At 5.8% CAGR, Europe Offshore Oil and Gas Pipes, Fittings, and Flanges Market is Projected to be Worth US$ 3,551.82 Million by 2030, says Business Market Insights

According to Business Market Insights research, the Europe offshore oil and gas pipes, fittings, and flanges market was valued at US$ 2,259.67 million in 2022 and is expected to reach US$ 3,551.82 million by 2030, registering a CAGR of 5.8% from 2022 to 2030. High crude oil prices generating demand for efficient offshore rig operations and increasing focus on maximizing oil reserve recovery and extending field life and growing developments in offshore oil & gas industry are among the critical factors attributed to the Europe offshore oil and gas pipes, fittings, and flanges market expansion.

Owing to the higher exploitation of existing wells, key oil & gas producers such as ExxonMobil, Shell plc, Chevron Corporation, PetroChina, and Saudi Aramco are focusing on maximizing the recovery factor (RF) from their existing oilfields and maintaining an economical oil rate. By implementing EOR methods, operators can revitalize reservoirs and extract additional oil, extending the field's productive life and maximizing the value of existing assets. Steam flooding EOR method technique helps improve oil displacement, reduce residual oil saturation, and enhance sweep efficiency within the reservoir. Thus, the rising focus on maximizing oil reserve recovery bolsters the offshore oil & gas pipes, fittings, and flanges market growth.

On the contrary, rising shift from fossil fuels to clean Energy hampers the growth of Europe growth of offshore oil and gas pipes, fittings, and flanges market.

Based on product type, the Europe offshore oil and gas pipes, fittings, and flanges market is segmented into pipes, fittings, and flanges. The pipes segment held 78.7% share of Europe offshore oil and gas pipes, fittings, and flanges market in 2022, amassing US$ 1,777.74 million. It is projected to garner US$ 2,947.49 million by 2030 to expand at 6.5% CAGR during 2022-2030.

In terms of material type, the Europe offshore oil and gas pipes, fittings, and flanges market is categorized steel, alloy steel, nickel alloys, and copper alloys. The steel segment held 44.1% share of Europe offshore oil and gas pipes, fittings, and flanges market in 2022, amassing US$ 995.74 million. It is projected to garner US$ 1,616.13 million by 2030 to expand at 6.2% CAGR during 2022-2030.

By country, the Europe offshore oil and gas pipes, fittings, and flanges market has been categorized into Germany, Norway, Italy, Russia, the UK, and the Rest of Europe. Our regional analysis states that Russia captured 35.0% share of Europe offshore oil and gas pipes, fittings, and flanges market in 2022. It was assessed at US$ 790.30 million in 2022 and is likely to hit US$ 1,438.41 million by 2030, exhibiting a CAGR of 7.8% during 2022-2030.

Key players operating in the Europe offshore oil and gas pipes, fittings, and flanges market are Sumitomo Corp, London Fittings & Flanges Ltd, Flanschenwerk Bebitz GmbH, SoluForce BV, and KME Germany GmbH, among others.

• In September 2023, Corinth Pipeworks was awarded a contract, by Snam to manufacture and supply approximately 13 km of longitudinally submerged arc-welded steel pipes (LSAW) for the development of an offshore and onshore natural gas pipeline for the Floating Storage and Regasification Unit (FSRU). The contract is valued at over EUR 10 million.
  
  

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