Pipelay Vessel Operator Market size to grow by USD 57.18 million from 2022 to 2027, Growing demand for oil and gas globally boosts the market growth - Technavio

NEW YORK, Sept. 27, 2023 /PRNewswire/ -- The pipelay vessel operator market is expected to grow by USD 57.18 million from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 3.85% during the forecast period. The market is segmented by application (oil and gas, power, and others), type (J-lay barges, S-lay barges, and reel barges), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The increasing demand for oil and gas drives the market growth during the forecast period. It is expected that there will be an increase in fuel consumption in India by 0.3 million barrels per day between 2023 and 2024. Therefore, it will fuel the demand for petroleum products, mainly in developing countries such as China, India, and Indonesia. In addition, the growing use of natural gas for electricity generation and urban gas distribution around the globe is significantly contributing to the market growth. Hence, it will fuel the investment in the pipe-laying vessel operator market. Furthermore, there is an increase in production output by oil producers, especially OPEC nations and the US by venturing to drill new wells to meet rising fuel demand. Hence, such factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the pipelay vessel operator market: Allseas Group SA, Boskalis, BOURBON Maritime, CIMIC Group Ltd., Hanwha Corp., Havila Shipping ASA, Helix Energy Solutions Group Inc., John Swire and Sons Ltd., McDermott International Ltd., New DOF ASA, Royal IHC, Saipem S.p.A., Siem Offshore Inc., Subsea 7 SA, TechnipFMC plc, Tidewater Holdings Inc., Uppetrom 1 Mai Manufacturing SRL, Van Oord nv, and Hyundai Heavy Industries Group
• The Pipelay Vessel Operator Market is fragmented in nature.
• Market to observe 3.25% YOY growth in 2023.

Market Dynamics:

Trend

• Technological innovations boosting productivity in oilfield services is a primary trend in the pipelay vessel operator during the forecast period.
• There is an increasing focus on new technological innovations and technical breakthroughs by Pipelay operators in order to boost productivity and profitability.
• Some of the methods by which Pipelay operators increase productivity include automating piping processes and equipment and investing in powerful tools and systems.
• Furthermore, there is a rise in investment by companies in high-speed precision drilling capabilities such as laser drilling and automatic drilling.
• Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.

Challenges

• The high cost associated with the maintenance of pipeline and transportation infrastructure is the challenge that affects the growth of the market. 
• While the long-term benefits of proper maintenance outweigh the costs, end users are reluctant to deploy preventive maintenance solutions due to their high costs.
• Some of the automation processes also require significant time, causing activities to be on halt, thus resulting in a lack of interest in end-consumers.
• Because the oil and gas industry is capital-intensive, companies often prefer to deploy new solutions only in the event of a major breakdown, which can lead to significant downtime.
• Although maintenance of oil and gas pipelines and transportation poses a challenge due to cost and interoperability issues, market growth is also hampered by a lack of effective skillsets needed to handle new and upgraded technologies.
• These factors reduce the business opportunities for pipelay operators, which impedes the growth of the market during the forecast period. 

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Key Segments:

• The market share growth by the oil and gas segment will be significant during the forecast period. Pipelay vessel operators play an important role in the offshore oil and gas industry, where they are responsible for the installation of underwater pipelines to transport extracted hydrocarbons from offshore production facilities to onshore processing machines on land or transport hubs. The oil and gas segment shows a gradual increase in the market share of USD 153.93 million in 2017 and continue to grow by 2021. These pipelines serve as the lifeline of the energy industry, facilitating the efficient and safe transport of crude oil and natural gas from the seabed to onshore facilities for refining, processing, and distribution. In addition to the installation of new pipelines, these operators are also involved in maintenance and repair operations, inspection, and repair of existing pipelines to ensure continuous and reliable power transmission. As a result, increasing activity in the oil and gas industries globally will drive the growth of the oil and gas segment of the global pipelay vessel operator market during the forecast period. 

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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