Pipe Laying Vessel Market

• Rising demand for energy, oil, and gas is propelling market growth

In order to enhance their production methods for offshore oil exploration, the world's two biggest consumers of oil and gas, China and the US, and other nations, are boosting their investments in renewable industries year over year. More than 820 billion USD had been invested globally in 2021, an increase of almost 5%. In markets with established supply chains, where costs are lower, and legal frameworks that allow for cash flow clarity, and in markets where bankers and financiers who thoroughly understand these industries look for sustainable projects to support them, renewable investment has prospered.

Furthermore, the gap between power supply and demand has also grown as a result of the rising worldwide population. In order to be fuel independent and maintain their energy security in the future, countries worldwide are investing in offshore exploration. Given the recent discovery of oil and gas exploration areas in ultra-deep waters, the market for pipe laying vessels is considered essential. Additionally, the market for pipe-lay vessel operators will be driven by increased offshore capital spending, an increase in oil rigs, and new oil platform installation plans.

Additionally, deep-water regions are becoming the prime location for international oil and gas development. They are one of the key areas contributing to the expansion in oil and gas reserves and production. In the past 40 years, five deep-water basin groupings have seen most of the world's deep-water oil and gas finds. Giant oil finds are mostly centered in Brazil, West Africa, and the Gulf of Mexico in deep-water basins of the Atlantic Ocean. The northern Atlantic Ocean's west coast of Norway is where most significant natural gas finds have been made.

Massive gas reserves have been discovered in the Rovuma and Tanzania, deep-water basins along the East African continental coast. Giant oil and gas finds in deep-water basins of the West Pacific Ocean are mostly centered in the South China Sea and Southeast Asian areas. Furthermore, the central and southern Atlantic Ocean basins hold the majority of the world's deep-water oil reserves. The market for pipe laying vessels is anticipated to grow due to the comparatively high exploration level in these deep-water basins. Thus, driving the pipe laying vessels market revenue.

The Global Pipe Laying Vessels Market Industry experiences a surge in demand driven by the need for robust energy infrastructure. As countries strive to enhance their energy security, investments in oil and gas pipelines are escalating. For instance, the market is projected to reach 3 USD Billion in 2024, reflecting a growing emphasis on efficient transportation of hydrocarbons. This trend is particularly evident in regions like North America and the Middle East, where new pipeline projects are underway. The increasing complexity of offshore projects necessitates advanced pipe laying vessels, thereby propelling market growth.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American pipe laying vessels market area will dominate this market. The expansion of exploration and production operations as well as rising investments in the offshore oil and gas sector are the main drivers of regional market growth.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Pipe Laying Vessels Market Share By Region 2022 (Usd Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe pipe laying vessels market accounts for the second-largest market share. Subsea 7, Tidewater, Inc., and Allseas, three main participants in the pipe laying vessel market, primarily concentrate on organic growth strategies to supply the worldwide pipeline market. In addition, investments in the region's oil and gas sector to increase output of natural gas and crude oil are anticipated to fuel demand for pipe laying vessels for drilling in the years to come.

Further, the German pipe laying vessels market held the largest market share, and the UK pipe laying vessels market was the fastest growing market in the European region

The Asia-Pacific Pipe laying vessels Market is expected to grow at the fastest CAGR from 2023 to 2032. The need for pipe laying vessels is being fueled by the brisk expansion of the oil and gas sector in developing nations like China and India. Furthermore, due to improvements in offshore oil exploration and production technologies, growth in this area is anticipated to be strong. Moreover, China’s pipe laying vessels market held the largest market share, and the Indian pipe laying vessels market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the pipe laying vessels market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, pipe laying vessels industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the pipe laying vessels industry to benefit clients and increase the market sector. In recent years, the pipe laying vessels industry has offered some of the most significant advantages to market.

Major players in the pipe laying vessels market attempting to increase market demand by investing in research and development operations include Subsea 7 (London), Allseas (US), Tidewater, Inc (US), TechnipFMC Plc (New Castle), Saipem (Milan), Seacor Marine (Texas, US), Van Oord (Netherlands), Boskalis (Netherlands), Hyundai Heavy Industries (South Korea), Royal IHC (Netherlands), Telford Offshore (UAE), and Leighton Offshore (Hing Kong).

Shipbuilding firm Royal IHC, formerly known as IHC Merwede BV. The business provides engineering solutions. Dredging equipment, motion control and automation equipment, offshore foundation equipment, and metal construction kits are all part of its product line. IHC offers a variety of services, including design and ship building, project management, commissioning, leasing services, renovation, technical support, and training. Additionally, it creates, produces, and offers dredging and mining equipment and vessels for the maritime industry.

A French-American oil and gas corporation with UK headquarters, TechnipFMC plc offers services to the energy sector. The merger of French Technip and American FMC Technologies, which was announced in 2016 and finalized in 2017, resulted in the creation of the business. The three major areas in which TechnipFMC operates are subsea, offshore/onshore, and surface projects. These projects include platforms and rigs for offshore oil and gas exploration and extraction, crude oil refineries, petrochemical plants for the plastics and rubber industries, fertilizer plants, onshore LNG plants, and SynGas plants.

In March 2020, to collaborate on future NEXBTLTM technology-based projects, TechnipFMC and Neste. The NEXBTLTM technology enables the production of renewable diesel and other renewable products from second-generation feedstocks like vegetable oil or waste fat.