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October 22, 2021, New York, USA -
Offshore Oil Pipeline: Introduction
The main component of offshore oil outlines is the offshore pipelines. These pipelines transport oil and gas from subsea to the platform and back to the seaboard platform for further processing and shipping. This massive offshore pipeline system is used for transporting oil or gas from one country to the next.
The Global Offshore Oil Pipeline Market Forecast:
The global market for offshore pipelines worldwide is expected to grow at a rate of 6.54%. It is USD 11.5 Billion in 2018 and is expected to reach USD 15.8 Billion in 2023.
The vast network of thousands of miles of pipelines greatly speeds up oil transportation. This makes it more affordable to transport products around the globe and allows for the safe and efficient transportation of many hydrocarbon products. The market will be constrained by technical issues like deep-water problems and construction.
The demand for offshore pipelines in North America is expected to rise, as the pipeline will increase demand for oil and gas. This will increase demand for gas pipelines.
Many countries around the globe require high energy consumption (oil and gas). However, the production of oil and natural gas in these countries is very low. This is expected to create enormous opportunities in the global offshore pipeline market over the forecast period.
North America was led by Canada and the United States is dominating the global offshore pipeline market.
Market Trend and Dynamics of the Global Offshore Oil Pipeline Market:
Significant Growth Expected To Be Seen In The Deep-water and Ultra-Deep-water Segment.
The rising number of people and their dependence on fossil fuels, and specifically the gas and oil industry, have pushed demand for cheap transport of petroleum and gas into the market.
Due to the oil price volatility that started in mid-2014, oil and gas companies around the globe undertook a series of cuts in their costs and also underwent decommissioning that resulted in an obstruction to exploration and production projects as well as new investments.
Additionally, due to the rise in oil prices since 2017, a number of deep-water and ultra-deep-water projects have been able to be operated and have led to increased investments in exploration and production operations, particularly in deep-water regions. In addition, the breakeven of deep-water production and exploration has decreased since 2014 and is predicted to continue in the same direction over the forecast time.
Furthermore, the recent waves of cost-cutting and technological advancements have enabled a number of production and exploration firms to increase their range of environmentally sustainable deep-water and ultra-deep-water projects. In the end, the market for offshore pipelines is anticipated to see significant expansion in the near future.
North America to Dominate the Market
It is expected that the North American region is expected to hold the largest market share of the pipeline industry offshore during the forecast time. Countries are striving to increase their investments in the latest technologies that could lead to increased exploration, and offshore technology plays an essential function. In the coming years, oil and gas pipeline structures in both the United States and Canada is anticipated to run at full capacity.
With the increased activity within the Gulf of Mexico, the United States is expected to see an increase in the market for offshore pipelines. The 18 upcoming projects that produce gas are anticipated to hold a combined 836 billion cubic feet in natural gas resources.
In the last few days, Chevron announced that the company had begun production at the Big Foot deep-water project, situated about 225 miles to the south of New Orleans; the platform was developed to produce 75,000 barrels of oil as well as 25 million cubic feet of natural gas every day.
Furthermore, it is expected that the Canadian pipeline business is predicted to see steady and strong expansion over the next few years due to technological advances. Additionally, it is expected that the Canadian energy and oil sector could record high output, and pipelines being considered to be the most secure and most cost-effective method for meeting the power requirements for the high-value markets of end-users.
The Key Market Segmentation of the Global Offshore Oil Pipeline Market:
Global Offshore Oil Pipeline Market can be divided into Installation Technique, Line Types, Product Types, Diameter, Depth of Operation and Geographical landscapes, etc.
Offshore Oil Pipeline Market Segmentation By Installation Technique:
Offshore Oil Pipeline Market Segmentation By Line Types:
Offshore Oil Pipeline Market Segmentation By Death of Operation:
Offshore Oil Pipeline Market Segmentation By Product Types:
Offshore Oil Pipeline Market Segmentation By Diameter:
Below 24 Inch
Above 24 inch
Offshore Oil Pipeline Market Segmentation By Geographical Landscape:
The Middle East and Africa
Major Key Players in the Global Offshore Oil Pipeline Market Are:
The Global Offshore Oil Pipeline Market Report Highlights:
The main driver of the offshore pipelines market comes from the rising demand for natural gas, crude oil and refined products from major energy-consuming nations. Because pipeline transportation is effective in comparison to other modes of transportation and is cost-effective, the demand for pipelines offshore will grow to meet the ever-growing requirements.
The high initial cost for the installation of offshore pipelines and the difficulty of inspection and maintaining the offshore pipelines is major market inhibitors for the oil pipeline industry.
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