Europe offshore pipeline market forecast to 2027

The Europe offshore pipeline market is expected to grow from US$4959.17 million in 2019 to US$ 612.02 million by 2027; it is estimated to grow at a CAGR of 3.9% from 2020 to 2027.

Increasing demand for natural gas and crude oil drives the growth of the Europe offshore pipeline market. Markets in the UK and Germany are presenting the most considerable growth. The robust surge in petrochemical demand in Europe resulted in increased consumption. Rise in industrial production and high demand for trucking services boost the need for petrochemicals, thereby fuelling the growth of the market across the region. Moreover, growing air traffic volumes across Europe is another factor increasing oil consumption.

Europe is witnessing high demand for natural gas owing to rise in use of natural gas in diverse industrial sectors. Surge in demand for oil and gas is attributed to increasing industrialisation and urbanisation. Several oil and gas companies across the region are increasing their offshore E&P activities to meet the constantly rising energy demand.

Rising demand for oil and gas increases E&P activities, which, in turn, supports the growth of the Europe offshore pipeline market.

The impact of the COVID-19 outbreak varies from country to country across Europe as countries are reporting a surge in the number of confirmed cases, and are imposing stringent and more extended lockdown or social isolation.

Companies mentioned in the report include:

• 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.

Read the article online at: https://www.worldpipelines.com/project-news/01022021/europe-offshore-pipeline-market-forecast-to-2027/