Global Pipe Laying Vessel Market Scenario:
The global Pipe
Laying Vessel Market 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.
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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 Industry 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.
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