Offshore Pipeline Market Report - (Growth and Size by 2031)
The offshore pipeline market size is projected to reach US$ 21,044.7 million by 2031 from US$ 15,277.3 million in 2022. The market is expected to register a CAGR of 6.7% during 2023–2031. Increasing offshore oil and gas production, rising production of new oil rigs, and reconstruction of existing and old offshore oil and gas rigs are among the key factors driving the offshore pipeline market.
Offshore Pipeline Market Analysis
The offshore pipeline market is expected to experience considerable growth owing to the rising number of natural gas projects as well as the discovery of new oil fields, particularly in remote locations. Additionally, the depletion of existing oil and gas reserves in various countries has created a demand for cross-border pipelines for the supply of oil and gas-related products, which is boosting the growth of the offshore pipeline market. The increasing demand for cost-effective transportation methods for oil and gas is also one of the major factors expected to boost the demand for offshore pipelines in the oil & gas sector worldwide.
Offshore Pipeline Market Overview
Population explosion and corresponding industrialization have triggered the demand for energy at the global level. The rise in energy consumption has boosted the need for oil and gas in developing and developed economies. It has resulted in driving the demand for offshore pipeline infrastructure across the globe. Asia Pacific is the largest consumer of crude oil and gas. Further, highly industrialized countries in the Asia Pacific, including China, India, Japan, and South Korea, are reporting increasing overall energy consumption. Their focus on boosting domestic oil production through various enhanced oil recovery techniques is promoting the market for offshore pipelines in Asia Pacific to meet the growing oil demand.
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Offshore Pipeline Market: Strategic Insights
Market Size Value in US$ 11.97 Billion in 2019 Market Size Value by US$ 15.01 Billion by 2027 Growth rate CAGR of 3.1% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Offshore Pipeline Market: Strategic Insights
| Market Size Value in | US$ 11.97 Billion in 2019 |
| Market Size Value by | US$ 15.01 Billion by 2027 |
| Growth rate | CAGR of 3.1% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Offshore Pipeline Market Drivers and Opportunities
Increasing Demand for Natural Gas and Crude Oil
The demand for oil and natural gas is witnessing a constant increase across the world. The US and China have registered the most noticeable growth. The surge in industrial production, along with the high demand for trucking services, is boosting the demand for petrochemicals, thereby fuelling the growth of the offshore pipeline market. Moreover, the growth in air traffic volumes worldwide, particularly in Asia, is another significant factor resulting in increased oil consumption.
The Organization of the Petroleum Exporting Countries (OPEC) published “The 2020 OPEC World Oil Outlook” in October 2020. As per the outlook, the COVID-19 pandemic led to a downturn in oil demand; however, it was expected that global energy demand would register constant growth in the future, rising by a noteworthy 25% by 2045. The outlook further anticipates oil to be the largest contributor in the energy mix market, contributing 27% of the overall energy share by 2045. The demand for oil products is estimated to rise at more than ~47 Mb/day during 2022–2025 in OECD countries. On the other hand, the demand in non-OECD countries is projected to rise by 22.5 MB/day during the forecast period.
Constant Efforts to Improve Oil Recovery Operations
Various countries are investing in rejuvenating their existing oil resources in order to boost domestic oil production and decrease their dependence on oil imports. Over recent decades, the steam injection method has been exploited commercially to improve recovery from conventional heavy oil reservoirs in their later stages of development. The injected steam increases the overall pressure of an offshore oil reservoir, which helps improve the mobility ratio of crude oil and allows it to flow efficiently. As a result, the enhanced oil recovery methods help revitalize extraction processes in existing offshore oil wells. Thus, the expansion of oil and gas operations is anticipated to offer promising growth opportunities to the offshore pipeline market players in the coming years.
Offshore Pipeline Market Report Segmentation Analysis
Key segments that contributed to the derivation of the offshore pipeline market analysis are type and end user.
- Based on diameter, the offshore pipeline market has been divided into less than 24 inches and more than 24 inches. The less than 24-inch segment held a larger market share in 2023.
- By line type, the offshore pipeline market is segmented into transport lines, export lines, and others. The transport line segment held the largest market share in 2023.
- In terms of products, the market is segmented into oil, gas, and refined products. The refined products segment dominated the market in 2023.
Offshore Pipeline Market Share Analysis by Geography
The geographic scope of the offshore pipeline market report is mainly divided into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Europe dominated the offshore pipeline market in 2023. The market in Europe is segmented into Germany, Norway, Italy, Russia, the UK, and the Rest of Europe. Europe is the second largest producer of petroleum products globally, persisting an oil refining capacity of more than 15%. The gas industry in Europe has observed various shifts owing to the rising LNG demand. Further, Norway and Russia still maintain their position as natural gas suppliers, whereas Germany, France, and Italy are the main importers of natural gas. Thus, the rising number of natural gas projects, as well as the discovery of new oil fields, particularly in remote locations, will most likely accelerate the demand for offshore pipeline systems and services.
Offshore Pipeline Market Report Scope
Offshore Pipeline Market News and Recent Developments
The offshore pipeline market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the offshore pipeline market are listed below:
- In July 2023, Kinder Morgan and Howard Energy Partners expanded their Eagle Ford natural gas transportation systems. Tejas is constructing a 67-mile pipeline, and Dos Caminos is constructing a 62-mile pipeline. The projects are expected to be completed in Q4 2023 and deliver up to 2 billion cubic feet/day of natural gas to the US Gulf Coast markets. The US$ 251 million expansion project is a critical supply link for power generators, industrial customers, and LNG exporters along the Texas intrastate pipeline network.
- In February 2023, Enagas signed an agreement with Reganosa in which Enagas paid 54 million euros to Reganosa to purchase a network of 130 km of natural gas pipelines. The efficient operation and supply security of the Iberian gas market is dependent on this network.
Offshore Pipeline Market Report Coverage and Deliverables
The “Offshore Pipeline Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Offshore pipeline market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Offshore pipeline market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Offshore pipeline market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the offshore pipeline market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Diameter , Line Type , and Product
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Norway, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The offshore pipeline market is expected to register a CAGR of 6.7% during 2023–2031.
The offshore pipeline market size is projected to reach US$ 21,044.7 million by 2031
The key players in the offshore pipeline market are - Enbridge Inc., Saipem SpA, McDermott International Ltd., Allseas Group SA, China Petroleum Pipeline Engineering Ltd, Kinder Morgan, TC Energy Corporation, Energy Transfer, Bechtel Corporation, Transneft
Increasing demand for natural gas and crude oil and various countries are investing in rejuvenating their existing oil resources in order to boost domestic oil production anticipated to drive offshore pipeline market
Europe dominated the offshore pipeline market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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