The North America offshore pipeline market is expected to grow from US$ 2,925. 21 million in 2019 to US$ 3,391. 55 million by 2027; it is estimated to grow at a CAGR of 2. 1% from 2020 to 2027. Increasing need for safe, cost-effective, and efficient connectivity of pipelines across North America escalates the growth of the North America offshore pipeline market.
New York, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Offshore Pipeline Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Diameter, Line Type, and Product" - https://www.reportlinker.com/p06004215/?utm_source=GNW
Several advancements in technology are taking place to enhance the efficiency, safety, and reliability of offshore pipelines.
For instance, the development of hydrate-phobic coating for the construction of methane hydrates in the deep sea.Moreover, several companies across North America are developing innovative coating solutions to evade corrosion of pipes.
For instance, in April 2020, material scientists in North America developed a super hydrophobic coating for offshore drilling pipes.The coating moderates or avoids hydrates and other deposits from cohering to subsea pipelines.
Such developments focused on enhancing the safety, connectivity, and robustness of offshore oil & gas pipelines are raising more investments in offshore pipelines as compared to other modes of oil & gas transportation, which boosts the market growth. The growing demand for natural gas and crude oil is one of the significant factors expected to drive the demand for offshore pipelines across North America during the forecast period.
Countries in North America, especially the US, are reporting an unprecedented rise in the number of COVID-19 cases, which is disrupting construction activities in the oil & gas sector.The demand for offshore pipelines was hindered during the early months of 2020.
Moreover, the considerable decline in the overall global oil prices hampered the oil & gas related projects and other activities, which restrained the demand for offshore pipelines.Similar trend is also witnessed across Canada and Mexico.
However, the countries are expected to overcome the swift drop in demand as they are resuming their economic activities for the revival of business activities, which would escalate the North America offshore pipeline market in the coming years.
Based on diameter, the less than 24 inches segment led the North America offshore pipeline market in 2019.Generally, oil & gas pipelines with less than 24 inches diameter are available in various types such as gathering pipelines, distribution pipelines, flow lines, and feeder pipelines.
A gathering pipeline is used for delivering oil & gas products to store tanks from processing plants.Common products transmitted by these pipelines are crude oil, natural gas, and natural gas liquids.
These pipelines are relatively shorter than other pipelines, and their usual diameter is under 18 inches.However, the diameter of these pipelines is usually 2 to 8 inches for crude oil transmission.
Recently, gathering lines—with diameters as large as 20 inches—were used in shale production. Distribution pipelines are a system with a combination of main pipelines and service pipelines. The diameter of the main pipelines ranges from 2 to 24 inches, whereas service pipelines have a typical diameter of less than 2 inches. Flow lines are used to transmit raw products to the gathering lines from the wellhead. On the other hand, feeder pipelines carry natural gas, crude oil, or natural gas liquids to storage tanks . The diameter of feeder pipelines is generally 6 to 12 inches. Various advantages of less than 24 inches pipeline such as long distance transmission, cost effective, and efficient for crude oil transmission are expected to drive its demand in the coming years, which would bolster the North America offshore pipeline market during the forecast period.
The overall North America offshore pipeline market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the North America offshore pipeline market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, offshore pipeline market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America offshore pipeline market. Bechtel Corporation; Fugro; John Wood Group PLC; Larsen & Toubro Limited; McDermott International, Inc.; Petrofac Limited; Saipem S.p.A; Sapura Energy Berhad; Subsea 7 S.A.; and TechnipFMC plc are a few players operating in the market.
Read the full report: https://www.reportlinker.com/p06004215/?utm_source=GNW
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