The global Offshore Pipeline Market is expected to grow from USD 14.8 billion in 2022 to USD 18.6 billion by 2027, at a CAGR of 4.7% according to a new report by MarketsandMarkets™. The offshore pipeline market has promising growth potential due to the rising deployment of oil and gas distribution networks and the rising use of natural gas.
Transport line segment expected to dominate offshore pipeline market
The transport line segment holds the largest share of the offshore pipeline market. The large market share can be attributed to the increasing number of contracts and projects from companies including Saipem (Italy), Subsea7 (UK), and TechnipFMC (UK).
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Gas to witness fastest growth rate in offshore pipeline market
The offshore pipeline market, by product, is divided into oil, gas, and refined products wherein gas accounts for the largest share. Gas is also expected to witness the fastest growth rate during the forecast period, owing to increasing awareness and demand for energy self-sufficiency.
Europe to be fastest-growing offshore pipeline market
In this report, the offshore pipeline market has been analyzed for five regions, namely, Europe, the Middle East, Africa, Asia Pacific, and the Americas. Europe is a significant contributor to the offshore pipeline market in the current scenario owing to the rapidly increasing cost-competitiveness of transport line solutions, which enable consumers to have access to clean energy power and offer opportunities to decrease their bills.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of a few of the top players in the Offshore Pipeline Market.
A few of the key players include Saipem (Italy), Subsea7 (UK), TechnipFMC (UK), McDermott (US), John Wood Group PLC (US), and others. The leading players are adopting various strategies to increase their share in the offshore pipeline market.
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