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Energy

Offshore Oil and Gas Pipes, Fittings, and Flanges Market is expected to reach US$ 12,033.8 million by 2030

Published: Wednesday, 13 Dec 2023 by The Insight Partners Share on :
 
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Efforts to Improve Oil Recovery Operations to Reduce Dependency on Oil & Gas Imports

According to our latest market study on "Offshore Oil and Gas Pipes, Fittings, and Flanges Market Forecast to 2030 – Global Analysis – by Product Type and Material Type," the market was valued at US$ 7,385.0 million in 2022 and is projected to reach US$ 12,033.8 million by 2030; it is expected to register a CAGR of 6.3% during 2022–2030.

The offshore oil and gas pipes, fittings, and flanges market is a dynamic sector influenced by various industry drivers, restraints, opportunities, and trends. One of the key drivers propelling market growth is the increasing global demand for energy, particularly from emerging economies. As offshore exploration and production activities expand to meet this demand, the need for reliable and efficient piping systems escalates. However, the industry faces restraints such as the high costs associated with offshore projects. The capital-intensive nature of exploration and extraction in deep-sea environments poses financial challenges, impacting market growth. Environmental concerns and stringent regulations also act as restraints, pushing companies to invest in sustainable and eco-friendly solutions.

Offshore Oil and Gas Pipes, Fittings, and Flanges Market Share – by Region, 2022

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Source: The Insight Partners Analysis

The steam injection method has been exploited commercially over recent decades to improve recovery from conventional heavy oil reservoirs in their later stages of development. The injected steam increases the overall pressure of an offshore oil reservoir, which helps improve the mobility ratio of crude oil and allows it to flow efficiently. As a result, the enhanced oil recovery methods help revitalize extraction processes in existing offshore oil wells. Various countries are investing in efforts to rejuvenate their existing oil resources to boost domestic oil production and decrease their dependence on oil imports. Thus, the projected expansion of their oil & gas operations is anticipated to offer promising growth opportunities for the offshore oil and gas pipes, fittings, and flanges market players in the coming years.

Amid these challenges including rising shift from fossil fuels to clean energy, there are significant opportunities for innovation and technology adoption in oil and gas pipes, fitting, and flanges manufacturing. Advances in materials and manufacturing processes contribute to the development of pipes, fittings, and flanges with enhanced durability and corrosion resistance. Additionally, the integration of digital technologies, such as IoT and automation, presents opportunities for optimizing operations and reducing maintenance costs.

A notable trend in the market is the increasing focus on modularization and standardization. Standardized components, including pipes and fittings, streamline project execution, reduce lead times, and enhance cost efficiency. Regional trends indicate a growing market in areas with substantial offshore reserves, such as the Gulf of Mexico, North Sea, and emerging regions such as East Africa. These regions witness increased investments in infrastructure development, driving the demand for pipes and related components.

Europe accounted for the largest offshore oil and gas pipes, fittings, and flanges market share globally in 2022 and is expected to increase the operations related to oil & gas discovery in the Norwegian Sea, Kara Sea, Barents Sea, and the adjacent region near the North Pole fuel the demand for offshore oil & gas pipes fittings and flanges market in Europe. Increased emphasis on extending the life of existing oil resources with the help of enhanced oil recovery methods is anticipated to drive the offshore oil & gas pipes fittings and flanges market in the region in the coming years. Furthermore, the presence of leading oil production companies such as Shell plc, BP plc, TotalEnergies SE, Equinor ASA, and Lukoil Oil Co is generating constant demand for offshore oil & gas pipes fittings and flanges market in the region.

Trade wars, conflicts, wars, and other threats to the energy supply tend to increase oil & gas prices, which was the case following the Russian Federation’s aggression in Ukraine. As a result, the European countries strive for energy security by reducing dependency on oil imports. Developing domestic oil resources is seen as a means to enhance energy independence, reduce vulnerability to price fluctuation, and ensure a reliable energy supply for domestic consumption. Thus, the oil & gas industry in Europe is witnessing a rise in the adoption of enhanced oil recovery techniques for rejuvenating mature oil wells, thereby increasing domestic oil production. Such growing offshore oil & gas projects are anticipated to offer lucrative opportunities for the offshore oil & gas pipes fittings and flanges market in Europe in the coming years.

US Metals Inc, Sumitomo Corporation, London Fittings and Flanges Ltd, American Piping Products Inc, Alliance Pipes & Fittings, AFG Holdings Inc, Flanschenwerk Bebitz GmbH, Kerkau Manufacturing Inc, SoluForce BV, and KME Germany GmbH are among the key offshore oil and gas pipes, fittings, and flanges market players profiled during this study. In addition, several other important offshore oil and gas pipes, fittings, and flanges market players have been studied and analyzed during the study to get a holistic view of the offshore oil and gas piping, fitting, and flanges market analysis and management and its ecosystem.

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