The global offshore oil and gas pipeline market is expected to grow by US$2.79 billion, progressing at a CAGR of over 4% during the forecast period. Technavio expects the market to have a negative impact due to the spread of the COVID-19 pandemic. The pandemic delayed several oil and gas pipeline projects across the world. However, the market is expected to gradually gain pace, once business processes and investment activities in the oil and gas industry are back to normal.
"One of the primary growth drivers for this market is the increase in global energy demand”, says a senior analyst for the Energy industry at Technavio. Rising industrialisation and urbanisation in developing countries such as India and China have significantly increased the global consumption and demand for oil and gas. Besides, the expansion of existing gas-fired power plants and the emergence of new power plants is increasing the demand for offshore oil and gas pipelines, which is driving the market growth.
Offshore Oil and Gas Pipeline Market Segment Highlights for 2020
- The offshore oil and gas pipeline market is expected to post a year-over-year growth rate of -2.36%.
- Based on the product, the market saw maximum growth in the gas pipeline segment in 2019. The growth of the segment can be attributed to the abundance, versatility, and clean-burning characteristics of natural gas.
- The market growth in the segment will be significant during the forecast period.
- 53% of the growth will originate from the Europe region.
- The growth of the market in Europe is driven by various initiatives undertaken by countries in the region to ensure energy security.
- Norway is the key market for offshore oil and gas pipelines in Europe. Market growth in this region will be faster than the growth of the market in other regions.
Read the article online at: https://www.worldpipelines.com/business-news/25112020/technavio-release-report-on-global-offshore-oil-and-gas-pipeline-market-2020-2024/