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According to the latest research report titled “Offshore Pipeline Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 15.01 billion by 2027, registering a CAGR of3.1% during 2020–2027.
Offshore Market in Europe to Grow at Highest CAGR during 2020–2027
The market in Europe comprises France, Germany, Russia, the UK, and Rest of European countries. The surging number of offshore activities across Europe drives the offshore pipeline market growth in the region. Offshore developments are projected to bring ~ 84% of the region’s new gas production and ~ 97% of new oil production. Further, the recovery of the economic conditions would drive the demand for oil and gas in the region. Europe is the second largest producer of petroleum products across the world. The gas industry in Europe has observed various shifts due to rising European LNG demand. Norway and Russia are major suppliers of natural gas, whereas Germany, France, and Italy are the major importers. Thus, a growing number of offshore projects for oil and gas would accelerate the demand for pipeline systems and services during the forecast period.
According to experts in oil & gas industry, by 2025, ~ 97% of new oil production across Europe would be sourced from offshore fields. Most extractable resources would be found in shallow water, contributing 929,000 barrels per day (mdb) to production volumes from 2025 onwards. Deepwater and ultra-deepwater oil are expected to bring on 515 and 1 mdb, respectively. Presently, the offshore projects are majorly active in the key locales such as the Baltics, North Sea, and the Mediterranean. Greece and Cyprus are looking at the construction of a 1,900 km subsea gas pipeline. The US$ 6 billion pipeline project is anticipated to start in 2025, with FEED work presently underwayn in the Europe region. In addition, 81 projects— including on and offshore—are in the pipeline across Europe, anticipating to begin by 2025.
Key Findings of Study:
• The UK is ahead of the curve when it comes to hydrocarbons projects. It has projects such as the Rosebank & Lochnagar Oil & Gas Field development, spearheaded by Equinor. While the planning stage is underway, Equinor is hoping that first oils will flow in 2026 on this US$ 6 billion development. Further, a few ongoing oil and gas projects in the UK are Mariner Heavy Oil Field and Culzean HPHT Gas & Condensate Field. Thus, an increasing number of offshore oil and gas projects in the country is expected to drive the demand for pipeline solutions.
• Generally, oil and gas pipelines with less than 24 inches diameter include gathering pipelines, distribution pipelines, flowlines, and feeder pipelines. A gathering pipeline is used for delivering oil and gas products to store tanks from processing plants. Products transmitted by these pipelines are crude oil, natural gas, and natural gas liquids. These pipelines are relatively shorter than other pipelines. The usual diameter of gathering pipeline is under 18 inches; however, for crude oil transmission, the diameter of these pipelines is usually 2 to 8 inches. Recent developments have seen gathering lines—with diameters of as large as 20 inches—used in shale production. Distributed pipelines are a combination of main pipelines and service pipelines.
• Energy demand is rapidly increasing in China despite structural changes, and government policies and measures related to fuel consumption and energy efficiency. . The demand depends on China's policies of environmental protection, switch in coal-to-gas use in household and industrial applications, and rate of development in natural gas infrastructure.
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