(MENAFN- Zion Market Research) Zion Market Research has published a new report titled 'Offshore Pipeline Market by Product (Oil, Gas, and Refined Product) and by Diameter (Below 24 and Greater Than 24): Global Industry Perspective, Comprehensive Analysis, and Forecast, 20182025. According to the report, the global offshore pipeline market was valued at approximately USD 11 billion in 2018 and is expected to generate around USD 17 billion by 2025, at a CAGR of around 6.43% between 2019 and 2025.
Pipeline transportation is considered as one of the safest and most secure ways of transportation. Currently, the pipeline is considered as the most effective and efficient mode of transportation. The global offshore pipeline market is likely to experience significant growth in the future, owing to the escalating demand for oil and gas. In comparison to the last ten years, the oil and gas industry has rapidly evolved in recent times. According to the International Energy Agency (IEA), the oil demand is predicted to grow at an annual rate of 1.2 million barrels per day. By 2023, the oil demand is expected to reach 104.7 million barrels per day, more than 6.9 million barrels per day in comparison to the oil demand witnessed in 2018.
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Browse the full 'Offshore Pipeline Market by Product (Oil, Gas, and Refined Product) and by Diameter (Below 24 and Greater Than 24): Global Industry Perspective, Comprehensive Analysis, and Forecast, 20182025 Report at https://www.zionmarketresearch.com/report/offshore-pipeline-market
The global offshore pipeline market is segmented into product and diameter. By product, the offshore pipeline market is segmented into oil, gas, and refined product. Refined products are expected to contribute to the largest market share in the upcoming years, owing to the emerging refined products demand in the Asia Pacific. By diameter, the market is sectored into greater than 24 and below 24. The below 24 segment is projected to witness significant gains over the forecast time period. The greater than 24 segment is anticipated to grow rapidly in the future.
North America contributed an extensive revenue share to the global offshore pipeline market in 2018 and is expected to dominate in the upcoming years. This regional growth can be attributed to the region's flourishing petrochemical industry and the growing use of oil and gas in North America. The U.S. shale gas production and exploration, methane-based technologies, and rapid growth in innovation and upstream technology are the main factors responsible for the growth of the petrochemical industry sector, which will further foster the North American market in the future. The Asia Pacific region is expected to provide significant growth opportunities for the global offshore pipeline market, owing to the escalating demand for electricity. China has a well-developed infrastructure and has the third largest and longest network of pipeline across the globe. The total length of the pipeline network in China accounts for nearly around 126000 km. China's growth as a petrochemical producing and consuming powerhouse has amplified the intra-regional competition.
Some key players operating in the global offshore pipeline market include Penspen, Saipem, Subsea 7, Wood Group, Atteris, McDermott, Sapura, Technip, Fugro, Petrofac, and Senaat.
This report segments the global offshore pipeline market into:
Global Offshore Pipeline Market: Product Analysis
Global Offshore Pipeline Market: Diameter Analysis
Global Offshore Pipeline Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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