Technavio has been monitoring the offshore oil and gas pipeline market and it is poised to grow by US$2.79 billion during 2020 - 2024, progressing at a CAGR of over 4% during the forecast period.
The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Allseas Group SA, ArcelorMittal SA, John Wood Group Plc, McDermott International Inc., PAO TMK, Saipem Spa, Subsea 7 SA, TechnipFMC Plc, Tenaris SA, and United Metallurgical Co. (OMK) are some of the major market participants.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
An increase in global energy demand has been instrumental in driving the growth of the market.