In 2022, the offshore pipeline market was worth around USD 13,571 million, and it is projected to advance at a 4.10% CAGR from 2022 to 2030, hitting USD 18,716 million in 2030, according to P&S Intelligence.
This growth can be ascribed to the increasing need for crude oil and natural gas, mainly from the APAC region, also a rising focus on secure, cost-effective, and harmless connections for oil & gas reserve supply, is projected to boost industry in the coming years.
The demand for pipelines is also projected to increase because of a surge in shale gas resource findings and expansion in the North American continent. Already, the region has created a substantial requirement for the fitting of pipelines off its shores. Furthermore, in the coming few years, the increasing hydrocarbon imports through subsea pipelines will have a significant positive influence on the industry.
Several medications, chemicals, polymers, solvents, and fertilizers are made from petroleum. To meet the increasing requirement for purified petrochemicals, including diesel and gasoline, numerous firms, like Rosneft, BP, Total, and Exxon Mobil, want to invest massively in order to vividly surge their oil refining capacity, by escalating the current refineries and constructing new ones.
In the coming years, North America is projected to witness significant CAGR, mainly because of the rising need for subsea pipelines, in the U.S. and Canada and both countries are doing substantial expenditures on subsea E&P projects.
It is predicted that the pipeline infrastructure in the continent will grow more in the coming years. Furthermore, due to the rising E&P actions in the Gulf of Mexico, the industry for offshore pipelines in the U.S. will enlarge vividly.
The offshore pipeline market is projected to have huge investments in North America. To fulfill its increasing demand for petroleum items, the U.S. has started to focus more on shale oil and gas making. Services for pipeline integrity are vital to reduce transport hazards, safeguarding organizational integrity, and defending individuals and assets. To stop geo-hazardous circumstances along the pipeline and save it from erosion, such facilities are very important.
On the basis of product type, the natural gas category, is projected to experience a development of approximately 4.7% in the coming years. The new gas fields have also been discovered in order to meet the increasing demand for LPG and LNG, the undersea pipes are utilized to transport the product with ease and reasonably.
Hence, the increasing need for crude oil and natural gas, mainly from the APAC region, also a rising focus on secure, cost-effective, and harmless connections for oil & gas reserve supply, are the major factors driving the offshore pipeline industry.
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