Europe Offshore Pipeline Market is expected to reach US$ 6,612.02 Mn by 2027

PRESS RELEASE BY The Insight Partners 14 Dec 2020

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Refined Products Segment to Dominate Europe Offshore Pipeline Market during 2019–2027

According to The Insight Partners market research study on “Europe Offshore Pipeline Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Diameter, Line Type, and Product” is expected to reach US$ 6,612.02 million by 2027 from US$ 4,959.17 million in 2019. The market is estimated to grow at a CAGR of 3.9 % from 2020 to 2027. The report provides trends prevailing in the Europe offshore pipeline market along with the drivers and restraints pertaining to the market growth. Demand for safe, cost-effective, and efficient connectivity and increase in the demand for natural gas and crude oil are the major factor driving the growth of the Europe offshore pipeline market. However, issues related to cross- border pipeline transportation hinder the growth of Europe offshore pipeline market.

Further, 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.

The Europe offshore pipeline market is segmented based on diameter, line type, product, and country. Based on diameter, market is segmented into the more than 24 inches and less than 24 inches. The less than 24 inches’ segment held the largest share of the market and more than 24 inches is expected to be fastest growing during forecast period. Based on line type, the market is segmented into the export line, transport line, and others. The transport line segment is expected to hold the dominant market share and export line is expected to be fastest growing during forecast period. The rising demand for refined products has resulted in increased deployment of transport lines across the Europe, propelling the Europe offshore pipeline market's growth. Moreover, the transport line is usually longer in length and covers a wide range of areas, such as cross-border pipelines. Based on the product, the market is segmented into oil, gas, and refined products. The refined products segment held the largest market share in 2019 and gas segment is expected to witness higher CAGR growth during the forecast period.  

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 are among the leading companies in the Europe offshore pipeline market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Petrofac Limited had started introducing gas to the pipeline system, as a significant step towards the start of actual gas deliveries to Turkey and South-Eastern Europe through the newly developed offshore pipeline system.

The report segments the Europe Offshore Pipeline Market as follows:

Europe Offshore Pipeline Market – By Diameter

  • More than 24 inches
  • Less than 24 inches

Europe Offshore Pipeline Market – By Line Type

  • Export Line
  • Transport Line
  • Others  

Europe Offshore Pipeline Market – By Product

  • Oil
  • Gas
  • Refined Products 

Europe Offshore Pipeline Market – By Country

  • UK
  • Germany
  • France
  • Italy
  • Russia 
  • Norway
  • Rest of Europe 

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