The offshore pipeline market is expected to grow from $11.5 billion in 2018 to $15.8 billion by 2023, at a CAGR of 6.54%, from 2018 to 2023.
Increasing demand for safe, economical, and reliable connectivity expected to drive the overall offshore pipeline market, said a market research report by Reportbuyer.
"The offshore pipeline market is driven by various factors, such as increasing demand for crude oil & natural gas. However, growing demand for refined products can hinder the growth of the offshore pipeline market," it said.
The greater than 24" segment is the fastest growing segment in the offshore pipeline market.The European region is expected to have planned projects for the offshore pipeline with the addition of approximately 2,200 km by 2020.
The transport line segment is the highest growing segment in the offshore pipeline market.The transport line segment is expected to dominate the market with approximately 25,000 km addition of offshore pipeline during the forecast period.
Europe is expected to be the largest market during the forecast period.The region is expected to have around 12,500 km of offshore pipelines addition in the upcoming years.
The region is expected to increase its 70% demand in the next 15 years.Moreover, the region has offshore pipeline addition for around 12,500km during the forecast period.
Countries such as Russia, Georgia, and Ukarine are likely to drive the growth of the offshore pipeline market during the forecast period.
The major players in the global offshore pipeline market, are 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).