Report: Flexible Pipe Technology Improvements Gaining Momentum Offshore in Middle East and Africa
ResearchAndMarket.com’s new report "Middle East and Africa Offshore Pipeline Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Diameter, Line Type, and Product" shows the MEA offshore pipeline market is expected to grow from about US $1.4 billion in 2019 to about $1.68 billion by 2027. It is estimated to grow at a CAGR of 2.5% from 2020 to 2027.
Continuous improvements in flexible pipe technology accelerate the growth of the MEA offshore pipeline market. The offshore oil and gas industry for MEA region has been using flexible pipes since 1972. Since then, the demand for flexible pipes is steadily increasing and diversifying in recent years as operators are seeking operational efficiencies. Deeper water, higher pressure, higher temperatures, and aging infrastructure as well as complex chemistry build increasingly intense environments for the flexible pipe to resist.
Discovery of new oil and gas reserves is also expected to drive the growth of the MEA offshore pipeline market.
Countries in the MEA, especially Saudi Arabia and Iran, are adversely affected by the COVID-19 outbreak. The pandemic is hindering the overall oil and gas industry owing to considerable disruptions in supply chain activities coupled with the several countries across the region sealing off their international trade. The MEA, especially the GCC countries, are witnessing a notable decline in the oil and gas sector owing to sharp drop in the demand for oil from major countries across Asia, Europe, and North America.
As a result, the countries in MEA are registering a lowered volume of oil production and restricting the construction of oil and gas related projects that subsequently restrain the demand for offshore pipelines. Saudi Arabia, the UAE, Qatar, and selected other members of OPEC also observed similar trends during the early months of the pandemic.
The ongoing COVID-19 crisis would restrain the growth of the MEA offshore pipeline market in the next few quarters.
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.; and TechnipFMC plc are a few players operating in the market.
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