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Pipe Laying Vessel Market Growth Projections and Opportunities
The value of the global pipe laying vessel market was about USD 2,080 million in 2020. It's expected to grow to around USD 3,642.82 million by 2027, increasing at a rate of 9.27% from 2021 to 2027. The market is growing fastest in North America, mainly because oil and gas exploration companies are doing more work in that region. Globally, there's a higher demand for energy and oil, which is a big reason why this market is expected to keep growing.
Investments in offshore oil and gas, as well as renewable energy, are also driving the growth of the market worldwide. Companies like Subsea 7 and Hyundai Heavy Industries are actively contributing to the market's growth by spending more money, coming up with new products, forming partnerships, and more. In 2020, North America had the largest share of the market, about 32.15%, and it's expected to keep growing at a rate of 9.44% from 2021 to 2027. This growth is due to increased research and development investments and a rising demand for oil and gas exploration to meet the growing need for petrochemicals in the region.
In the Asia Pacific region, which includes countries like China, South Korea, Japan, and India, there's an increasing demand for pipe laying vessels. Companies in this region are spending a lot on research and development to boost the industry globally.
The market is somewhat competitive, with more companies entering at the lower end. However, globally, it's expected to remain competitive because established companies are actively involved worldwide, and there's a lot of innovation happening. The demand for pipe laying vessels in the future will continue to rise because of advancements in technology, improving and creating new products, reaching more users, and other factors.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 2.3 Billion |
| Market Size Value In 2023 | USD 2.51 Billion |
| Growth Rate | 9.20% (2023-2032) |
Pipe Laying Vessel Market Highlights:
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