Pipe Laying Vessel Market size: 2021 by Type, Applications, Growth Drivers, Trends, Demand and Global Forecast to 2027
Asia Pacific to Dominate Pipe Laying Vessel Market
The global Pipe Laying Vessel Market size is expected to exhibit a strong 6.34% CAGR over the forecast period from 2019 to 2024, according to the latest research report from Market Research Future (MRFR). The market was valued at USD 2.08 billion in 2018 and is expected to rise to a valuation of USD 3.84 billion by 2024, according to the MRFR report. The report mentions the major drivers and restraints affecting the global pipe laying vessel market in detail and provides a detailed evaluation of the extent of the impact of these factors on the market. The likely impact of these major factors on the market over the forecast period is analyzed in detail in the report. The leading players in the global pipe laying vessel market are also profiled in the report in order to give readers a clear overview of the competitive landscape of the market. The impact of the COVID-19 pandemic on the global pipe laying vessel market is also elaborated upon in the report.
Pipe laying vessels are special marine vessels designed to lay pipes and other equipment needed in oil and gas drilling operations. Pipe laying vessels thus facilitate smooth operations in the oil rig and easy transportation of the petroleum drilled in the rig to the processing facilities located onshore. The growing offshore drilling activities in the oil and gas industry are likely to be a major driver for the global pipe laying vessel market over the forecast period. Due to the rising issue of scarcity in onshore oil operations, offshore oil and gas operations have become increasingly common over the last few years. In recent years, the issue of scarcity of oil and gas in onshore petroleum drilling sites has come to the fore, as nations have mercilessly ravaged the riches of the earth in order to generate power for the population. The growing automotive industry has also been a major consumer of oil and gas resources, leading to a rising concern about scarcity in onshore drilling sites. All this has driven significant amounts of investment in offshore drilling operations in the last few years. This is likely to drive the demand from the global pipe laying vessel market over the forecast period.
Technological advancement in offshore drilling technology is also likely to be a major driver for the global pipe laying vessel market over the forecast period. According to statistics from BP, global oil production rose by 2.2 million barrels per day in 2018, with maximum growth being observed in nations such as the U.S., Canada, and Saudi Arabia. This is likely to be a major driver for the global pipe laying vessel market over the forecast period.
Competitive Leaderboard:
Leading players in the global Pipe Laying Vessel Market share include Subsea 7, Allseas, Tidewater Inc., TechnipFMC plc, Saipem, Gulfmark Offshore Inc., Seacor Marine, Van Oord, Boskalis, Hyundai Heavy Industries, and DSME.
In February 2019, DOF Subsea and TechnipFMC delivered the Skandi Olinda, a Brazilian-flagged lay and construction vessel, to initiate their 8-year contract with Petrobras.
In 2019, Subsea 7 signed two offshore projects, in Australia and Senegal, where the reeled pipe lay vessels would be delivered by Subsea 7.
Segmentation:
The global pipe laying vessel market is segmented on the basis of installation, positioning system, depth, and region.
By installation, the global pipe laying vessel market is segmented into J-lay barges, S-lay barges, and reel barges.
By positioning system, the global pipe laying vessel market is segmented into anchor system and dynamic positioning system.
By depth, the global pipe laying vessel market is segmented into shallow water and deepwater.
Regional Analysis:
Asia Pacific holds the largest share in the global pipe laying vessel market. Increasing investment in oil and gas drilling activities in Asia Pacific is the major driver for the pipe laying vessel market in Asia Pacific. China is likely to be the dominant regional market for pipe laying vessel in Asia Pacific over the forecast period.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/pipe-laying-vessel-market-8096
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