According to the new research report published by The Insight Partners, titled “Offshore Pipeline Market Forecast to 2027 – COVID-19 Impact and Global 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),” the market was valued at US$ 11.97 billion in 2019 and is projected to reach US$ 15.01 billion by 2027; it is expected to grow at a CAGR of 3.1% from 2020 to 2027. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
The US, Canada, and Mexico are major economies contributing to the offshore pipeline market in North America. North America is a developed region in terms of various factors such as modern technology, standard of living, and infrastructure. The region comprises ~14% of the crude oil and 6% of the natural gas reserves in the world. It supplies ~23% of oil and ~27% of gas to the world. It represents ~22% of the total energy consumed worldwide. The US and Canada are witnessing exceptional growth in the production of shale reserves, fossil fuel, oil sands, and tight oil. The oil & gas industry in North America is anticipated to witness low investments in the exploration and production activities during the forecast period.
North America is still recovering from the decline in crude oil prices. Countries in the region are highly investing in new technologies, which is expected to result in more exploration activities in offshore. Offshore oil and gas pipeline infrastructure in the US and Canada is anticipated to continue running on full capacities in the coming years. In the US, ~70% of petroleum products and crude oil are supplied through pipelines. In Canada, ~97% of petroleum and natural gas products are shipped through pipelines. The demand for energy generated in North America is growing; therefore, the exploration and production are moving toward harsh environments. In particular, the recent discovery of a few new extraction techniques has opened multiple oil and gas shale regions in extremely remote areas. The transportation of produced crude and natural gas from these remote locations would drive the growth of the offshore pipeline market in North America.
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The US is an economically developed country, and it experiences constant improvements in various technologies and infrastructures. Trump administration’s “America First” energy plan promises gas and shale oil revolution to make America energy independent and create energy-related jobs for the majority of Americans. The US is witnessing a drastic boom in the energy and oil sector, and has increased the production of oil and gas. With the growing number of offshore oil & gas production activities in the Gulf of Mexico, the US is anticipated to witness substantial growth in the offshore pipeline market during the forecast period. Moreover, upcoming 18 new gas production projects are alleged to hold a combined 836 billion ft3 of natural gas reserves. In 2018, Chevron Corporation announced that the Chevron-operated Big Foot deepwater project, located in the US Gulf of Mexico, has started crude oil and natural gas production. Thus, the surging number of offshore oil and gas production projects drives the demand for pipeline systems and services, which bolsters the growth of offshore pipeline market.
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