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The global offshore pipeline market will grow significantly in the next 4 years
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Time:2020-12-10
(Source: China Energy Network)
According to World Pipelines, the global offshore oil and gas pipeline market is expected to grow by $2.79 billion billion from 2020 to 2024, with a compound annual growth rate of more than 4%. Technavio expect the COVID-19 outbreak to have a negative impact on the market, delaying several oil and gas pipeline projects around the world. However, once business processes and investment activities in the oil and gas industry return to normal, the market is expected to gradually accelerate the pace.
"One of the key growth drivers for this market is the increase in global energy demand. Accelerated industrialization and urbanization in developing countries such as India and China have greatly increased global oil and gas consumption and demand. In addition, the expansion of existing gas-fired power plants and the emergence of new power plants have increased the demand for offshore oil and gas pipelines, driving the market growth," said a senior energy industry analyst at Technavio."
The annual growth rate of the offshore oil and gas pipeline market is expected to be -2.36% in 2020. The natural gas pipeline market is the fastest growing in 2019. The growth of this segment can be attributed to the abundance, versatility and clean-burning characteristics of natural gas. Growth in this segment will be significant during the forecast period.
Looking at different regions, 53% of the growth will come from the European region. The growth of the European market has been driven by various initiatives taken by countries in the region to ensure energy security. Norway is the main market for offshore oil and gas pipelines in Europe, and the country's offshore oil and gas pipeline market is growing faster than other regions.
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