Subsea Thermal Insulation Material Market Worth $142.30 Million by 2019
DALLAS, March 12, 2015 /PRNewswire/ --
The report "Subsea Thermal Insulation Market by Type (Polyurethane, Polypropylene, Silicone Rubber, Epoxy, Aerogel, and Others), by Application (Pipe-in-Pipe, Pipe Cover, Equipment, Field Joints, and Others) - Regional Trends & Forecast to 2019" published by MarketsandMarkets, The market for Subsea Thermal Insulation Material, in terms of value, is projected to reach around $142.30 Million by 2019, witnessing a CAGR of 4.80% between 2014 and 2019.
Browse 108 Market Data Tables and 46 Figures spread through 150 Pages and in-depth TOC on "Subsea Thermal Insulation Market".
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The report also identifies the driving and restraining factors for subsea thermal insulation material market with an analysis of drivers, restraints, opportunities, and strengths. The market is segmented and the value has been forecasted on the basis of important regions, such as Asia-Pacific, North America, Europe, the Middle East & Africa, and Latin America. Further, the market is segmented and the demand and value are forecasted on the basis of various key applications of subsea thermal insulation material, such as dry (pipe-in-pipe) and wet (single pipeline, equipment, filed joints, and others).
Deeper wells driving the demand for subsea thermal insulation material market
An important aspect of designing offshore production systems, particularly in deep water, is providing sufficient thermal insulation. The fluids are produced at high temperatures and equipment must be capable of maintaining the temperature of fluids while submersed in deep water. The demand for oil is increasing at a rapid rate and to meet this demand the oil & gas industry has developed new and safer methods for exploring and commissioning offshore deep water wells. To meet the rising oil demand, drilling activities have become deeper. To prevent the produced fluid from turning cold, subsea lines (pipes) are insulated to maintain produced liquid at a sufficiently high temperature to enable its flow through the pipes even in the deep waters.
The global consumption of oil is witnessing a tremendous increase due to fast growing demand for road and air transport, mainly in the developed countries. The U.S. remains the largest consumer of oil followed by China. However, China is projected to overtake the U.S. in terms of oil consumption by 2030. This is leading to heavy offshore subsea activities.
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Subsea thermal insulation material market value to reach $142.30 million by 2019
The market for subsea thermal insulation material, in terms of value, is projected to reach around $142.30 million by 2019, witnessing a CAGR of 4.80% between 2014 and 2019. In terms of value, Europe & Russia followed by Middle East & Africa dominated the subsea thermal insulation material market in 2013 and are expected to register a high CAGR by 2019. High demand for advanced insulation to maintain the thermal integrity of subsea systems and increasing demand for oil from developed as well as developing counties in Middle East & Africa, European, and North American region is leading to high demand of subsea thermal insulation material. In Asia-Pacific, one third of increase in oil consumption has been from China, which currently uses over 10% of world's oil. This is projected to generate high demand for subsea thermal insulation material market in Asia-Pacific by 2019.
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