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“Increase in deepwater oil drilling activities is anticipated to drive the demand for flexible pipes”
The flexible pipe market is projected to reach USD 1,111.3 million by 2022, at a CAGR of 4.0% from 2017 to 2022. Flexible pipes encompass unique properties such as high chemical resistance, mechanical strength, long durability, and pressure resistance. These pipes are leak-proof and can operate under high pressure and temperature conditions. The increasing usage of flexible pipes for offshore oil & gas application is one of the most significant factors driving the growth of the flexible pipe market. However, stringent regulations in the oil & gas industry hamper oil & gas exploration activities, which, in turn, act as a restraint to the growth of the flexible pipe market.
“The offshore segment is the largest application segment of the flexible pipe market”
Flexible pipes are increasingly utilized in offshore and onshore oil & gas exploration and production activities. In offshore application, flexible pipes are used in deepwater, ultra-deep water, and subsea drilling processes. The offshore application segment accounted for the largest share of the flexible pipe market in 2016, in terms of value. This application segment is projected to grow at the highest CAGR between 2017 and 2022.
“Middle East & Africa is projected to the fastest-growing market for flexible pipes“
North America accounted for the largest share of the flexible pipe market in 2016. The presence of leading market players and increase in oil & gas drilling operations in the U.S. and Canada are key factors anticipated to drive the growth of the flexible pipe market in the North American region. The market in the Middle East & Africa is projected to grow at the highest CAGR between 2017 and 2022, owing to a large number of oil & gas reserves in this region. Saudi Arabia led the demand for flexible pipes in the Middle East & Africa, due to the increase in oil & gas exploration activities.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
The break-up of primary interviews is given below:
- By Company Type - Tier 1 - 40%, Tier 2 – 40%, and Others - 20%
- By Designation - C Level - 10%, Director Level - 50%, and Others - 40%
- By Region – Europe - 47%, Asia-Pacific - 25%, North America - 13%, Middle East & Africa - 10%, and Central & South America - 5%
Key companies operating in the flexible pipe market include National Oilwell Varco, Inc. (U.S.), Technip Inc. (France), Prysmian Group (Italy), GE Oil & Gas Corporation (U.K.), Shawcor Ltd. (Canada), Pipelife Nederland B.V. (Netherlands), Airborne Oil & Gas B.V. (Netherlands), Magma Global Ltd. (U.K.), ContiTech AG (Germany), and FlexSteel Pipeline Technologies, Inc. (U.S.).
The competitive environment prevailing in the industry is analyzed through Porter’s Five Forces analytical framework. Porter’s Five Forces Analysis provides an in-depth understanding of the market attractiveness and the impact of various forces on the flexible pipe market. Moreover, the report includes an in-depth analysis of competitive landscape and DIVE matrix of flexible pipe. Key market dynamics such as drivers, restraints, opportunities, and challenges have been identified, and their impact on the flexible pipe market is analyzed in this study.
Reasons To Buy the report
The report will help leaders/new entrants in the market in the following ways:
- The report segments the flexible pipe market, and provides the closest approximations of the revenue for the overall market and subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides information on key market drivers, restraints, opportunities, and challenges.
- The report helps stakeholders understand their competitors better and gain additional business insights. The competitive landscape section includes new product launches, agreements, expansions, acquisitions, and innovations adopted by key market players.