What is the global market size of Offshore Pipeline Market?

Global Offshore Pipeline Market size was valued at USD 14.14 billion in 2021 and is poised to grow from USD 14.8 billion in 2022 to USD 22.38 billion by 2030, growing at a CAGR of 4.7% in the forecast period (2023-2030).

Offshore Pipeline Market Size, Share, Growth Analysis, By Product Type(Oil, Gas, Refined Products), By Line Type(Transport line, Export Line, Others), By Diameter(Below 24 Inch, Above 24 Inch), By By Depth of Operation(Shallow Water, deep water), By Region - Industry Forecast 2024-2031

Report ID: SQMIG10F2009 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 115 | Figures: 77

Offshore Pipeline Market Insights

Global Offshore Pipeline Market size was valued at USD 14.14 billion in 2019 and is poised to grow from USD 14.8 billion in 2023 to USD 22.38 billion by 2031, growing at a CAGR of 4.7% in the forecast period (2024-2031).

During the forecast period, the market is anticipated to be driven by factors including rising demand for crude oil and natural gas, particularly from the Asia-Pacific region, and a growing focus on secure, affordable, and dependable connections for oil and gas exploration. High construction costs and technical difficulties with a deep-water building are predicted to impede market expansion. Due to increased shale gas discoveries and development in the North American region, the gas pipeline segment is anticipated to enhance demand in the offshore pipeline market. Gas pipelines are anticipated to become extremely popular as a result. Subsea (offshore) pipeline imports of more oil and gas into the European and Asia-Pacific regions are anticipated to generate enormous prospects for the market in the future. North America also dominated the global market in the forecast period.

US Offshore Pipeline Market is poised to grow at a sustainable CAGR for the next forecast year.

Offshore Pipeline Market Report Snapshots

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Offshore Pipeline Market size was valued at USD 14.14 billion in 2019 and is poised to grow from USD 14.8 billion in 2023 to USD 22.38 billion by 2031, growing at a CAGR of 4.7% in the forecast period (2024-2031).

With already established market competitors, the offshore pipeline industry is fierce. Many companies are actively investing in R&D activity to develop innovative products that help the company to improve its market share and generate more revenue. Enbridge Inc., Cortez Subsea, Fugro, McDermott, Saipem, TechnipFMC plc, Penspen, Sapura Energy Berhad, Atteris, and Senaat are a few of the key participants. Businesses are concentrating on acquisitions to grow their market share and remain competitive. 'Saipem S.p.A.', 'TechnipFMC Plc ', 'Subsea 7 S.A.', 'McDermott ', 'Wood Group plc', 'Baker Hughes Company', 'McDermott Middle East, Inc.', 'Bechtel Corporation', 'Petrofac Limited ', 'MODEC, Inc.', 'L&T Hydrocarbon Engineering Limited', 'China National Offshore Oil Corporation Limited', 'NPCC - National Petroleum Construction Company', 'McDermott Caspian Contractors, Inc.', 'Vallourec S.A.', 'Mott MacDonald Group Limited', 'WorleyParsons Limited', 'Woodside Petroleum Ltd.', 'Halliburton Company', 'Chiyoda Corporation'

The sector is being supported by the rising investments made by the top market players in R&D activities, the expanding need for crude oil and natural gas across all industrial verticals, and the growing requirement for accessible and secure supply connectivity. Further, other market drivers are increasing demand of crude oil, natural gas and refined products by the high energy consuming countries. As transportation through pipelines is efficient as compared to other means of transport, the market for offshore pipelines will rise to fulfil the growing demands.

The market for offshore pipelines is likely to be driven by the development of new gas resources and the adoption of subsea (offshore) pipelines for the quick and affordable transportation of natural gas exports. These developments are the result of the rising demand for natural gas.

During the forecast period, North America is anticipated to hold the largest worldwide market share for offshore pipelines. The region's nations are making an effort to invest in offshore oil and gas development projects. Oil and gas pipeline infrastructure in nations like the United States and Canada is anticipated to continue operating at full capacity during the forecast period. The market for offshore pipelines in the United States is anticipated to grow significantly as a result of increased activity in the Gulf of Mexico.

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Offshore Pipeline Market Size, Share, Growth Analysis, By Product Type(Oil, Gas, Refined Products), By Line Type(Transport line, Export Line, Others), By Diameter(Below 24 Inch, Above 24 Inch), By By Depth of Operation(Shallow Water, deep water), By Region - Industry Forecast 2024-2031

Offshore Pipeline Market Insights

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