Pipe Laying Vessel Market is Predicted to Grow by More than 6% by 2024 :
Pune, India, July 2019 /MRFR Press Release/- Market Research Future Published a Half-Cooked Research Report on Global Pipe Laying Vessel Market.
Market Highlights
The global pipe laying vessel market size is projected to reach USD XX billion by 2024 from an estimated USD XX billion, at a 6.34% CAGR from 2019–2024. A pipe laying vessel is a specialized floating vessel, which is widely used in offshore fields for laying pipelines. Increasing offshore oil and gas activities is likely to drive the global market during the forecast period. According to the IEA, offshore oil production is estimated to reach 27.4 million barrels of oil equivalent, per day (mboe) by 2040 from 26.4 mboe in 2016.
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Asia-Pacific held the largest share of the global pipe laying vessel market in 2018: MRFR
The global pipe laying vessel market has been segmented into five regions, which are Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. In 2018, Asia-Pacific held the largest share of the global pipe laying vessel market, mainly due to the increasing energy demand and stabilizing oil prices that has led the countries in Asia-Pacific to increase spending on exploration and production. The region is also expected to be the fastest growing market during the forecast period. Within Asia-Pacific, China is likely to hold the largest share during the forecast period owing to the increased offshore crude oil production. Similarly, countries such as Japan, India, and Australia are witnessing a growth in oil production activities leading to the growth of the pipe laying vessel market in the region.
The market in North America is expected to be the second largest owing to an increase in the production of oil and natural gas. The US market is expected to dominate the North America market during the forecast period. According to Energy Information Administration (EIA), the US is expected to become net exporter of petroleum between 2020 and 2049. Moreover, the oil and natural gas resources discoveries in deep-water in the Gulf of Mexico is expected to reach offshore production of 2.5 million barrels per day in 2022. Europe is also expected to grow at a significant rate owing to many advanced offshore production technologies being introduced by some of the key players in Europe, such as Subsea 7, Allseas, and TechnipFMC. Similarly, countries such as Saudi Arabia and Brazil are expected to dominate the pipe laying vessel market in the Middle East & Africa and South America, respectively.
On the basis of depth, the global market is divided into shallow water and deep water. The shallow water segment is expected to dominate the market during the forecast period due to large number of shallow water projects in Asia-Pacific, North America, and Europe. On the basis of installation, the global market is segmented as J-Lay barge, S-Lay barge, and reel barge. The J-Lay segment is expected to dominate the global market during the forecast period. On the basis of positioning system, the global market has been divided into anchor system and dynamic positioning system. The dynamic positioning segment is expected to dominate the global pip laying vessel market during the forecast period.
The global pipe laying vessel market is expected to grow with a 6.34% CAGR during the forecast period.
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Key Players
The key players operating in the global pipe laying vessel market are Allseas (Switzerland), Tidewater, Inc. (US), Subsea 7 (UK), Van Oord (Netherlands), TechnipFMC plc (UK), Saipem (Italy), Boskalis (Netherlands), Seacor Marine (US), Gulfmark Offshore, Inc. (US), Hyundai Heavy Industries (South Korea), and DSME (South Korea).
Scope of the Report
This report provides an in-depth analysis of the global pipe laying vessel market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size and share for North America, Asia-Pacific, Europe, the Middle East & Africa, and South America. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global pipe laying vessel market by installation, positioning system, depth, and region.
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