The global Pipe Laying Vessel Market size to grow at a 6.34% CAGR from 2019 to 2024. A pipe laying vessel is a specialized floating vessel, which is widely used in offshore fields for laying pipelines. Increasing offshore oil and gas activities is likely to drive the global market during the forecast period. According to the IEA, offshore oil production is estimated to reach 27.4 million barrels of oil equivalent, per day (mboe) by 2040 from 26.4 mboe in 2016.
Global Pipe Laying Vessel Market Research Report: Information, by Installation (J-Lay Barges, S-Lay Barges and Reel Barges), Positioning System (Anchor System and Dynamic Positioning System), Depth (Shallow Water and Deepwater) and Region (North America, Europe, Asia-Pacific, the Middle East & Africa and South America) – Forecast till 2024
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The global pipe laying vessel market has been segmented based on installation, positioning system, depth, and region.
On the basis of installation, the global market is segmented into J-Lay barges, S-Lay barges, and reel barges. The J-Lay segment is expected to dominate in the global market during the forecast period. This is because the J-Lay vessels are the most suitable for deep water drilling because J-Lay pipeline installations put less stress on the pipeline by inserting the pipeline in vertical position.
On the basis of positioning system, the global pipe laying vessel market is divided into anchor system and dynamic positioning. The dynamic positioning segment dominates the global market as they are independent of anchors and maintain its course in the deep-water areas.
On the basis of depth, the global market is divided into shallow and deep water. The shallow water segment is estimated to register the higher growth rate during the forecast period. The shallow water basins in Asia-Pacific, Europe, and North America is expected to play a major role in driving the global pipe laying vessel market. The global pipe laying vessel market is expected to grow at 6.34% CAGR during the forecast period.
The key players operating in the global pipe laying vessel market are Allseas (Switzerland), Tidewater, Inc. (US), Subsea 7 (UK), Van Oord (Netherlands), TechnipFMC plc (UK), Saipem (Italy), Boskalis (Netherlands), Seacor Marine (US), Gulfmark Offshore, Inc. (US), Hyundai Heavy Industries (South Korea), and DSME (South Korea).
The global pipe laying vessel market has been segmented into five regions, which are Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
In 2018, Asia-Pacific held the largest share of the global pipe laying vessel market, mainly due to the increasing energy demand and stabilizing oil prices that has led the countries in Asia-Pacific to increase spending on exploration and production. The region is also expected to be the fastest growing market during the forecast period. Within Asia-Pacific, China is likely to hold the largest share during the forecast period owing to the increased offshore crude oil production. Similarly, countries such as Japan, India, and Australia are witnessing a growth in oil production activities leading to the growth of the pipe laying vessel market in the region.
The market in North America is expected to be the second largest owing to an increase in the production of oil and natural gas. The US market is expected to dominate the North America market during the forecast period. According to Energy Information Administration (EIA), the US is expected to become net exporter of petroleum between 2020 and 2049. Moreover, the oil and natural gas resources discoveries in deep-water in the Gulf of Mexico is expected to reach offshore production of 2.5 million barrels per day in 2022. Europe is also expected to grow at a significant rate owing to many advanced offshore production technologies being introduced by some of the key players in Europe, such as Subsea 7, Allseas, and TechnipFMC. Similarly, countries such as Saudi Arabia and Brazil are expected to dominate the pipe laying vessel market in the Middle East & Africa and South America, respectively.
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