Pipe Laying Vessels Market Worth USD 4,752.4 Million, Growing at a 9.2% CAGR by 2030 - Report by Market Research Future (MRFR)
Pipe Laying Vessels Market is growing due to increasing need for energy, oil and gas across globe
/EIN News/ -- New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), Pipe Laying Vessels Market Research Report Information by Installation, Depth, Regions, and Positioning System - Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 4,752.4 million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 9.2% during the assessment timeframe.
Pipe Laying Vessels Market Overview:
The pipe laying vessels market is described as the marketplace consisting of maritime vessels that are brilliantly built for the development and construction of subsea infrastructure. Pipe laying vessels acquire the target by carrying a lift crane, equipment to install valves, pipe & pumps, and more. A Pipe laying vessel refers to a marine vessel utilized in the foundation of undersea infrastructure. It offers to link oil key players' proposals with refineries onshore. The global market for pipe laying vessels has exhibited massive expansion in the last few years. The primary factor boosting the market's growth is the increase in investigation & production activities.
Competitive Analysis
The list of prominent participants across the global pipe laying vessels market includes players such as:
- Boskalis (Netherlands)
- Subsea 7 (London)
- Leighton Offshore (Hing Kong)
- Allseas (U.S.)
- Telford Offshore (UAE)
- Seacor Marine (Texas, U.S.)
- Tidewater, Inc (U.S.)
- Royal IHC (Netherlands)
- TechnipFMC Plc (New Castle)
- Hyundai Heavy Industries (South Korea)
- Saipem (Milan)
- Van Oord (Netherlands)
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Furthermore, the rising expenditures in the offshore oil & gas zone is another prime parameter boosting the demand for these vessels across the globe. The rise in oil production in the U.S as of the increased oil prices leading to the rise in the drilling occupation is another crucial aspect boosting the market's growth. Moreover, the technological developments in offshore oil investigation & manufacturing activities may influence the market's performance over the coming years.
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 4,752.4 Million |
| Growth Rate | CAGR of 9.2% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Increasing deep water and ultra-deep-water discoveries |
| Key Market Drivers | Increasing need for energy, oil and gas across the world Investment in offshore oil & gas and renewable sectors |
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Market USP Covered
Market Drivers
The global market for pipe laying vessels has grown enormously in recent times owing to the growing requirement for energy, oil, and gas across the world, investment in offshore oil & gas and renewable sectors, and growing deep water and ultra-deep-water discoveries.
Market Restraints
On the other hand, the growing environmental concerns and related government regulations may restrict the market's growth.
COVID-19 Impact
The global health crisis in the form of COVID-19 has a significant impact on most industry areas across the globe. The travel restrictions and social distancing norms imposed by the governments across the globe led to causing massive disruption in the supply chain networks for most of the market areas. Like all the market areas, the global market for pipe laying vessels also faced several unexpected challenges in recent times. The pandemic continues to affect air travel and tourism worldwide. On the other hand, with the rapid vaccination rates across the globe, financial and industrial activities are returning to normal. The global pipeline-laying vessel market is anticipated to grow substantially over the assessment timeframe.
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Pipe Laying Vessels Market Segment Analysis
Among all the installation modes, the s-lay barges segment secured the leading position across the global pipe laying vessel market in 2020. The segment is predicted to grow substantially over the review timeframe. -lay barges are mainly developed for pipe installation in intermediate and shallow water. This is because of the high production rate and the ability to install concrete-coated pipes for these barges.
Among all the positioning systems, the dynamic positioning system segment has led the global pipe laying vessels market in the year 2020. The segment is anticipated to grow substantially over the review timeframe. Offshore vessels usually utilize dynamic positioning systems for precise directional, tracking pipe/cable laying, and maintaining a fixed position. It is also utilized in drilling vessels to stay in a fixed position while drilling deepwater. In Pipe-laying vessels, it is utilized for track keeping and position keeping.
Among all the depth ranges, the Deepwater segment led the global market for pipe laying vessels in 2020 with the highest contribution of approximately 68.84%. The segment is likely to exhibit the highest CAGR over the assessment timeframe.
Pipe Laying Vessels Market Regional Analysis
The global pipe laying vessels market is analyzed across five major regions: South America, the Middle East & Africa, Asia-Pacific, Europe, and North America.
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According to the research reports by MRFR, the Asia-Pacific region is predicted to secure the top position across the globa pipe laying vessels market over the review timeframe. The regional market accounted for a significant contribution of around 24.8% in 2020 and is predicted to lead globally over the review era. The primary aspect supporting the growth of the regional market is the robust expansion of the oil & gas industry across emerging nations such as India and China. Moreover, the expansion across the region is anticipated to be high because of the developments in offshore oil exploration & production technologies.
The pipe laying vessels market for the North American region is anticipated to grow substantially over the forecasted era. According to the MRFR analysis reports, the regional market accounted for the most considerable contribution of approximately 32.1% in the year 2020 and is likely to grow significantly over the coming years. the main factor supporting the growth of the regional market is the growth in exploration and production activities. Furthermore, the growing investments in the offshore oil & gas industry across the region are also predicted to boost the regional market's growth over the forecasted era. The U.S., in 2018, had over 968 active rigs and more than a million producing wells and was believed to be one of the leading pipe-laying vessel markets across the globe. Likewise, an oil-based company, Shell, has announced plans to invest massively in oil & gas drilling activities for deepwater zones like the Gulf of Mexico, anticipated to generate massive opportunity for pipe laying vessel distributors in North America.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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