The global pipelay vessel operator market is expected to post a CAGR of close to 2% during the period 2019-2023, according to the latest market research report by Technavio
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Technavio has released a new market research report on the global pipelay vessel operator market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the rising demand for oil and gas globally. The strong demand for petroleum products, especially in developing countries such as China, India, and Indonesia, and the growing use of natural gas for power generation and city gas distribution across the world are major factors driving the demand for fossil fuels. This has led to high investment and expansion of the global pipelay vessel operator market.
As per Technavio, the increasing adoption of IoT in midstream oil and gas operations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global pipelay vessel operator market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global pipelay vessel operator market: Increasing adoption of IoT in midstream oil and gas operations
The oil and gas midstream sector act as a medium to optimize the oil and gas supply chain. Moreover, to combat the low crude oil prices, several oil companies have started focusing on cost reduction with high emphasis on new technologies. Oil and gas midstream operators are increasingly making use of loT applications to manage their day-to-day operations better. The data monitoring capability of midstream companies can help operators in analyzing product flow data, providing them with better insights, which can be leveraged to streamline their business from both supplier and consumer side. With the help of loT, midstream operators will be able to manage their operations better, which in turn will boost the growth of the global pipelay vessel operator market.
"Currently, pipelay vessel operators are increasing productivity by automating pipelaying processes and equipment, investing in high-performance tools and systems, and using the data-driven approach to optimize pipelaying activities. Companies are also investing in high-speed, precision drilling capabilities such as laser drilling and automated drilling. These systems are used in clearing out the seabed for laying pipes. Hence, the use of advanced technology in pipelaying activities is expected to drive the market during the forecast period," says a senior analyst at Technavio.
Global pipelay vessel operator market: Segmentation analysis
This market research report segments the global pipelay vessel operator market by vessel type (J-lay barges, S-lay barges, Other barges) and geographical regions (APAC, Europe, North America, MEA, South America).
The APAC region led the market in 2018 with a market share of over 29%, followed by Europe, North America, MEA, and South America respectively. However, during the forecast period, the MEA region is expected to register the highest incremental growth, followed by the North American region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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