offshore contract from the ONGC to aid ONGC in developing three small and blocks in the Bassein gas field in the Arabian Sea.
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Major Table of Content For Off-Shore Pipeline Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Off-Shore Pipeline Market Analysis, Insights and Forecast, 2026
- North America Off-Shore Pipeline Market Analysis, Insights and Forecast, 2026
- Europe Off-Shore Pipeline Market Analysis, Insights and Forecast, 2026
- Asia Pacific Off-Shore Pipeline Market Analysis, Insights and Forecast, 2026
- The Middle East and Africa Off-Shore Pipeline Market Analysis, Insights and Forecast, 2026
- Latin America Off-Shore Pipeline Market Analysis, Insights and Forecast, 2026
- Competitive Landscape
- Company Profile
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