Market Introduction
The offshore pipeline, often known as, submarine or subsea pipeline is used for the transportation of oil, gas, and refined products. The Europe 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 Europe offshore pipeline market is expected to witness considerable growth during the forecast period owing to the increase in number of natural gas projects as well as the exploration of new oil fields, particularly in remote locations. Additionally, the depletion of existing oil & gas reserves in various countries across Europe have created a demand for cross-border pipelines for the supply of oil & gas related products, which is boosting the growth of the Europe offshore pipeline market. 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 Europe.
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Moreover, in case of COVID-19, Europe is highly affected specially the UK and Russia. In Europe, several countries are expected to suffer an economic hit of the decline in business activities across the oil & gas sector due to lowering oil prices in the first quarter of 2020. Many of these member states have implemented drastic measures on imports & exports, and shipment of goods including partially closing their borders impacting the demand for energy in various industry verticals. This is anticipated to impact market growth of offshore pipeline market in Europe following the outbreak of pandemic. The impact of COVID-19 varied from country to country across the European region as selected countries witnessed a surge in the number of confirmed cases and subsequently attracted stringent as well as more extended lockdown period or social isolation resulting in disruption of business in many consumer electronics industry verticals and subsequently the demand for oil commodities. The lockdown is expected to continue negatively impact the offshore pipeline market in Europe due to disruption in oil & gas sector across selected countries. However, the as several countries begin to reopen industry vertical and subsequently drive the demand for energy is expected to resume the construction of oil & gas activities to support the growth. Thus, the market is projected to recover steadily over the coming period and gain traction for offshore pipelines during the later forecast period.
Europe Offshore Pipeline Strategic Insights
Strategic insights for the Europe Offshore Pipeline provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
ï‚· Bechtel Corporation
ï‚· Fugro
ï‚· John Wood Group PLC
ï‚· Larsen & Toubro Limited
ï‚· McDermott International, Inc.
ï‚· Petrofac Limited
ï‚· Saipem S.p.A
ï‚· Sapura Energy Berhad
ï‚· Subsea 7 S.A.
ï‚· TechnipFMC plc
Europe Offshore Pipeline Regional Insights
The geographic scope of the Europe Offshore Pipeline refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Market Overview and Dynamics
The Europe offshore pipeline market is expected to grow from US$ 4,959.17 million in 2019 to US$ 6,612.02 million by 2027; it is estimated to grow at a CAGR of 3.9 % from 2020 to 2027. Exploration of new oil & gas reserves is expected to upsurge the Europe offshore pipeline market. The discoveries of new oil & gas reserves have been witnessing exponential growth across European region. In September 2020, European company Equinor announced the discovery of new oil & gas fields at the Swisher prospect. The company also announced the discovery of two oil fields in the Flemish Pass basin offshore Newfoundland. Furthermore, in October 2020, another European company, Total and its partners announced to evaluate several development options for commercializing a new gas and condensate discovery. Such discoveries of new offshore oil & gas reserves are expected to boost the construction of new plants and requirements for new offshore pipelines for cross-border transmission, thereby boosting the Europe offshore pipeline market.
Key Market Segments
In terms of diameter, the less than 24 inches’ segment accounted for the largest share of the Europe offshore pipeline market in 2019. In terms of line type, the transport line segment held a larger market share of the Europe offshore pipeline market in 2019. Further, the refined products segment held a larger share of the Europe 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 Europe 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
- To understand the Europe offshore pipeline market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for Europe offshore pipeline market
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- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Europe offshore pipeline market
- Obtain market revenue forecast for market by various segments from 2020-2027 in Europe region.
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
