Market Introduction
The offshore pipeline, often known as, submarine or subsea pipeline is used for the transportation of oil, gas, and refined products. The APAC offshore pipeline market is increasingly gaining traction on account of higher efficiency and large capacity. In addition to this, the offshore pipeline provides faster, safer, and more reliable connectivity for oil and gas transportation. The increasing demand for cost-effective transportation method for oil and gas is one of the major factors that is expected to boost the demand for offshore pipeline in the oversea oil & gas sector across APAC region. The APAC offshore pipeline market is expected to witness considerable growth during the forecast period owing to the upsurge in the number of natural gas projects as well as the detection of new oil fields, particularly in remote locations. Additionally, the depletion of existing oil & gas reserves in various countries across APAC have created a demand for cross-border pipelines for the supply of oil & gas related products, which is boosting the growth of the APAC offshore pipeline market. The APAC region is expected to grow at a good CAGR. APAC region is influencing the demand for offshore pipeline network. Also, countries such as China and India are witnessing high growth in the demand for natural gas as well as refined products.
Moreover, in case of COVID-19, APAC is highly affected specially the China and India. The APAC region constitutes the world’s two most populated countries as well as prominent oil producing countries across the APAC region. China virtually imposed strict lockdown and social isolation, which stopped manufacturing activities which resulted in shrinking its country’s demand for oil and other energy commodities. Thus, the oil & gas construction activities across the Chinese region plummeted significantly which has negatively affected the APAC offshore pipeline market. Similarly, India also imposed a nationwide lockdown to control the growing number of COVID-19 cases. Subsequently, the lockdown and disruption of various manufacturing activities contributed significantly in reduced activities in oil & gas sector. Thus, the overall decline of activities in oil & gas industries collectively reduced the demand for offshore pipelines across the APAC countries during the early months of the 2020 due to the outbreak of virus in respective countries.
Market Overview and Dynamics
The APAC offshore pipeline market is expected to grow from US$ 2,188.82 million in 2019 to US$ 2,761.26 million by 2027; it is estimated to grow at a CAGR of 3.2 % from 2020 to 2027. Necessity for safe, cost-effective, and efficient connectivity of pipelines across APAC region is expected to accelerate the APAC offshore pipeline market. Presently, several advancements in technology are taking place, intending 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. These crystals can develop inside underwater pipes and block the flow of oil & gas. Moreover, several companies across APAC region are focused on the development of innovative coatings, which would primarily evade corrosion of pipes. For instance, in April 2020, material scientists in APAC region developed a super hydrophobic coating for offshore drilling pipes. The coating moderates or avoids hydrates as well as other deposits from cohering to subsea pipelines. Several developments focused on enhancing the robustness of offshore oil & gas pipelines are expected to surge investments in offshore pipelines compared to other modes of oil & gas transportation, thereby boosting the APAC offshore pipeline market.
Key Market Segments
In terms of diameter, the less than 24 inches’ segment accounted for the largest share of the APAC offshore pipeline market in 2019. In terms of line type, the transport line segment held a larger market share of the APAC offshore pipeline market in 2019. Further, the refined products segment held a larger share of the APAC offshore pipeline market based on product in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the APAC offshore pipeline market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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.
Reasons to buy report
APAC Offshore Pipeline Market Segmentation
APAC Offshore Pipeline Market - By Diameter
APAC Offshore Pipeline Market - By Line Type
APAC Offshore Pipeline Market - By Product
APAC Offshore Pipeline Market - By Country
APAC Offshore Pipeline Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 2,188.82 Million |
| Market Size by 2027 | US$ 2,761.26 Million |
| CAGR (2020 - 2027) | 3.2 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Diameter
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
Some of the leading companies are:
The Asia Pacific Offshore Pipeline Market is valued at US$ 2,188.82 Million in 2019, it is projected to reach US$ 2,761.26 Million by 2027.
As per our report Asia Pacific Offshore Pipeline Market, the market size is valued at US$ 2,188.82 Million in 2019, projecting it to reach US$ 2,761.26 Million by 2027. This translates to a CAGR of approximately 3.2 % during the forecast period.
The Asia Pacific Offshore Pipeline Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Offshore Pipeline Market report:
The Asia Pacific Offshore Pipeline Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Offshore Pipeline Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Offshore Pipeline Market value chain can benefit from the information contained in a comprehensive market report.
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