CHICAGO, Feb. 7, 2019 /PRNewswire/ -- According to the new market research report "Offshore Pipeline Market by Product (Oil, Gas, Refined Product), Line Type (Export Line, Transport Line), Diameter (Below 24, Greater Than 24), and Region (Americas, Europe, Asia Pacific, Middle East, & Africa) - Global Forecast to 2023", published by MarketsandMarkets, the Offshore Pipeline Market is expected to grow from USD 11.5 million in 2018 to USD 15.8 billion by 2023, at a CAGR of 6.54% during the forecast period. The major factors driving the Offshore Pipeline Market include increasing demand for crude oil and natural gas, especially from the Asia Pacific region. Increasing demand for safe, economical, and reliable connectivity is expected to drive the Offshore Pipeline Market.
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The greater than 24" segment is expected to grow at the highest CAGR in the Offshore Pipeline Market during the forecast period
Greater than 24" segment is the fastest growing segment in the Offshore Pipeline Market. The European region, followed by the Asia Pacific and the Middle Eastern regions, is expected to be the most attractive in this segment, because of the commissioning of planned projects during the forecast period. Major contractors include Saipem, National Petroleum Construction Company (NPCC) and McDermott International.
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The transport line segment is expected to hold the largest market share during the forecast period
Transport line being the most common type of offshore pipeline is expected to hold the largest market share during the forecast period as the technology is a highly mature and proven technology. Europe, followed by Asia Pacific, and the Middle East, is expected to be the most attractive region in this segment, during the forecast period.
Europe is expected to hold the largest market size in the Offshore Pipeline Market during the forecast period
Europe is expected to have the highest growth rate during the forecast period, due to increasing imports for its energy demands. The demand for oil and gas is expected to increase to about 70.0% over the next 15 years. Europe is mainly dependent on conventional fuels, and nearly 80% of its total consumption comes from conventional energy sources. The natural gas used in Europe is imported via pipelines from Central Asia, the Middle East, and Africa. Moreover, Europe is expected to add around 12,500 km of offshore pipelines during the forecast period.
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Major vendors in the Offshore Pipeline Market include Saipem (Italy), Subsea 7 (UK), McDermott (US), Sapura (Malaysia), Wood Group (UK), Technip (UK), Fugro (Netherlands), Atteris (Australia), Penspen (UK), Petrofac (UK), and Senaat (UAE).
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