The flexible pipe market was valued at US$1012 million in 2020, and it is expected to reach US$1308.44 million by 2026, with a CAGR of 4.44%, over the forecast period (2021 - 2026), the report states.
- National Oilwell Varco (NOV)
- TechnipFMC PLC
- The Prysmian Group
- GE Oil & Gas Corporation
- Shawcor Ltd
- SoulForce (Pipelife Nederland B.V.)
- Airborne Oil & Gas BV
- Magma Global Ltd
- ContiTech AG
- Chevron Phillips Chemical Company LLC
- Flexsteel Pipeline Technologies Inc.
Key market trends
Oil and gas industry to drive the market
This increasing demand for oil and gas requires effective transportation of oil and gas under enormous physical and chemical stress. Further, the expansion of the transport sector by increasing the number of aviation carriers in the developed region as well as developing regions, along with the increase in the number of owners of passenger cars and vehicles will be driving the market for the oil industry.
The transport sectors are the highest consumption oil and gas and thus, it will fuel the demand for flexible pipe market.
North America holds the largest market share
The US is the largest market for flexible pipes in North America. The country's newfound shale resources and government policies, which aim at making the country the top oil and gas producer in the next few years, are expected to drive the demand for flexible pipes in the country.
For instance, with the US Department of Interior (DoI) planning to allow offshore exploratory drilling in about 90% of the outer continental shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019 - 2024, the oil and gas sector in the region is expected to open up new opportunities to the market.
Furthermore, according to the US Energy Information Administration, the US will become a net energy exporter in 2020 and will remain so throughout the forecast period, as a result of large increases in crude oil, natural gas, and natural gas plant liquids (NGPL) production, coupled with slow growth in the US energy consumption.
The increase in demand for oil and gas will, in turn, boost the flexible pipe market during the forecast period in North America.
The report can be accessed here.
For more news and technical articles from the oil and gas pipeline industry, read the latest issue of World Pipelines magazine.
The February 2021 issue of World Pipelines includes: a report on Australasian pipelines; an interesting look at the need to protect pipeline information from the Freedom of Information Act (USA); analysis of Ukraine’s place in the global gas sector; and technical articles on subsea repair, coatings, ILI and SCADA systems.
Read the article online at: https://www.worldpipelines.com/special-reports/18022021/research-and-markets-releases-global-flexible-pipe-market-report/