In 2022, the offshore pipeline market was worth around USD 13,571 million, and it is projected to advance at a 4.10% CAGR from 2022 to 2030, hitting USD 18,716 million in 2030, according to P&S Intelligence.
 
This growth can be ascribed to the increasing need for crude oil and natural gas, mainly from the APAC region, also a rising focus on secure, cost-effective, and harmless connections for oil & gas reserve supply, is projected to boost industry in the coming years. 

The demand for pipelines is also projected to increase because of a surge in shale gas resource findings and expansion in the North American continent. Already, the region has created a substantial requirement for the fitting of pipelines off its shores. Furthermore, in the coming few years, the increasing hydrocarbon imports through subsea pipelines will have a significant positive influence on the industry.

Browse detailed - Offshore Pipeline Market Revenue Estimation and Growth Forecast Report

On the basis of product type, the natural gas category, is projected to experience a development of approximately 4.7% in the coming years. The new gas fields have also been discovered in order to meet the increasing demand for LPG and LNG, the undersea pipes are utilized to transport the product with ease and reasonably.

Hence, the increasing need for crude oil and natural gas, mainly from the APAC region, also a rising focus on secure, cost-effective, and harmless connections for oil & gas reserve supply, are the major factors driving the offshore pipeline industry.