Technavio has been monitoring the offshore oil and gas pipeline market and it is poised to grow by US$2.79 billion during 2020-2024, progressing at a CAGR of over 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Economic benefits of offshore pipelines other than oil and gas transportation modes is a major trend driving the growth of the market.

The year-over-year growth for 2020 is estimated at 2.36% and the incremental growth of the market is anticipated to be US$2.79 billion.

Allseas Group SA, ArcelorMittal SA, John Wood Group Plc, McDermott International Inc., PAO TMK, Saipem Spa, Subsea 7 SA, TechnipFMC Plc, Tenaris SA, and United Metallurgical Co. (OMK), are some of the major market participants.

The increase in global energy demand is one of the major factors driving the market.

The Europe region will contribute 53% of the market share.

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Allseas Group SA, ArcelorMittal SA, John Wood Group Plc, McDermott International Inc., PAO TMK, Saipem Spa, Subsea 7 SA, TechnipFMC Plc, Tenaris SA, and United Metallurgical Co. (OMK) are some of the major market participants. The increase in global energy demand will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.