Research and Markets publishes Asia Pacific offshore pipeline market forecast
Published by Sarah Smith,
Research and Markets have published a report entitled ‘Asia Pacific Offshore Pipeline Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Diameter, Line Type, and Product’.
According to Research and Markets, the APAC offshore pipeline market is expected to grow from US$ 2188.82 million in 2019 to US$ 2761.26 million by 2027, and it is estimated to grow at a CAGR of 3.2 % from 2020 to 2027.
New oil and gas reserves detection and discovery across APAC drive the growth of the APAC offshore pipeline market. In September 2020, Equinor - an energy company - announced the discovery of new oil and gas fields. Furthermore, in October 2020, another oil and gas company, Total and its partners announced that they will evaluate several development options for commercialising a new gas and condensate discovery. Such discoveries of new offshore oil and gas reserves across the region boost the construction of new plants and requirements for new offshore pipelines for cross-border transmission, which bolster the APAC offshore pipeline market. The upgradation in flexible pipe technology is another factor that generates the demand of offshore pipelines across the region, the report states.
Countries across APAC, especially China and India, are adversely affected by the COVID-19 pandemic. The region comprises the world's two most populated and prominent oil producing countries. China virtually imposed strict lockdown and social isolation, restricting manufacturing activities. These measures resulted in shrinking demand for oil and other energy commodities across the country. Thus, the oil and gas construction activities across China plummeted significantly, which hindered the offshore pipeline market in the country, Research and Markets states. Similarly, the Indian government is imposing a nationwide lockdown to control the growing number of COVID-19 cases. Subsequently, the lockdown and disruption of various manufacturing activities contributed significantly in reduced activities in oil and gas sector. Therefore, the overall restrictions on activities in oil and gas industries collectively hindered the demand for offshore pipelines across APAC countries during the early months of 2020. The impact of the outbreak is quite severe in 2020, and it is likely to continue in 2021. Hence, the ongoing COVID-19 crisis and critical situation in China and India will restrain the APAC offshore pipeline market growth in the next a few quarters.
Based on line type, the transport line segment led the APAC offshore pipeline market in 2019. Transport lines, also called transmission lines, are used for carrying gas or oil from one coast to another coast. These lines work similarly to a tanker carrying oil for trading purposes. They transport oil or gas from their corresponding gathering pipelines to processing, refining, or storage facilities. Transport lines are also used to carry refined petroleum products and natural gas to consumers for further distribution. Transport pipeline systems comprise equipment - such as pipe, pumps or compressors, valves, storage tanks, and breakout tanks - and facilities essential to carry the products. They are made up of steel pipe, and their diameter size can vary from several feet to inches. These pipeline systems can be constructed for operating from quite low pressures to more than 1000 psi of pressure, based on the product being carried. Also, their range can vary in length from hundreds of miles to hundreds of feet. All these factors are driving the growth of the APAC offshore pipeline market, the report states.
The full report can be accessed here.
Read the article online at: https://www.worldpipelines.com/special-reports/26012021/research-and-markets-publishes-asia-pacific-offshore-pipeline-market-forecast/
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