Report : North America Offshore Pipeline Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Diameter (More than 24 inches and Less than 24 inches), Line Type (Export Line, Transport Line, and Others), and Product (Oil, Gas, and Refined Products)
Less than 24 inches Segment to Dominate North America Offshore Pipeline Market during 2019–2027
According to a new market research study on “North America Offshore Pipeline Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Diameter, Line Type, and Product” is expected to reach US$ 3,391.55 million by 2027 from US$ 2,925.21 million in 2019. The market is estimated to grow at a CAGR of 2.1% from 2020 to 2027. The report provides trends prevailing in the North America offshore pipeline market along with the drivers and restraints pertaining to the market growth. Growing demand for natural gas and crude oil and need for safe, cost-effective, and efficient connectivity are the major factor driving the growth of the North America offshore pipeline market. However, problems associated with cross-border pipeline transportation hinder the growth of North America offshore pipeline market.
Further, in case of COVID-19, The North America especially the US region witnessed an unprecedented rise in number of COVID cases, which disrupted its construction activities in the oil & gas sector and subsequently impacted the demand for offshore pipeline during the early months of 2020. Moreover, the considerable decline in overall global oil prices further restricted the oil & gas related projects and other activities that negatively influenced the demand for offshore pipelines. Similar trend was also witnessed in other North American countries i.e., Canada and Mexico. However, the countries are expected to overcome the swift drop in demand as the countries continue to open their economic activities especially in the recent months for revival of business activities which will escalate the North America offshore pipeline market.
The North America offshore pipeline market is segmented based on diameter, line type, product, and country. Based on diameter, market is segmented into the more than 24 inches and less than 24 inches. The less than 24 inches’ segment held the largest share of the market and more than 24 inches is expected to be fastest growing during forecast period. Based on line type, the market is segmented into the export line, transport line, and others. The transport line segment is expected to hold the dominant market share and export line is expected to be fastest growing during forecast period. The rising demand for refined products has resulted in increased deployment of transport lines across the North America, propelling the North America offshore pipeline market's growth. Moreover, the transport line is usually longer in length and covers a wide range of areas, such as cross-border pipelines. Based on the product, the market is segmented into oil, gas, and refined products. The refined products segment held the largest market share in 2019 and gas segment is expected to witness higher CAGR growth during the forecast period.
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.; TechnipFMC plc are among the leading companies in the North America offshore pipeline market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Fugro would provide Seamec with remotely operated vehicle (ROV) services for three years. The Seamec project involves inspection, repair & maintenance of ONGC offshore assets, consists of processing & wellhead platforms, risers, subsea pipelines, pipeline end manifolds, single buoy moorings, and single point moorings.
The report segments the North America Offshore Pipeline Market as follows:
North America Offshore Pipeline Market – By Diameter
- More than 24 inches
- Less than 24 inches
North America Offshore Pipeline Market – By Line Type
- Export Line
- Transport Line
- Others
North America Offshore Pipeline Market – By Product
- Oil
- Gas
- Refined Products
North America Offshore Pipeline Market – By Country
- US
- Canada
- Mexico
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