The flexible pipe market was valued at USD 1015.45 million in 2022, and it is expected to reach USD 1,262 million by 2031, with a CAGR of 4.44%, over the forecast period (2022-2031).
– Flexible pipes and tubes are widely used to transport oils or other liquids from one location to the other, especially through the seabed, or at construction sites and ores. Owing to benefits such as high-pressure control, lightweight, leak resistance, lower price flexible pipes are being used across industry verticals. The technical and cost advantages these pipes offer, they are expected to replace the usage of steel equipment for new exploration activities at a greater pace over the forecast period.
– With the ongoing focus in the oil and gas companies to depend on unconventional sources for oil and gas and along with that the offshore and subsea developments, which are moving into deeper waters and more challenging environments, they need to minimize inspection to reduce cost. Further, the maintenance and repair cost is high. And thus, flexible pipes are found to be the best fit because they play a key role in increasing the productivity, life-expectancy, and profitability of onshore and offshore wells.
– However, on the flip, strict restrictions that are imposed to curb the adverse effects on the environment along with, the rigid regulations imposed on oil & gas drilling activities restrict the growth of the flexible pipe market.
Scope of the Report
The implementation of flexible pipelines was done in the areas of floating production, storage, and offloading (FPSO) ships and semisubmersibles. Moreover, oil and gas, chemical Industry, power generation, and water treatment are key end-use industries of the flexible pipe market. Further, the development of technologies related to the exploration of reserves and oil production, which are currently in the initial stage, is expected to drive the growth of the flexible pipe market.
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Key Market Trends
Oil and Gas Industry to Drive the Market
– The downstream product of oil and gas i.e. petroleum is widely used in cosmetics products. With the growth of disposable income and the increasing number of working women, the demand for cosmetics is increasing year on year.
– This increasing demand for oil and gas requires effective transportation of oil and gas are under enormous physical and chemical stress. Further, the expansion of the transport sector by increasing the number of aviation carriers in the developed region as well as developing region along with the increase in the number of owners of passenger cars and vehicles will be driving the market for the oil industry.
– The need for oil and gas does not only restrict to vehicles, but it is also widely used in industries for running machines as well.
– The transport sectors are the highest consumption oil and gas and thus it will fuel the demand for flexible pipe market
North America Holds the Largest Market Share
– The United States is the largest market for flexible pipes in North America. The country’s newfound shale resources and government policies that aim at making the country the top oil and gas producer in the next few years is expected to drive the demand for flexible pipes in the country.
– For instance, with the United States Department of the Interior (DoI) planning to allow offshore exploratory drilling in about 90% of the outer continental shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, the oil and gas sector in the region is expected to open up new opportunities to the market.
– Further, according to the U.S. Energy Information Administration, the United States will become a net energy exporter in 2020 and remains so throughout the projection period as a result of large increases in crude oil, natural gas, and natural gas plant liquids (NGPL) production coupled with slow growth in U.S. energy consumption.
– The increase in demand for oil and gas will in return boost the flexible pipe market during the forecast period in North America.
The flexible pipe market is competitive in nature and fragmented in nature. Some of the key flexible pipe manufacturers are National Oilwell Varco, Inc., GE Oil & Gas Corporation, TechnipFMC PLC, Inc., Shawcor Ltd., and Prysmian Group among others. The development of advanced products and formation of mergers & acquisitions are the major strategies adopted by the major players in order to remain competitive and to quickly gain the market share.
– January 2019 – Baker Hughes, a GE company (BHGE) has rolled out new technology and an underwater development approach that is set to reduce costs and improve the productivity of offshore oil and natural gas projects. The system includes pumps, flexible pipes, machines to divert oil and gas to pipelines known as manifolds, etc, to control the production. These technologies are modular, structured, compact and designed to be more responsive to changing conditions across the life of the field, cutting total cost of ownership by up to 50 percent.
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– August 2018 – NOV completed a joint industry project with the aim to verify and demonstrate installation and performance aspects of a full-scale Seabox subsea water treatment module in a realistic subsea environment. The Seabox system enables water treatment to be done directly at the seabed and water to be pumped straight into the injection well. This will allow the operator to optimize waterflooding and improve oil recovery.
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