Offshore Segment is Expected to Dominate the Global Flexible Pipe Market
Ongoing focus of the oil and gas companies on
unconventional sources for oil and gas are a major factor attributable to the growth of the
market.
According
to TechSci Research report, “Global Flexible Pipe Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Flexible Pipe is anticipated to project robust
growth in the forecast period with a CAGR of 4.93% through 2028, Flexible Pipes and tubes
are widely used to transport oils or other liquids from one location to the
other, especially through the seabed, or at construction sites and ores. Due to
benefits like high-pressure control, lightweight, leak resistance, and lower
price, Flexible Pipes are being used across industry verticals. The technical
and cost advantages these pipes offer, are expected to replace the usage of
steel equipment for new exploration activities at a greater pace over the
forecast period.
With
the ongoing focus of the oil and gas companies on unconventional sources for
oil and gas, along with the offshore and subsea developments, which are moving
into deeper waters and more challenging environments, there is a need to
minimize inspection to reduce cost. Further, the maintenance and repair costs
are high. And thus, Flexible Pipes are found to be the best fit, as they play a
key role in increasing the productivity, life-expectancy, and profitability of
onshore and offshore wells.
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Based
on Application , Offshore
segment is expected to dominate the market during the forecast period. The
downstream product of oil and gas, i.e., petroleum, is widely used in cosmetic
products. With the growth of disposable income and the increasing number of
working women, the demand for cosmetics is increasing year-on-year.
This
increasing demand for oil and gas requires effective transportation of oil and
gas are 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 need for oil and gas does not only restrict to vehicles
but it is also widely used in industries for running machines as well. The
transport sectors are the highest consumption oil and gas and thus, it will
fuel the demand for Flexible Pipe market.
Based
on Region, North America is Expected to dominate the market. The United States
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.
Further,
according to the US Energy Information Administration, the United States 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.
Key
market players in the Global Flexible Pipe Market are following:-
- 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
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“The
global Flexible Pipe market is driven by several key factors that underscore
its growth and significance. Firstly, the continued expansion of the oil and
gas industry fuels demand for Flexible Pipes, especially in deepwater and
subsea exploration where their adaptability to challenging conditions is
crucial. Additionally, technological advancements in materials and
manufacturing processes enhance the durability and performance of Flexible Pipes,
making them more reliable and cost-effective. Environmental concerns play a
pivotal role, as Flexible Pipes are considered environmentally friendly
alternatives to rigid pipelines, reducing their environmental impact during
installation and operation. The cost-efficiency of Flexible Pipes, with easier
installation and maintenance, is another driver, appealing to various
industries. Their versatility extends their applications beyond oil and gas,
including renewable energy, infrastructure development, and industrial sectors.
As global infrastructure investments increase and renewable energy projects
grow, the demand for Flexible Pipes diversifies, ensuring a promising future
for this market.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management
consulting firm.
Flexible Pipe
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented
By Raw Material (High-density Polyethylene, Polyamides, Polyvinylidene
Fluoride), Application (Offshore and Onshore), By Region, Competition 2018-2028 has evaluated the future growth
potential of Global Flexible Pipe Market
and provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Flexible Pipe Market.
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